Unformatted text preview: 390 Cr. SUTA Payable 54 Cr. FUTA Payable 8 Scenario 2 Scenario 2 Given Extension If payroll is paid on 2-Jan Wages owed to employees on 2-Jan 26,000 , then no one has reached any of the limits, so all earnings Wages subject to are subject to all payroll taxes. SS Tax at 6.0% rate 26,000 x 1,560 Medicare Tax 1.5% rate 26,000 x 390 Dr. Payroll Taxes 3,562 Cr. Social Security Tax Payable 1,560 (SUTA) State Unempl. 5.4% rate 26,000 x 1,404 Cr. Medicate Tax Payable 390 (FUTA) Fed Unempl. 0.8% rate 26,000 x 208 Cr. SUTA Payable 1,404 Cr. FUTA Payable 208...
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- Winter '08
- Taxes, payroll taxes, Dr. Cr, SUTA Payable FUTA, Payable SUTA Payable, Payable FUTA Payable