0 More Info For all payroll calculations, use the following tax rates and round amounts...
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0 More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee OASDI: 6.2% on first $118.500 earned: Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $118.500 earned: Medicare: 1.45% on all earnings: FUTA: 0.8% on first $7,000 earned: SUTA: 5.4% on first $7,000 earned. Print Done i Requirements 1. Compute Werner's gross pay, payroll deductions, and net pay for the full year 2018. Round all amounts to the nearest dollar. 2. Compute Countrywide's total 2018 payroll tax expense for Werner 3. Make the journal entry to record Countrywide's expense for Werner's total earnings for the year, his payroll deductions, and net pay. Debit Salaries Expense and Bonus Expense as appropriate. Credit liability accounts for the payroll deductions and Cash for net pay. An explanation is not required. 4. Make the journal entry to record the accrual of Countrywide's payroll tax expense for Werner's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes Print Done
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