Sample Problem Chapter 11 Computing and recording employer’s payroll tax expense. The payroll register of Clifton’s Automotive and Detail Repair Shop.

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Presentation transcript:

Sample Problem Chapter 11

Computing and recording employer’s payroll tax expense. The payroll register of Clifton’s Automotive and Detail Repair Shop showed total employee earnings of $2,890 for the week ended April 8, INSTRUCTIONS 1.Compute the employer’s payroll taxes for the period. The tax rates are as follows: 2.Prepare a general journal entry to record the employer’s payroll taxes for the period. Analyze: If the FUTA tax rate had been 1.2 percent, what total employer payroll taxes would have been recorded?

Computing employer’s payroll tax expense 1.Compute the employer’s payroll taxes for the period. The tax rates are as follows: Social security6.2% x $2,890 = Medicare1.45% x $2,890 = FUTA0.8% x $2,890 = SUTA2.2 % x $2,890 = 63.58

Recording employer’s payroll tax expense The general journal entry would be: Payroll tax expense Social security tax payable Medicare tax payable Federal Unemployment tax payable State Unemployment tax payable 63.58

Analyze If the FUTA tax rate had been 1.2%, the total employers payroll taxes would have been $ $2,890 x 1.2% = =319.35