TaxesAccountingTkelly

Presentation

•

Business

•

1st Grade

•

Easy

Timothy Kelly

Used 10+ times

FREE Resource

10 Slides • 3 Questions

Payroll Taxes

Dr. Kelly

Accounting 1

Poll

New Jersey has one of the highest overall the tax burdens in the USA. Do you think it is worth high taxes to live in NJ?

Yes

Not sure

NJ Payroll Tax Rates

SUI (Unemployment): .425%
TDI (Temporary Disability): .26% - 400% Increase
FLI (Family leave): .16% - Ten fold increase!
Income: variable (progressive)

Compute tax liability for Silvia, who earns $45,000 in 2020 in Paterson

SUI = .425%
TDI =.26%
FLI =. 16%
Total =
Watch your decimal places!!!!!

Tax Solution

.425%
+ .26%
+ .16%
= .845% x $45,000 = $380.25

Types of state Income Taxes

Progressive

Flat

None

New Jersey State Income Tax Rates

New Jersey Income Bracket, Rate and Estimated Taxes Due

Tax Rate: 1.4% Income Range: $0 - $20,000.

Tax Rate: 1.75% Income Range : $20,000 - $35,000.

Tax Rate: 3.5% Income Range: $35,000 - $40,000.

Tax Rate: 5.525% Income Range: $40,000 - $75,000.

Tax Rate: 6.37% Income Range: $75,000 - $500,000. .

Tax Rate: 10.75$ Income above $500,000.

Poll

Assume you make $100,000 per year. What % of your income are you willing to contribute in taxes?

1 - 20%

21 - 40%

41% - 60%

61% and more.

Key points from video

Employee Pay Stub
Payroll Register
Form W-2
Form W-3

Tax Withholding Journal Entry Examples:

Unemployment Tax: dr. Tax Expense/cr. Liability Account
Income Taxes: dr. Wage & Salary Exp/cr. Liability Account
Payroll Deductions = Current Liabilities (payable within 12 mos.)

Journal Entry Example

We'll practice these tomorrow

Poll

Based on what you learned today, are the journal entries for payroll______________other journal entries we have learned.

more difficult than

about the same process as

easier than

Exit Ticket - Please post in Classwork tab

1. What is the name of the record/document that contains all of the payroll information?

2. How is your personal payroll information reported to you?

Payroll Taxes

Dr. Kelly

Accounting 1

Show answer

Auto Play

Slide 1 / 13

SLIDE

Similar Resources on Wayground

9 questions

SONG

Presentation

•

1st Grade

12 questions

persamaan Linear Satu Variabel

Presentation

•

1st Grade

8 questions

Lesson Book2 Unit 1

Presentation

•

1st Grade

8 questions

Windows 11

Presentation

•

1st Grade

11 questions

Compare Numbers to 1,000

Presentation

•

2nd Grade

9 questions

owl

Presentation

•

1st Grade

9 questions

27feb2022

Presentation

•

1st Grade

9 questions

dispositiva de diseño gráfico

Presentation

•

1st Grade

Popular Resources on Wayground

24 questions

PBIS-HGMS Day 10

Quiz

•

6th - 8th Grade

10 questions

HCS SCI 03 Summer School Review 3

Quiz

•

3rd Grade

11 questions

Home Scope

Quiz

•

7th - 8th Grade

15 questions

HCS SCI 05 Summer School Assessment 3 Review

Quiz

•

5th Grade

35 questions

Lufkin Road Middle School Student Handbook & Policies Assessment

Quiz

•

7th Grade

18 questions

Geo 11.3 Area of Circles and Sectors

Quiz

•

9th - 11th Grade