February FICA Federal Employee Monthly Earnings YTD Earnings OASDI Medicare Inco
ID: 2508438 • Letter: F
Question
February
FICA
Federal
Employee
Monthly Earnings
YTD Earnings
OASDI
Medicare
Income Tax
Santana Fish
$2,060
$4,000
$127.72
$29.87
$308.00
Joy Bryant
3,500
6,710
217.00
50.75
325.00
Alba Hess
3,960
7,720
245.52
57.42
428.00
$9,520
$18,430
$590.24
$138.04
$1,061.00
March
FICA
Federal
Employee
Monthly Earnings
YTD Earnings
OASDI
Medicare
Income Tax
Santana Fish
$2,150
$6,150
$133.30
$31.18
$580.00
Joy Bryant
2,425
9,135
150.35
35.16
566.00
Alba Hess
4,080
11,800
252.96
59.16
539.00
$8,655
$27,085
$536.61
$125.50
$1,685.00
January
FICA
Federal
Employee
Monthly Earnings
YTD Earnings
OASDI
Medicare
Income Tax
Santana Fish
$1,940
$1,940
$120.28
$28.13
$262.00
Joy Bryant
3,210
3,210
199.02
46.55
354.00
Alba Hess
3,760
3,760
233.12
54.52
496.00
$8,910
$8,910
$552.42
$129.20
$1,112.00
Johnson
Company is located at 2 Square? Street, Marblehead, Massachusetts 01945. Its EIN is? 29-3458822. The FICA tax rate for Social Security is
6.2
?%
on up to
$ 117 comma 000
in earnings during the? year, and Medicare is
1.45
?%
on all earnings. The SUTA tax rate is
5.7
?%
on the first? $7,000. The FUTA tax rate is
0.6
?%
on the first? $7,000 of earnings.
Johnson
Company is classified as a monthly depositor for Form 941 taxes.
February
FICA
Federal
Employee
Monthly Earnings
YTD Earnings
OASDI
Medicare
Income Tax
Santana Fish
$2,060
$4,000
$127.72
$29.87
$308.00
Joy Bryant
3,500
6,710
217.00
50.75
325.00
Alba Hess
3,960
7,720
245.52
57.42
428.00
$9,520
$18,430
$590.24
$138.04
$1,061.00
Explanation / Answer
Journal entries:
February 15-
FICA OASDI Payable (590.24*2) 1,180.48
FICA Medicare Payable (138.04*2) 276.08
Federal Income tax Payable 1,061.00
Cash 2,517.56
March 15-
FICA OASDI Payable (536.61*2) 1,073.22
FICA Medicare Payable (125.50*2) 251.00
Federal Income tax Payable 1,685.00
Cash 3,009.22
January 15-
FICA OASDI Payable (552.42*2) 1,104.84
FICA Medicare Payable (129.20*2) 258.40
Federal Income tax Payable 1,112.00
Cash 2,475.24
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