Calculation and Journal Entry for Employer Payroll Taxes
1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent.
2. Prepare the journal entry as of March 12, 20--, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.
Earnings for several employees for the week ended March 12, 20--, are as follows:
SecurityAus, Glenn E.$700 $200 $700 Diaz, Charles K.350 350 350 Knapp, Carol S.1,240 - 1,240 Mueller, Deborah F.850 135 850 Yeager, Jackie R.940 35 940
Employer's Payroll Taxes
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