11) Why are all of the employer payroll taxes listed in separate payable accounts?

The following data applies to the July 15 payroll for the Woodard Research Firm (overtime is paid at 1 1/2)

 

Employee NamePay RateHours Cumulative Department Federal Income

WorkedTax Withheld

B. Woodard$2,000/wkSalaried$ 98,000Office$ 779.00

J. Thomas13.005140,000Shop320.00

K. McCann17.004642,000Shop330.00

 

Assume:

FICA-OASDI is 6.2% based on a limit of $106,800

FICA-Medicare is 1.45%

FUTA is .8% based on a limit of $7,000

SUTA is 5.6% based on a limit of $7,000

State income tax is 2.8%

 

12) Compute the total regular earnings.________

 

13) Compute the total overtime earnings.________

 

14) Compute the total gross earnings.________

 

15) Compute the employees’ FICA-OASDI.________

 

16) Compute the employees’ FICA-Medicare.________

17) Compute the total federal income tax.   ________

 

18) Compute the total state income tax.   ________

 

19) Compute the employers payroll tax.   ________

 

20) Compute the total deductions.   ________

 

 



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