Calculation and Journal Entry for Employer Payroll Taxes Portions of the payroll register for La Panaderia for the week ended July 15 are shown below. The SUTA tax rate is 5.4%, and the FLUTA tax rate is 0.6%, both of which are Levi the first $7,000 of earnings. The Social Security tax rate is 6.2% on the first $128,400 of earnings. The Medicare rate is 1.45% on gross earnings

a. Calculate the employer's payroll taxes expense

b. Prepare the journal entry to record the employer's payroll taxes expense for the week ended July 15 of the current year

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La Panaderia Payroll Register Total Taxable Earnings of All Employees Total Earnings Unemployment Compensation $11,700 $10,500 Social Security $11,700 La Panaderia Payroll Register Total Taxable Earnings of All Employees Total Earnings Unemployment Compensation $11,700 $10,500 Social Security $11,700

Answer rating: 100% (QA)

Part 1 Tax Type Calculation Amount Social Security Tax 11700 62 72540 Medicare Tax 11700 1... View the full answer