Question: Directions: Use the information provided below to (a) complete the table, (b) calculate the employer's payroll taxes, and (C) record the payroll taxes in the

 Directions: Use the information provided below to (a) complete the table,

Directions: Use the information provided below to (a) complete the table, (b) calculate the employer's payroll taxes, and (C) record the payroll taxes in the journal. (30 points total) Information from the payroll register of Friday's Golf Land for the week ended May 10, 20--, is shown in the table below. The SUTA rate is 5.4% and the FUTA rate is 0.8%, both on the first $7,000 of earnings. Social Security is 6.2% of the first $ 106,800 of earnings. Medicare is 1.45% of gross earnings. a. Complete the last two columns of the table. Employee Name J. Adams Taxable Earnings Social Security Cumulative Pay Before Current Earnings 24,700 103,500 48,900 5,800 107,000 W. Harrison Current Taxable Weekly Earnings Earnings Unemployment 3,120 7,300 6,600 1,800 5,800 24,620 T. Jefferson J. Madison G. Washington Totals

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!