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Employee: OASDI: 6.15% on first $117,000 earned; Medicare: 1.55% up to $250,000, 2.25% on earnings above $250,000.
Employer: OASDI: 6.15% on first $117,000 earned; Medicare: 1.55%; FUTA: 0.7% on first $9,000 earned; SUTA: 5.1% on first $9,000 earned.
District Company had the following partially completed payroll register:
REQUIREMENTS:
1. Complete the payroll register
Earnings Witholdings Beginning Cumulative Earnings Current Period Earnings Ending Cumulative Earnings OASDI Medicare Income Tax Health Insurance United Way Total Withholdings Net Pay Check No. Salaries and Wages Expense $84,000 $5,300 $870 $87 $9 801 113,700 8,600 1300 130 40 802 37,000 4,000 800 80 0 803 61,000 3,400 670 67 25 804 0 2,000 200 20 0 805 $295700 $23300 $3840 $384 $74
2. Journalize District's wages expense accrual for the current pay period.
3. Journalize District's expenses for employer payroll taxes for the current pay period.
Date Description Debit Credit Earnings Witholdings Beginning Cumulative Earnings Current Period Earnings Ending Cumulative Earnings OASDI Medicare Income Tax Health Insurance United Way Total Withholdings Net Pay Check No. Salaries and Wages Expense $84,000 $5,300 89,300.00 325.95 82.15 $870 $87 $9 1,374.10 3,925.90 801 5,300.00 113,700 8,600 122,300.00 202.95 133.30 1300 130 40 1,806.25 6,793.75 802 8,600.00 37,000 4,000 41,000.00 246.00 62.00 800 80 0 1,188.00 2,812.00 803 4,000.00 61,000 3,400 64,400.00 209.10 52.70 670 67 25 1,023.80 2,376.20 804 3,400.00 0 2,000 2,000.00 123.00 31.00 200 20 0 374.00 1,626.00 805 2,000.00 $295700 $23300 319,000.00 1,107.00 361.15 $3840 $384 $74 5,766.15 17,533.85 23,300.00 Date Description Debit Credit Salary Expense 23,300.00 QASDI Tax Payable 1,107.00 M-Care Tax Payable 361.15 FIT Payable 3,840.00 Health Ins. Payable 384.00 United Way Payable 74.00 Salaries Payable 17,533.85 Payroll Tax Expense 1,584.15 QASDI Tax Payable 1,107.00 M-Care Tax Payable 361.15 FUTA Payable 14.00 SUTA Payable 102.00