Calculate the employer and employee liabilities? The payroll journal for the ABC Company on June 30th shows
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Calculate the employer and employee liabilities?
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The payroll journal for the ABC Company on June 30th shows the following: Gross Federal State Health Union Net Wages Inc. Tax FICA Inc. Tax Insurance Dues Pay A$ 400 $ 112 $25 $ 19 B$ 375 $ 105 $23 $ 18 CS 360 $ 100 $ 22 $ 17 DS 410 $ 116 $26 $20 $9 $8 $0 $ 12 $ 10 $225 $ 10 $211 SO $ 221 $ 12$224 OTHER INFORMATION a) Assume that the FUTA rate is 5.8%, that its SUTA rate is 4.8% and that the full state rate can be used as a credit against the federal rate. b) Assume that all wages are subject to federal and state unemployment taxes and that all wages are subject FIC taxes. Round to the nearest dollar (do not include cents). The payroll journal for the ABC Company on June 30th shows the following: Gross Federal State Health Union Net Wages Inc. Tax FICA Inc. Tax Insurance Dues Pay A$ 400 $ 112 $25 $ 19 B$ 375 $ 105 $23 $ 18 CS 360 $ 100 $ 22 $ 17 DS 410 $ 116 $26 $20 $9 $8 $0 $ 12 $ 10 $225 $ 10 $211 SO $ 221 $ 12$224 OTHER INFORMATION a) Assume that the FUTA rate is 5.8%, that its SUTA rate is 4.8% and that the full state rate can be used as a credit against the federal rate. b) Assume that all wages are subject to federal and state unemployment taxes and that all wages are subject FIC taxes. Round to the nearest dollar (do not include cents).
Expert Answer:
Answer rating: 100% (QA)
Employee A FICA 400 0062 25 Employee and 25 Employer FUTA 400 0058 232 SUTA 400 0048 ... View the full answer
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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