Chapter 9 - Homework Assignment eBook Show Me How 1. EX.09.01A Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry 2. EX.09.03A Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows: Social Security tax is 6.2% on the first $128,400 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. 3. EX.09.04A Taxable Earnings 4. PR.09.07A Social Cumulative Pay Before Current Earnings $6,600 Current Unemployment Gross Pay Compensation $1,190 Security Employee Name Jordahl, Stephanie Keesling, Emily Palmer, Stefan 6,150 1,070 55,200 2,410 54,300 2,280 Soltis, Robin Stout, Hannah 29,050 2,030 Xia, Xu 126,530 2,850 1. Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes. Taxable Earnings Current Unemployment Social Employee Name Earnings Compensation Security Jordahl, Stephanie $ 1,190 $ 1,190 Keesling, Emily 1,070 Palmer, Stefan 2,410 0 Soltis, Robin 2,280 0 Stout, Hannah 2,030 0 Xia, Xu 2,850 0 Total 11,8307 Social Security tax $ Chapter 9 - Homework Assignment eBook Show Me How Total 11,830 1. EX.09.01A 2. EX.09.03A Social Security tax Medicare tax 3. EX.09.04A FUTA tax 4. PR.09.07A SUTA tax Total employer payroll taxes Feedback Check My Work Enter the amount of current taxable earnings in each column under Taxable Earnings. Be sure to adhere to the limits per employee. Total the earnings columns and then use the appropriate total company earnings and rates to calculate the employer payroll taxes expense. 2. Prepare the journal entry to record the employer's payroll taxes as of September 14, 20--. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- 1 Payroll Taxes Expense 0 1 Sept. 14 2 Social Security Tax Payable 0 X 2 3 Medicare Tax Payable X 3 4 4 FUTA Tax Payable 0 X 4 5 SUTA Tax Payable X 5 0 > 0 Feedback Check My Work Use the amounts calculated in requirement 1 and record the payroll taxes expense and related liabilities. Check My Work