Sara earns a net of 8000 per month during the year.FICA taxes are 8% on the first 75000 of gross earnings.Federal job loss insurance taxes are 6.2% of the first 7000; however, a credit is was withheld for fedral income taxes and 5300 be withheld for state income taxes.
A. Prepare a journal summarizing the grant of sara's total salary during the year?
b.Prepare a memoir summarizing the employer payroll tax expense on sara's take-home pay for the year?
c. determine the cost of employing sara's for the year ?
Answers: Here is a summary of the accounting for the year. You will requirement a debit to salary expense for 96000 (8000 x 12), you will necessitate a debit to FICA expense of 6000 (75000 x 8%) you will need a debit to job loss tax expense of 434 (7000 x 6.2%). I don't get the information about federal withholding, but for state withholding you will call for a credit of 5300.
A & B. DR Salary Exp 96000
DR FICA Exp 6000
DR FUTA Exp 454
CR FICA W/H 6000
CR St W/H 5300
CR Cash 91154
C. 96000 salary + 6000 FICA Exp + 454 FUTA Exp = 102,454
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A. Prepare a journal summarizing the grant of sara's total salary during the year?
b.Prepare a memoir summarizing the employer payroll tax expense on sara's take-home pay for the year?
c. determine the cost of employing sara's for the year ?
Can they stop my levy credits?
Answers: Here is a summary of the accounting for the year. You will requirement a debit to salary expense for 96000 (8000 x 12), you will necessitate a debit to FICA expense of 6000 (75000 x 8%) you will need a debit to job loss tax expense of 434 (7000 x 6.2%). I don't get the information about federal withholding, but for state withholding you will call for a credit of 5300.
A & B. DR Salary Exp 96000
DR FICA Exp 6000
DR FUTA Exp 454
CR FICA W/H 6000
CR St W/H 5300
CR Cash 91154
C. 96000 salary + 6000 FICA Exp + 454 FUTA Exp = 102,454
Resolved Questions: