Social Security Standard

Payroll Tax Test
**Please show your work**

Using the information provided, complete the tax/deduction table and calculate the net pay. This is the employee’s first paycheck of the year.

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Gross Biweekly Salary $10,000
Federal withholding 15%
Social Security Standard rate applies
Medicare Standard rate applies
CA withholding 6%
CA SDI Standard rate applies
Café 125 $300
Group Term Life $10
401(k) Deferral 7%
Optional Life Insurance $40

Tax/Deduction Taxable/Eligible Wages Tax/Deduction Amount
Social Security
CA withholding
401(k) Deferral

Net Pay

Complete the following ER tax table below based on the calculation above.

Tax Rate Taxable Wages Tax Amount
SUTA 6.2%
Social Security

Demonstrate the GL activity based on the information in questions 1 and 2 above.

Account 6010: Wage Expense Account 6000: Tax Expense Account 4500: Benefits

Debit Credit Debit Credit Debit Credit

Account 1001: Wages Payable Account 1002: Tax Payable

Debit Credit Debit Credit

What form is used to report FICA and FIT wages and taxes? How often is this form filed?

What form is used to report FUTA wages and taxes? How often is this form filed?

When does the IRS require a tax deposit to be made the next business day?

An EE is taxed in the state of California incorrectly in Quarter 1. In Quarter 2, we discover that the EE has been living and working in the state of Nevada since the beginning of the year.

How do you correct the EE’s wages?

What tax correction would need to be made?

Which form(s) would have to be amended?

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