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I read your link and listed it below Prepare the journal entry to record the employer’s payroll tax expense assuming these wages will be paid in early february. Yours is referring to being a partner or owner (of an sch business ) when you are a shareholder, so look at last paragraph and link with it as you are subject to unemployment taxes and need to file a form 940
You had one or more employees for at least some part of a day in any 20 or more different weeks in either of the past two years Fica social security taxes of $372, fica medicare taxes of $87, futa taxes of $36, and suta taxes of $324 Paid solely by employers to fund unemployment benefits
Vary by state and locality, and may include income tax, unemployment tax, and other specific taxes
For more detailed information, you can refer to the following resources A business operating in ava, ilfuta tax rate = %q,2 A business operating in columbus, ohfuta tax rate = % q,3 A business operating in austin, tx futa tax.
For each of the following independent circumstances, calculate both the futa and suta tax owed by the employer For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation 1:an employer in statesboro, georgia, employs two individuals, whose. Bmx company has one employee
Fica social security taxes are 6.2% of the first $137,700 paid to its employee, and fica medicare taxes are 1.45% of gross pay
For bmx, its futa taxes are 0.6% and suta taxes are 5.4% of the first $7,000 paid to its employee Cal yanza, an employer, is subject to fica taxes but exempt from futa and suta taxes During the last quarter of the year, his employees earned monthly wages of $7,600, all of which is taxable. Calculate employer's total futa and suta tax
As tclh industries operates in north carolina, assume a suta tax rate of 1.2% and a taxable earnings threshold of $23,500. Also, complete the federal deposit information worksheet, using the blank form reproduced. Fica social security taxes are 6.2% of the first $132,900 paid to its employee, and fica medicare taxes are 1.45% of gross pay Compute bmx's amounts for each of these four taxes as applied to the employee's gross earnings for show transcribed.
During the month of january, an employer incurred the following payroll taxes
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