Earnings for several employees for the week ended March 12, 20--, are as follows: Calculate the employer’s payroll taxes
Posted: Sun Jul 03, 2022 3:52 pm
Earnings for several employees for the week ended March 12, 20--, are as follows:
Calculate the employer’s payroll taxes expense for the week ended 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%.$fill in the blank bdc15bf5cfc8f9d_1
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2. Prepare the journal entry as of March 12, 20--.
CashFUTA Tax PayablePayroll Taxes ExpenseSocial Security Tax PayableSUTA Tax Payable
CashMedicare Tax ExpenseSocial Security Tax ExpenseSocial Security Tax PayableSUTA Tax Expense
CashFUTA Tax ExpenseMedicare Tax ExpenseMedicare Tax PayablePayroll Taxes Expense
CashFUTA Tax ExpenseFUTA Tax PayablePayroll Taxes ExpenseSocial Security Tax Expense
CashFUTA Tax ExpenseSocial Security Tax ExpenseSUTA Tax ExpenseSUTA Tax Payable
Calculate the employer’s payroll taxes expense for the week ended March 12, 20--, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%.$fill in the blank bdc15bf5cfc8f9d_1
Question Content Area
2. Prepare the journal entry as of March 12, 20--.
CashFUTA Tax PayablePayroll Taxes ExpenseSocial Security Tax PayableSUTA Tax Payable
CashMedicare Tax ExpenseSocial Security Tax ExpenseSocial Security Tax PayableSUTA Tax Expense
CashFUTA Tax ExpenseMedicare Tax ExpenseMedicare Tax PayablePayroll Taxes Expense
CashFUTA Tax ExpenseFUTA Tax PayablePayroll Taxes ExpenseSocial Security Tax Expense
CashFUTA Tax ExpenseSocial Security Tax ExpenseSUTA Tax ExpenseSUTA Tax Payable