Transcription of College Accounting - MCCC
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College Accounting - MCCC
College AccountingHeintz & Parry20thEditionPayroll Accounting : Employer Taxes and Reports9 Chapter1 Describe and calculate employer payroll Payroll Taxes In addition to the gross pay for each employee, the employer must pay payroll taxes FICA FUTA (Federal Unemployment Tax Act) SUTA (state unemployment tax) These taxes add substantially to the cost of having employeesEmployer FICA TaxesBoth the employee and employer pay FICA taxes. Each pays an equal Security = on maximum earningsof $106,800 The amount of earnings subject to Social Security tax is obtained from the payroll Register (Left Side)EARNINGSNAME# STATUSREGULAROVER-TIMETOTALC adrain, Sarah4M1, , , , , , , , , , , earned $1,660 this Register (Left Side)EARNINGSTAXABLE EARNINGSTOTALCUMULATIVE SECURITY1, , , , , , , , , , , , only $660 of her earnings are below the maximum and therefore subject to Social Security only $660 of her earnings are below
College Accounting Heintz & Parry 20th Edition. Payroll Accounting: Employer Taxes and Reports ... the form of the business net income (self-employment income) •Self-employment tax rates are double the Social Security and Medicare rates. Employer FUTA Tax
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