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Need help with an Accounting Payroll

Payroll

(1) ; In November, gross earnings at the Humpty Dumpty Riding Company were $100,000. ; All earnings are subject to 7.65% FICA taxes. ; Federal income tax withheld was $20,000, and State income tax withheld was $1,600. ; (1) Calculate net pay for November and, (2) record the payroll.

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(2) ; In March, the payroll supervisor determines that gross earnings for Horseless Carriage Rides are $120,000. ; All earnings are subject to 7.65% FICA taxes, 5.4% state unemployment taxes and, .8% Federal unemployment taxes. ; Journalize the employers payroll taxes.

(3) ; The employee payroll records indicate the following total earnings for 2 employees through the pay period ending December 10. ;

Jim Smith $93,500 ; Lonnie Marshall $108,100

For the pay period ending December 31, 2015, each employees’ gross earnings are $4,500. ; The FICA tax rate is 7.65% on earnings up to $110,100. ; In other words, any income above $110,100 is not subject to FICA tax. ; Though we are not concerned with Medicare in this problem, Medicare is 1.45% of earnings with no limit.

Calculate the FICA with holdings that should be made for each employee for December 31.

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