define the term- fica tax this is a matching
Define the term- FICA TAX
This is a matching tax paid equally by employee and employer. Two parts-OASDI and HIP. Current rate for OASDI is 6.2% on the first $102,000 earned in a year, and HI rate is 1.45% of all earnings.
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explain about the payroll registerthis is a summary of gross earnings deductions and net pay for all employees for a specific payroll period register
explain the term- salaries expense and paymentthe accounting entry for employee earnings and deductions employer is the agent who is responsible for
accounting for payroll employer taxes and reportseveryone who works should have a social security number all employers in this country who have at
difference between debit and creditdebit-used to record employers fica taxes state unemployment taxes and federal unemployment taxes incurred
define the term- fica tax this is a matching tax paid equally by employee and employer two parts-oasdi and hip current rate for oasdi is 62 on the
what is federal unemployment taxfederal unemployment tax futa requires the payment of taxes to provide benefits for workers during periods of
state unemployment taxthis is referred to as suta state unemployment tax act the taxes are paid to the state in which employer conducts business this
explain the recording employers payroll taxesdebited to an expense account-payroll tax expensecredited to individual tax payable accountsthese
define the fica tax payable and suta tax payablefica tax payable-oasdi same account is used to record both employees and the employers share credited
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