© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO3 Calculate and record employer payroll.

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© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO3 Calculate and record employer payroll taxes.

© 2014 Cengage Learning. All Rights Reserved. Employer Payroll Taxes ●Employer Social Security and Medicare taxes ●Federal unemployment tax ●A federal tax paid by employers to administer the unemployment program is called federal unemployment tax, commonly referred to as FUTA. ●State unemployment tax ●A state tax paid by employers that is used to pay benefits to unemployed workers is called state unemployment tax, commonly referred to as SUTA. SLIDE 2 LO3 Lesson 13-2

© 2014 Cengage Learning. All Rights Reserved. Calculating Unemployment Taxes SLIDE 3 LO3 Lesson 13-2 THREEΔGREEN PRODUCTS, INC. Calculation of FUTA Earnings for December 15, 20-- Pay Period Employee Prior Accumulated Earnings Earnings to Equal FUTA Tax Base Earnings for Current Pay PeriodFUTA Earnings Butler, John P.$27,195.00$ 0.00$1,466.25$ 0.00 Feng, Anthony R.5, , , Lendsey, Ann C.1, , Prisock, Mary G.44, , Swann, Justin A.16, , Wells, Cary B.6, , $2, Enter prior accumulated earnings 1 1 Enter the difference between the FUTA tax base and prior accumulated earnings 2 2 Enter earnings for the current pay period 3 3 Enter the FUTA earnings 4 4

© 2014 Cengage Learning. All Rights Reserved. Journalizing Employer Payroll Taxes SLIDE 4 December 15. Recorded employer payroll taxes expense, $757.01, for the semimonthly pay period ended December 15. Taxes owed are: social security tax, $500.77; Medicare tax, $117.11; federal unemployment tax, $17.95; state unemployment tax, $ Memorandum No. 44. LO3 Lesson 13-2 Payroll Taxes Expense Dec Social Security Tax Payable Dec Medicare Tax Payable Dec Unemployment Tax Payable—Federal Dec Unemployment Tax Payable—State Dec

© 2014 Cengage Learning. All Rights Reserved. Journalizing Employer Payroll Taxes SLIDE 5 LO3 Lesson Date 3 3 Memorandum NumberAccount Debited 2 2 Amount Debited 4 4 Accounts Credited 5 5 Amounts Credited 6 6

© 2014 Cengage Learning. All Rights Reserved. Lesson 13-2 Audit Your Understanding 1.What is the tax rate ThreeGreen must pay on employees for each of the following taxes: social security, Medicare, federal unemployment, and state unemployment? SLIDE 6 ANSWER Social security: 6.2% of employee earnings up to a maximum of $106, in each calendar year Medicare: 1.45% of total employee earnings FUTA: 0.8% on the first $7, earned by each employee SUTA: 5.4% on the first $7, earned by each employee Lesson 13-2

© 2014 Cengage Learning. All Rights Reserved. Lesson 13-2 Audit Your Understanding 2.What is the amount of each employee’s earnings that is subject to federal and state unemployment taxes at ThreeGreen? SLIDE 7 ANSWER The first $7, Lesson 13-2