Calculating Payroll Taxes Expe

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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