payroll_taxes_limits - 0.8% rate 26,000 x 208 Cr. Cr. rio 1...

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Ch 11: payroll taxes - working with limits (pg 496, Warren 23e) Scenario 1 Scenar Given Extension If payro Wages owed to employees on 31-Dec 26,000 , the SS Wages subject to we are SS Tax at 6.0% rate 18,000 x 1,080 That is Medicare Tax 1.5% rate 26,000 x 390 then for (SUTA) State Unempl. 5.4% rate 1,000 x 54 Dr. (FUTA) Fed Unempl. 0.8% rate 1,000 x 8 Cr. Cr. Cr. Cr. Scenario 2 Scenar Given Extension If payro Wages owed to employees on 2-Jan 26,000 , then n Wages subject to are sub SS Tax at 6.0% rate 26,000 x 1,560 Medicare Tax 1.5% rate 26,000 x 390 Dr. Cr. (SUTA) State Unempl. 5.4% rate 26,000 x 1,404 Cr. (FUTA) Fed Unempl.
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Unformatted text preview: 0.8% rate 26,000 x 208 Cr. Cr. rio 1 oll is paid on 31-Dec S Tax limit has been reached with some employees, since late in the year. Same applies to FUTA and SUTA. the reason the earnings subject to Medicare are higher r earnings subject to SS, SUTA and FUTA. Payroll Taxes 1,532 Social Security Tax Payable 1,080 Medicate Tax Payable 390 SUTA Payable 54 FUTA Payable 8 rio 2 oll is paid on 2-Jan o one has reached any of the limits, so all earnings bject to all payroll taxes. Payroll Taxes 3,562 Social Security Tax Payable 1,560 Medicate Tax Payable 390 SUTA Payable 1,404 FUTA Payable 208...
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This note was uploaded on 06/22/2009 for the course ACCOUNTING 1b taught by Professor Seyedin during the Winter '08 term at Foothill College.

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payroll_taxes_limits - 0.8% rate 26,000 x 208 Cr. Cr. rio 1...

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