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Employee: OASDI: 6% on first $114,000 earned; Medicare: 1.68% up to $300,000, 2.17% on earnings above $300,000.
Employer: OASDI: 6% on first $114,000 earned; Medicare: 1.68%; FUTA: 0.6% on first $8,000 earned; SUTA: 5.8% on first $8,000 earned.
Orlando Company has monthly salaries of $18,000. Assume Orlando Company pays all the standard payroll taxes and no employees have reached the payroll tax limits.
Journalize the accrual and payment of employer payroll taxes for Orlando Company.
Date Description Debit Credit Date Description Debit Credit Payroll Tax Expense 2,534.40 QASDI Tax Payable 1,080.00 M-Care Tax Payable 302.40 FUTA Payable 108.00 SUTA Payable 1,044.00