Calculating Federal Unemployment Tax 1. Federal unemployment insurance laws require that employers pay taxes for ___________________________________. 2. All of the federal unemployment tax is paid by the ____________________. 3. The unemployment taxable earnings is up to ________________ earned by each employee for each calendar year. Government Liabilities Social security tax Medicare tax Federal unemployment tax State unemployment tax Withheld from the employees Both Unemployment compensation Employer $7,000
Accounting I Unit 4: Accounting Payroll Procedures Ch 13 - Payroll Accounting , Taxes and Reports - Notes #1 Page 4 of 5 Chapter 13 4. The federal unemployment tax for most business is ______________ % of total earnings up to the tax base. Unemployment Federal Federal Taxable Earnings x Unemployment Tax Rates = Unemployment tax _____________ x _________ = ______________ State Unemployment Tax 1. Most states require that employers pay unemployment tax rate of _______________ on the first __________________ earned by each employee. 2. The unemployment taxable earnings used to calculate federal unemployment tax are also used to calculate the state unemployment tax. Unemployment State Unemployment State Taxable Earnings x Tax Rates = Unemployment tax _____________ x _________ = ______________ Journalizing Employer Payroll Taxes 1. Employer payroll taxes are paid to the government at a __________________. 2. However, the transaction to record employer payroll taxes expense is 3. Therefore the salary expense and the employer payroll taxes expense are both recorded in the _______________________________.
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- Spring '20
- Payroll Tax Reports