Question

Employee Prior Earnings (YTD) Gross Pay Taxable Income OASDI OASDI Tax 6.2% Taxable Income Medicare Medicare...

Employee Prior Earnings (YTD) Gross Pay Taxable Income OASDI OASDI Tax 6.2% Taxable Income Medicare Medicare Tax 1.45% Taxable Income FUTA/SUTA FUTA Tax 0.6% SUTA Tax 5.8%
O. Barns 3,600.00 925.00
C. Hart 6,600.00 600.00
Q. Roberts 7,500.00 330.00
Total
EXERCISE 7A-5
Employee Prior Earnings (YTD) Gross Pay Taxable Income OASDI OASDI Tax 6.2% Taxable Income Medicare Medicare Tax 1.45% Taxable Income FUTA/SUTA FUTA Tax 0.6% SUTA Tax 5.8%
O. Barns 3,600.00 925.00
C. Hart 6,600.00 600.00
Q. Roberts 7,500.00 2,100.00
Total
Payroll Taxes Payroll Taxes
Earnings $330 / week Earnings $2100 / week
FICA - OASDI
FICA – Medicare
FUTA
SUTA
Total
Business   Accounting   
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Answer #1

Formula sheet

A B C D E F G H I J K L M
2
3 For 2018,
4 SUTA Tax rate 0.054 on first 7000 earnings
5 FUTA tax rate 0.006 on first 7000 earnings
6
7 Social security tax rate 0.062 on first 128700 earnings
8 Medicare tax rate 0.0145
9
10 Employee Prior Earnings (YTD) Gross Pay Taxable Income OASDI OASDI Tax 6.2% Taxable Income Medicare Medicare Tax 1.45% Taxable Income FUTA/SUTA FUTA Tax 0.6% SUTA Tax 5.8%
11 O. Barns 3600 925 =E11 =F11*6.2% =E11 =H11*1.45% =E11 =J11*0.6% =J11*5.8%
12 C. Hart 6600 600 =E12 =F12*6.2% =E12 =H12*1.45% =(F4-D12) =J12*0.6% =J12*5.8%
13 Q. Roberts 7500 2100 =E13 =F13*6.2% =E13 =H13*1.45% =0 =J13*0.6% =J13*5.8%
14 Total =SUM(G11:G13) =SUM(I11:I13) =SUM(K11:K13) =SUM(L11:L13)
15
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