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| Teaching Since: | May 2017 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Haney Company's payroll for the week ending January 15 amounted to $95,000 for Office Salaries and $150,000 for Store Wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. The following deductions were withheld from employees'salaries and wages:Federal Income Tax $50,000State Income tax $ 9,000FICA Taxes $19,600Union Dues $ 2,700United Fund $ 1,800
Federal unemployment tax (FUTA) rate is 6.2% less a credit equal to the rate paid for state unemployment taxes. The state unemployment tax (SUTA) rate is 5.4%.InstructionsPrepare the journal entry to brecord the weekly payroll ending January 15 and also the employers payroll tax expense on the payroll.
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