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andre [41]
3 years ago
14

The total wage expense for Grande Co. was $ 156 comma 000. Of this​ total, $ 32 comma 000 was above the OASDI wage base limit an

d not subject to this tax. All earnings are subject to Medicare​ taxes, and $ 58 comma 000 was above the federal and state unemployment wage base limits and not subject to unemployment taxes. Please calculate and journalize the total payroll tax expense for Grande Co. given the following rates and wage base​ limits:
Business
1 answer:
alexgriva [62]3 years ago
6 0

Answer:

Dr FICA OASDI (Social Security) tax expense $7,688

Dr FICA Medicare tax expense $2,262

Dr FUTA tax expense $588

Dr SUTA tax expense $5,586

    Cr FICA OASDI (Social Security) tax payable $7,688

    Cr FICA Medicare tax payable $2,262

    Cr FUTA tax payable $588

    Cr SUTA tax payable $5,586

Explanation:

Federal unemployment tax 0.6% = ($156,000 - $58,000) x 0.6% = $588

State unemployment tax 5.7% = ($156,000 - $58,000) x 5.7% = $5,586

OASDI 6.2% = ($156,000 - $32,000) x 6.2% = $7,688

Medicare 1.45% = $156,000 x 1.45% = $2,262

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If the cost of steel increases, then the supply of cars will shift and this shift would cause a shortage of cars to open up at t
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TRUE

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5 0
2 years ago
2008 1 Mar Started business with $1,000 cash.<br>credit or debit​
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1 year ago
jill's employer has a compensation package that includes vacation pay, retirement, and life insurance but allows all employees t
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3 years ago
Suppose that a young couple has just had their first baby and they wish to ensure that enough money will be available to pay for
yuradex [85]

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B. $40,955.35

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3 years ago
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