Question

Instructions Employer's Payroll Taxes General Journal Instructions 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 to record the employer's payroll taxes expense for the week ended July 15 of the current year. Round your answers to the nearest cent, if required. If an amount box does not require an entry, leave it blank. Portions of the payroll register for Barney's Bagels for the week ended July 15 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both of which are levied on the first $7,000 of earnings. The Social Security tax rate is 6.2% on the first $118,500 of earnings. The Medicare rate is 1.45% on gross earnings. Barney's Bagels Payroll Register Total Taxable Earnings of All Employees Total Earnings Unemployment Compensation Social Security $12,200 $10,500 $12,200

Answer 1

Answer Page No ① Eroglegeaba rayonell langues capelle FICA Social Security for amount = 12,200 X 6.82 %; = $75614 * $ 456 FICA medicate tax amount = 12,200 X 1.45% = $146.9 $194 SUTA tax amount = 514% X $10500 . 26567 FUTA tax amount = 0.6%%$ 10500 - $63 Total payroll fax = 456.4 +17.6.9 + 56+ + 63 = $1563,3 1... Employer's payroll taxes expense = $1563 Journal estry Date - Account title Debit Gedit Payroll .fax expense FICA social security fox payable $756 FICA medicare tax payable $147 FUTA payable $ 63. SUTA payable 567 @ $ 1563 July 15