John Smith has cumulative yearly earnings of 24,700, counting his current pay period salary amount of 3,500 . Assume the FICA tax rate is 6.2 percent for Social Security, with a limit of 113,700, and 1.45 percent for Medicare, applied to all earnings. The FUTA tax is 0.6 percent, with a limit of 7,000, and the SUTA tax is 5.4 percent, with a limit of 7,000 . The employer's payroll tax expense entry will include a credit to
a. FICA Tax Payable for 217.00.
b. FICA Tax Payable for 267.75.
c. Federal Unemployment Tax Payable for 28.00.
d. State Unemployment Tax Payable for 189.00.
e. Federal Unemployment Tax Payable for 280.00.
Question 2
Richard Edwards has cumulative yearly earnings of 112,800, counting his current pay period salary amount of 7,500 . Assume the FICA tax rate is 6.2 percent for Social Security, with a limit of 113,700, and 1.45 percent for Medicare, applied to all earnings. The FUTA tax is 0.6 percent, with a limit of 7,000, and the SUTA tax is 5.4 percent, with a limit of 7,000 . The employer's payroll tax expense entry will include a credit to
a. FICA Tax Payable for 164.55.
b. FICA Tax Payable for 573.75.
c. Federal Unemployment Tax Payable for 60.00.
d. State Unemployment Tax Payable for 405.00.
e. Federal Unemployment Tax Payable for 7,209.00.
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