Question

The payroll register of Weekly Car Cleaning Company showed total employee earnings of $4,500 for the payroll period ended July 14, 2016.

INSTRUCTIONS
1. Compute the employer’s payroll taxes for the period. Use rates of 6.2 percent for the employer’s share of the social security tax, 1.45 percent for Medicare tax, 0.6 percent for FUTA tax, and 5.4 percent for SUTA tax. All earnings are taxable.
2. Prepare a general journal entry to record the employer’s payroll taxes for the period. Use journal page 30.

Analyze:
Which of the above taxes are paid by the employee and matched by the employer?



$1.99
Sales9
Views359
Comments0
  • CreatedAugust 08, 2014
  • Files Included
Post your question
5000