Preparing its payroll calculations for the week


Legal Stars has four employees. FICA Social Security taxes are 6.20% of the first $106,800 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, its FUTA taxes are 0.80% and SUTA taxes are 2.15% of the first $7,000 paid to each employee. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company's four employees.

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Accounting Basics: Preparing its payroll calculations for the week
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