Total hours worked: 48 Rate: $15 per hour, with double time for all hours in exc

Question

Total hours worked: 48 Rate: $15 per hour, with double time for all hours in excess of 40 The following information is for employee Ella Dodd for the week ended March 15. Federal income tax withheld: $200 United Fund deduction: $50 Cumulative earnings prior to current week: $6,400 Tax rates: Social security: 6% on maximum earnings of $100,000. Medicare tax: 1.5% on all earnings; on both employer and employee State unemployment: 3.4% on maximum earnings of $7,000; on employer Federal unemployment: 0.8% on maximum earnings of $7,000; on employer Determine (1) total earnings, (2) total deductions, and (3) cash paid. Determine each of the employer's payroll taxes related to the earnings of Ella Dodd for the week ended March 15.

Explanation / Answer

1- Total earnings $840

=15*40 + 8*30

=600+240

=840

2-Total deductions $313

3- cash paid $527

4-payroll taxes 88.2

Social Sec.Tax $50.40
Medicare tax $12.60
State unemployment $20.40
Federal unemployment $ 4.80

(b)

  

Date Description Debit Credit March 15 Payroll tax Expense 88.2 Social Sec. Tax payable 50.40 Medicare tax payable 12.60 State unemployment Tax Pay. 20.40 Fedral Unemployment Tax Pay 4.80

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