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4277-6-9PPB

AID: 1825 | 29/03/2013

The following payroll information is available for Company F on June 3:

The total wages earned by employees are $2,910.

The state unemployment insurance contribution rate is 3.75%.

The entire amount of wages is taxable under FICA, FUTA, and SUTA.

The amount withheld from the employees' wages for federal income taxes is
$491; for state income taxes is $49.10; and for group insurance is $87.10.

Calculate the amount of FICA (OSDAI and HI) tax as follows:

Compute FICA tax (OASDI) as follows:

Taxable wages for OASDI


OASDI rate

= $2,910
= 6.2%

OASDI Tax Taxable wages OASDI rate


$2,910

6.2
100

$180.42

(1)

Compute FICA tax(OASDI) as follows:

Taxable wages for HI


HI rate

= $2,910
= 1.45%

HI Tax Taxable wages HI rate


1.45
$2,910
100
$42.20

(2)

The amount withheld from the employees wages for federal income taxes (FIT)
= $491
(3)
The amount withheld from the employees wages for state income taxes (SIT)
= $49.10
(4)
The amount withheld from the employees wages for group insurance
= $87.10

(5)

Compute the net cash (wages) paid to the employees as follows:

Net Cash Wages paid Gross wages


FICA-OASDI 1 FICA-HI 2 FIT 3

SIT 4 Group insurance 5

$180.42 $42.20 $491.00

$49.10 $87.10

$2,910.00

$2,910.00 $849.82
$2,060.18
(6)

Record the journal entry in the book of Company F on June 3 for the payment of
wages as follows:
Journal
Description

Debit
($)

Post. Ref.

Date

1 June 03 Payment of Wages

Credit
($)

2 9 1 0 00

FICA Taxes Payable


-OASDI
FICA Taxes Payable
-HI
Employees
FIT
Payable
Employees
SIT
Payable
Group Insurance
Payable
Cash
(To record the payment
of wages and the
liability
for
the
employees'
taxes
withheld.)

1 8 0 42

4 2 20

4 9 1 00

4 9 10

8 7 10

2 0 6 0 18

Wages is an expense and increased by $2,910.00. Therefore, debit wages with


$2,910.00.

FICA Taxes Payable - OASDI is a liability and increased by $180.42. Therefore,


credit FICA Taxes Payable - OASDI with $180.42.

FICA Taxes Payable - HI is a liability and increased by $42.20. Therefore, credit


FICA Taxes Payable - HI with $42.20.

Employees FIT Payable is a liability and increased by $491.00. Therefore, credit


Employees FIT Payable with $491.00.

Employees SIT Payable is a liability and increased by $49.10. Therefore, credit


Employees SIT Payable with $49.10.

Group Insurance Payable is a liability and increased by $87.10. Therefore, credit


Group Insurance Payable with $87.10.

Cash is an asset and decreased by $2,060.18. Therefore, credit cash with


$2,060.18.

Calculate the amount of SUTA tax and net FUTA tax as follows:

Compute the amount of SUTA tax as follows:

Taxable salary for SUTA


SUTA tax rate

= $2,910
= 3.75

SUTA Tax Taxable wages SUTA Tax rate


$2,910

3.75
100

$109.13

(7)

Compute the amount of net FUTA tax as follows:

Taxable salary for FUTA


FUTA tax rate

= $2,910
= 0.8%

Net FUTA Tax Taxable wages FUTA Tax rate


0.8
$2,910
100
$23.28

(8)

Calculate the amount of payroll taxes as follows:


Total Payroll taxes FICA OASDI FICA HI
SUTA FUTA Group Insurance
$180.42 1 $42.20 2

$109.13 7 $23.28 8 $87.10 5

$442.13

(9)

Record the journal entry in the book of Company F on June 3 for the payroll taxes
as follows:

Date

Description

1 June 03 Payroll Taxes


FICA Taxes Payable
-OASDI
FICA Taxes Payable
-HI
SUTA taxes payable
FUTA taxes payable
(To record the payroll
taxes and liabilities of
the employer )

Post. Ref.

Journal
Debit
($)

Credit
($)

4 4 2 13

9
1 8 0 42

4 2 20

1 0 9 13
2 3 28

7
8

Payroll taxes are expenses and increased by $442.13. Therefore, debit Payroll
taxes with $442.13.

FICA Taxes Payable - OASDI is a liability and increased by $180.42. Therefore,


credit FICA Taxes Payable - OASDI with $180.42.

FICA Taxes Payable - HI is a liability and increased by $42.20. Therefore, credit


FICA Taxes Payable - HI with $42.20.

SUTA taxes payable are liabilities and increased by $109.13. Therefore, credit
SUTA taxes payable with $109.13.

FUTA taxes payable are liabilities and increased by $23.28. Therefore, credit
FUTA taxes payable with $23.28.