Calculating Payroll Taxes Expense and Preparing Journal Entry
Selected information from the payroll register of Ebeling’s Dairy for the week ended July 7, 20–, is shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both on the first $7,000 of earnings. Social Security tax on the employer is 6.2% on the first $128,400 of earnings, and Medicare tax is 1.45% on gross earnings.
| Taxable Earnings | |||||
|
Employee Name |
Cumulative Pay Before Current Earnings |
Current Weekly Earnings |
Unemployment Compensation |
Social Security |
|
| Click, Katelyn | $6,660 | $850 | |||
| Coombs, Michelle | 6,380 | 750 | |||
| Fauss, Erin | 23,010 | 1,220 | |||
| Lenihan, Marcus | 6,900 | 980 | |||
| McMahon, Drew | 125,200 | 5,260 | |||
| Newell, Marg | 25,150 | 1,110 | |||
| Stevens, Matt | 28,970 | 1,240 |
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