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  • The Information On Earnings and Deductions For The Pay Period

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    The document provides information on payroll taxes for King Company for the pay period ended December 14. It states that Social Security tax is 6.2% on earnings up to $118,500 for employees and employers. Medicare tax is 1.45% on all earnings. Federal unemployment tax is 0.6% on earnings up to $7,000 and state unemployment tax is 5.4% on the same base. It asks to calculate total taxable earnings for unemployment, Social Security, and Medicare taxes and prepare a journal entry to record the employer's payroll taxes, rounding to two decimal places.

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    The document provides information on payroll taxes for King Company for the pay period ended December 14. It states that Social Security tax is 6.2% on earnings up to $118,500 for employees and employers. Medicare tax is 1.45% on all earnings. Federal unemployment tax is 0.6% on earnings up to $7,000 and state unemployment tax is 5.4% on the same base. It asks to calculate total taxable earnings for unemployment, Social Security, and Medicare taxes and prepare a journal entry to record the employer's payroll taxes, rounding to two decimal places.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    8 views1 page

    The Information On Earnings and Deductions For The Pay Period

    Uploaded by

    trilocksp Singh
    The document provides information on payroll taxes for King Company for the pay period ended December 14. It states that Social Security tax is 6.2% on earnings up to $118,500 for employees and employers. Medicare tax is 1.45% on all earnings. Federal unemployment tax is 0.6% on earnings up to $7,000 and state unemployment tax is 5.4% on the same base. It asks to calculate total taxable earnings for unemployment, Social Security, and Medicare taxes and prepare a journal entry to record the employer's payroll taxes, rounding to two decimal places.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    The information on earnings and deductions for the pay

    period
    The information on earnings and deductions for the pay period

    The information on earnings and deductions for the pay period ended December 14 from
    King Company's payroll records is as follows:

    For each employee, the Social Security tax is 6.2 percent of the first $118,500, and the
    employer's Social Security tax is 6.2 percent on the same earnings limit. The Medicare tax is
    1.45 percent on all earnings. The federal unemployment tax rate is 0.6 percent of the first
    $7,000 of earnings of each employee. The state unemployment tax rate is 5.4 percent of the
    same base. Determine the total taxable earnings for unemployment, Social Security, and
    Medicare. Prepare a general journal entry to record the employer's payroll taxes. Round
    answers to the two decimal places.

    The information on earnings and deductions for the pay period


    SOLUTION-- http://solutiondone.online/downloads/the-information-on-earnings-and-deductions-
    for-the-pay-period/

    Unlock answers here solutiondone.online

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