d SUTA 7 The journal entry to record the employer\'s payroll taxes a. Credit to
ID: 2553548 • Letter: D
Question
d SUTA 7 The journal entry to record the employer's payroll taxes a. Credit to Salaries Expense. b. Debit to Payroll Tax Payable c. Credit to Salaries Payable d. Debit to Payroll Tax Expense. 8. The journal entry to record an employer's payroll tax would include the following: Debit Payroll Tax Expense and credit FICA Payable OASDI, FICA Payable- HI, FUTA b. Debit Payrol Tax Payable and e. Debit Cash and credit FICA Payable OASDI, FICA Payable-HI, FUTA Payable, and d. Debit FICA Payable- OASDI, FICA Payable- -HI, FUTA Payable, and SUTA Payable Payable, and SUTA Payable Paab de nd S ayalble and crodit FICA Payable-OASDL FICA Payable-IHIL FUTA SUTA Payable and credit Payroll Tax Expense. 9. An employer's total taxes during the looktack period were $60,000. This employer should deposit payol taxes a. Daily b. Semiweekly c. Quarterly d. Monthly 10. An employer must deposit taxes the next day if, on any day during a deposit period, the employer accumulates a tax liability of a. $75,000 or more. b. $50,000 or more. c. $100,000 or more d. $25,000 or more. 11. Gross wages for the period are $150,000. Wages subject to FICA-OASDI are $75,000. Wages subject to The SUTA rate is 54%. Compute the employer's payroll ta. FUTA and SUTA tax are S6,000. a. $20,475 b. $7,197 $11,847 d. $11,175 earnings this pay period of $425. Assuming FICA rates of Lisa Cruise has year-to-date earmings of S6,800 and 6.2% for OASDI and 1.45% for HI, a FUTA rate of 0.8%, and Lisa's employer fo 12. a SUTA rate of 32%, what is the liability of r FICA taxes and unemployment taxes on her earnings this pay period? c. $34.35 a. $57.51 b. $26.35 d. $40.51Explanation / Answer
Solution:
7) the correct option is D) Debit to Payroll Tax Expense
The entry to record employer portion of taxes record the liabilities that will be paid like Social Security payable, medicare payable, FU payable and SU payable and debit to Payroll Tax Expense at the time entry is recorded.
8) as explained above, the correct option is a).
9) the correct option is b) Semiweekly
In case total taxes reported more than $50,000 of FORM 943 taxes for the lookback period, the employer should deposit payroll taxes semiweekly.
10) the correct option is c) $100,000 or more
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