🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
Accounting
4
answers
0
watching
102
views
21 Feb 2020

Which of the following taxes are employees not subject to?

 

 

  1. Social Security Tax

  2. Medicare Tax

  3. State Unemployment Tax

  4. Federal Withholding Tax

Watch
4
answers
0
watching
102
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share
Already have an account? Log in
Share
Already have an account? Log in
Share
Casey Durgan
Casey DurganLv2
21 Feb 2020
Already have an account? Log in
Share

Related questions

Payroll Tax Entries

According to a summary of the payroll of Bailik Co., 880,000 wassubject to the 6.0% social security tax and the 1.5% Medicare tax,Also $40,000 was subject to state and federal unemploymenttaxes.

A. Calculate the employer's payroll taxes, using thefollowing rates: state unemployment, 5.4%; federal unemployment,0.8%. = $ _____________

B. Journal the entry to record the accrual ofpayroll taxes.

Payroll taxexpense _________________

Social Security TaxPayable _________________

Medical TaxPayable _________________

StateUnemployment TaxPayable ________________

FederalUnemployment TaxPayable ________________

Payroll Tax Entries

According to a summary of the payroll of Guthrie Co., $647,000 was subject to the 6.0% social security tax and $796,000 was subject to the 1.5% Medicare tax. Also, $21,000 was subject to state and federal unemployment taxes.

a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.6%.
b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.

According to a summary of the payroll of Mountain Streaming Co., $770,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $42,000 was subject to state and federal unemployment taxes.

Required:
A. Calculate the employer’s payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%.
B. Journalize the entry to record the accrual of payroll taxes. Refer to the Chart of Accounts for exact wording of account titles.

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in