Use the information provided below to (a) complete the table, (b) calculate the employers payroll taxes, and (c) record the payroll taxes in the journal
Information from the payroll register of Cool Company for the week ended April 21, 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 2 columns on the table:
Employee Name		Cumulative Pay before Current Earnings		Current Weekly Earnings		Taxable Earnings Unemployment		Taxable Earnings Social Security
L. Smith		$ 104,000		$ 3,500
K. Jones		$ 6,000		$ 1,600
T. Lawyer		$ 6,900		$ 2,600
B. Richards		$ 89,200		$ 5,900
C. Sooner		$ 108,700		$ 4,000
Totals				$ 17,600
b. Calculate the payroll taxes for the week:
c. Prepare the journay entry to record the payroll taxes for the week.
DATE		DESCRIPTION		DEBIT		CREDIT
Date		Account		XXX
		Account				XXX
		Description of Entry