Question: I need help with 12-1A Group A Problem 12-1A Objective: To calculate and record employer's payroll taxes Selected information about six employees follows: Employee Ben
Group A Problem 12-1A Objective: To calculate and record employer's payroll taxes Selected information about six employees follows: Employee Ben Cassidy Carl Erer Lily Leung Herb McMahon Ray Ramirez Ned Thomas Current Week's Gross Pay Prior Weeks' Gross Pay $465.50 555.75 300.30 425.80 641.90 790.70 $4,900.75 5,680.30 3,109.35 4,850.10 6,754.70 8,010.40 Directions: 1. Calculate the amount of taxable earnings for FICA-OASDI, FICA-HI, FUTA and SUTA for each employee and for the total payroll this week. Then, calculate the amount of each tax owed by the employer. Use the rates and wage limits presented in the chapter, with a rate of 4.2% for SUTA. 2. Prepare the general journal entry to record the employer's payroll taxes for the week. The date of the entry is March 10, 20X3 Group A Problem 12-1A Objective: To calculate and record employer's payroll taxes Selected information about six employees follows: Employee Ben Cassidy Carl Erer Lily Leung Herb McMahon Ray Ramirez Ned Thomas Current Week's Gross Pay Prior Weeks' Gross Pay $465.50 555.75 300.30 425.80 641.90 790.70 $4,900.75 5,680.30 3,109.35 4,850.10 6,754.70 8,010.40 Directions: 1. Calculate the amount of taxable earnings for FICA-OASDI, FICA-HI, FUTA and SUTA for each employee and for the total payroll this week. Then, calculate the amount of each tax owed by the employer. Use the rates and wage limits presented in the chapter, with a rate of 4.2% for SUTA. 2. Prepare the general journal entry to record the employer's payroll taxes for the week. The date of the entry is March 10, 20X3
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