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Using the payroll registers, complete the general journal entries as follows February 7 journalize the employee pay February 7 journalize the employer payroll tax for the february 7 pay period Use 5.4 percent sura and 0.6 percent futa During the current pay period, these employees eam $940,$1,020, and $850, respectively Futa tax=$ for each of the following independent circumstances calculate the suta tax cwed by the employer
Assume a suta tax rate of 3.4% and a taxable earnings threshold of \$8, 500. For each of the following independent circumstances, calculate both the futa and suta tax owed by the employer For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation 1:an employer in statesboro, georgia, employs two individuals, whose. The $7,000 is often referred to as the federal or futa wage base Your state wage base may be different based on the respective state’s rules
[this is dependent on you paying your employer state unemployment tax (suta)]. The futa rate in kentucky for 2022 is 0.6 percent on the first $7,000 of employee wages, and the suta rate is 5.4 percent with a wage base of $11,100 Use the percentage method in appendix c and the state information in appendix d Manual payroll system is used and box 2 is not checked. Business accounting accounting questions and answers transaction no Also, complete the federal deposit information worksheet, using the blank form reproduced
Total wages for the first three quarters was $142,224.57 Futa taxable wages for the first three. Bmx company has one employee Fica social security taxes are 6.2% of the first $137,700 paid to its employee, and fica medicare taxes are 1.45% of gross pay For bmx, its futa taxes are 0.6% and suta taxes are 5.4% of the first $7,000 paid to its employee Compute bmx’s amounts for each of these four taxes as applied to the employee’s gross earnings for september under each of three.
A business employs two individuals, whose taxable earnings to date (prior to the a business employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,700, $8,000, and $1,000. Since the suta rates changes are made at the end of each year, the available 2021 rates were used for futa and suta For this textbook edition the rate 0.6% was used for the net futa tax rate for employers
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