Recording Employer Payroll Taxes

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Presentation transcript:

Recording Employer Payroll Taxes LESSON 13-2 Recording Employer Payroll Taxes

UNEMPLOYMENT TAXABLE EARNINGS page 374 2 1 3 1. Enter accumulated earnings and total earnings for each employee. 2. Enter unemployment taxable earnings. 3. Total the Unemployment Taxable Earnings column. LESSON 13-2

UNEMPLOYMENT TAXES Federal Unemployment Tax = page 375 Federal Unemployment Tax = Federal Unemployment Tax Rate × Unemployment Taxable Earnings $790.00 × 0.8% = $6.32 State Unemployment Tax = State Unemployment Tax Rate × Unemployment Taxable Earnings $790.00 × 5.4% = $42.66 LESSON 13-2

JOURNALIZING EMPLOYER PAYROLL TAXES page 376 (continued on next slide) December 15. Recorded employer payroll taxes expense, $485.92, for the semimonthly pay period ended December 15. Taxes owed are: social security tax, $354.11; Medicare tax, $82.83; federal unemployment tax, $6.32; state employment tax, $42.66. Memorandum No. 63. LESSON 13-2

JOURNALIZING EMPLOYER PAYROLL TAXES LESSON 13-2 5/23/2019 JOURNALIZING EMPLOYER PAYROLL TAXES (continued from previous slide) page 376 2 4 1 3 5 6 1. Write the date. 4. Write the debit amount. 2. Write the title of the expense account debited. 5. Write the titles of the liability accounts credited. 3. Write the memorandum number. 6. Write the credit amounts. LESSON 13-2 Blue

TERMS REVIEW federal unemployment tax state unemployment tax page 377 LESSON 13-2 5/23/2019 TERMS REVIEW page 377 federal unemployment tax state unemployment tax LESSON 13-2 Blue