Question # 2: Journalize the entry to record thepayroll.
Question # 3: Journalize the entry to record theemployer’s payroll taxes (assume a SUTA rate of 3.7%).
Question # 4: Journalize the entry to deposit the FICAand FIT taxes.
Use the following information to answer Questions 2, 3 & 4 The totals from the first payroll of the year are shown belo J $36, 195.10 Total Pay FICA/OASDI 2,244.10 FICA/HI 524.83 FIT W/H 6,515.00 State Tax W/H 361.95 Union Dues 500.00 Net Pay $26,049.22 Assume the following tax rates: 1. FICA tax-OASDI on employees: 6.2%. 2. FICA tax–HI on employees 1.45 3. FIT withheld from employees. 4. FICA tax-OASDI on employers: 6.2%. 5. FICA tax-Hl on employers: 1.45% 6. Net FUTA tax: 0.6%. 7. SUTA tax: 3.7%. Note-Correction to the Textbook The 2% reduction on the Employee’s share of the OASDI expired on December 31, 2012. So, the correct rate to apply is 6.2% for both the employee and the employer. Show transcribed image text Use the following information to answer Questions 2, 3 & 4 The totals from the first payroll of the year are shown belo J $36, 195.10 Total Pay FICA/OASDI 2,244.10 FICA/HI 524.83 FIT W/H 6,515.00 State Tax W/H 361.95 Union Dues 500.00 Net Pay $26,049.22 Assume the following tax rates: 1. FICA tax-OASDI on employees: 6.2%. 2. FICA tax–HI on employees 1.45 3. FIT withheld from employees. 4. FICA tax-OASDI on employers: 6.2%. 5. FICA tax-Hl on employers: 1.45% 6. Net FUTA tax: 0.6%. 7. SUTA tax: 3.7%. Note-Correction to the Textbook The 2% reduction on the Employee’s share of the OASDI expired on December 31, 2012. So, the correct rate to apply is 6.2% for both the employee and the employer.
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