| A | B |
|---|
| Payroll Tax Expense | Taxes paid by the employer |
| FICA Tax | Includes both Social Security and Medicare |
| Payroll Register | The source of information for the payroll journal entries |
| Salaries Expense | The debit entry for total earnings |
| Credit | All "payable" accounts have normal _______ balances |
| Credit to Cash in Bank | The total net pay is recorded in the journal as a __________ |
| Add FICA taxes and Federal and State Unemployment Taxes | To calculate the amount of Payroll Tax Expense you should ______ |
| Form W2 | Reports the total yearly earnings and taxes for each employee |
| Unemployment Taxes | Taxes paid by the employer to provide funds for workers who are out of work |
| Paid by both employee and employer | FICA (Social Security and Medicare) |
| Paid by both employee and employer | Social Security |
| Paid by both employee and employer | Medicare |
| Paid by employee | Savings bonds |
| Paid by employee | Medical insurance premiums |
| Paid by employee | United Way donations |
| Paid by employee | Retirement contributions 401(K) |
| Paid by employee | Union Dues |
| Paid by employee | Federal Income Tax |
| Paid by employee | State Income Tax |
| Paid by employer | Federal Unemployment Tax (FUTA) |
| Paid by employer | State Unemployment Tax (SUTA) |
| .008 or .8% | FUTA Tax Rate |
| .054 or 5.4% | SUTA Tax Rate |
| .062 or 6.2% | Social Security Tax Rate |
| .0145 or 1.45% | Medicare Tax Rate |
| Total Gross Earnings | All taxes are based on _____ |
