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Compute the amount to be withheld from each employee?s earnings on October

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Question;The form on page 6-43 shows the amounts that appear in the Earnings to Date column of the employees? earnings records for 10 workers in Unger Company. These amounts represent the cumulative earnings for each worker as of October 10, the company?s last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, October 17. In the state where Unger Company is located, the tax rates and bases are as follows;Tax on Employees;FICA?OASDI......................... 6.2% on first $113,700;FICA?HI............................ 1.45% on total earnings;SUTA................................ 0.5% on first $8,000;Tax on Employer;FICA?OASDI......................... 6.2% on first $113,700;FICA?HI............................ 1.45% on total earnings;FUTA................................ 0.6% on first $7,000;SUTA................................ 1.8% on first $8,000;In the appropriate columns of the form on page 6-43, do the following;1. Compute the amount to be withheld from each employee?s earnings on October 17 for;(a) FICA?OASDI;(b) FICA?HI, and (c) SUTA, and determine the total employee taxes.;2. Record the portion of each employee?s earnings that is taxable under FICA, FUTA, and SUTA, and calculate the total employer?s payroll taxes on the October 17 payroll.;I have uploaded the excel sheet it's the second problem 6-15A;AC120 - 2014 Edition;6-11A JOURNAL;DATE DESCRIPTION DEBIT CREDIT;20-- Adjusting Entry;Dec. 31 Wages 13,060.00;Wages Payable 8,532.00;6-15A;UNGER COMPANY;Taxes to Be Withheld Employer Taxes;Gross From Employees' Portion of Employees;Earnings Earnings Earnings Under Earnings Taxable Under;Employee To Date Oct. 21 FICA FICA;OASDI HI SUTA OASDI HI FUTA SUTA;1 Weiser, Robert A. $ 113,790 790;2 Stankard, Laurie C. 14,950 295;3 Grow, Joan L. 4,060 240;4 Rowe, Paul C. 8,190 235;5 McNamara, Joyce M. 7,460 195;6 O'Connor, Roger T. 113,410 810;7 Carlson, Ronald B. 8,905 280;8 Kenny, Ginni C. 4,325 175;9 Devery, Virginia S. 57,010 590;10 Wilson, Joe W. 3,615 205;Total employee taxes??????????..;1. (a) 1. (b) 1. (c);Total Taxable earnings?????????????????????????.;x Applicable tax rate?????????????????????????.;Totals????????????????????????????????.;Total payroll taxes?????????????????????????????????????;2.

 

Paper#30815 | Written in 18-Jul-2015

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