Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry 1. Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes. 2. Prepare the journal entry to record the employer's payroll taxes as of September 14, 20--. Round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows. Social Security tax is 6.2% on the first $118,500 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Taxable Earnings Employee Name Cumulative Pay Before Current Earnings Current Gross Pay Unemployment Compensation Social Security Jordahl, Stephanie $6,780 $1,170 Keesling, Emily 6,060 1,060 Palmer, Stefan 55,170 2,370 Soltis, Robin 54,160 2,300 Stout, Hannah 29,200 2,010 Xia, Xu 108,480 10,920

                                              Cumulative Pay     Current Earnings

Jordahl, Stephanie                   $6,780                         $1,170

Keesling, Emily                         $6,060                         $1,060

Palmer, Stefan                         $55,170                         $2,370

Soltis, Robin                            $54,160                         $2,300

Stout, Hannah                        $29,200                         $2,010

Xia, Xu                                   $108,480                       $10,920

1) taxable earnings for unemployment = $220 + $940 = $1,160

FUTA taxes = $1,160 x 0.6% = $6.96

SUTA taxes = $1,160 x 5.4% = $62.64

taxable earnings for social security = $1,170 + $1,060 + $2,370 + $2,300 + $2,010 + $10,020 = $18,930 x 6.2% = $1,173.66

taxable earnings for medicare = $1,170 + $1,060 + $2,370 + $2,300 + $2,010 + $10,920 = $19,830 x 1.45% = $287.54

2) employer's payroll taxes:

Dr FICA tax (OASDI) expense 1,173.66

Dr FICA tax (Medicare) expense 287.54

Dr FUTA tax expense 6.96

Dr SUTA tax expense 62.64

    Cr FICA tax (OASDI) payable 1,173.66

    Cr FICA tax (Medicare) payable 287.54

    Cr FUTA tax payable 6.96

    Cr SUTA tax payable 62.64

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