ABC Company has 4 employees. One of the employees is a salaried employee while the other are hourly. Employees are paid $15 per hour and receive time and a half for overtime after working 40 hours; FICA Social security is 6.2% for the employee and 6.2% for the employer; FICA Medicare is 1.45% for the employee and 1.45% for the employer; FUTA tax rate is .6 (.006) on the first $7,000, SUTA tax rate is 2% (.02) on the first $7,000. Employees are paid weekly.HINT: remember the maximum FICA Social security limits both the employer and employee is $142,800; also yearly salary amounts should be divided by 52 weeks to get the weekly salary. FUTA and SUTA are employer only.Julia Roberts: Salary: $160,000/yearly; Year to Date Pay $145,00; Federal Withholding $743; State withholding $525Michael Jackson: 45 hours for the period; Year to Date Pay $28,200; Federal Withholding $91; State Withholding $25Paul Walker: 30 hours for the period; Year to date Pay $19,800; Federal Withholding $38; State Withholding $12Burt Reynolds: 15 hours for the period; Year to Date pay $4,600; Federal Withholding $11; State Withholding $7This is tab 3- the journal entries

ACCT202 Unit 2 Individual Project Journal Entries A B C D E 1 ACCT202 Unit 2 Individual Project Journal Entries 2 Aug 31 Salaries (or Wages) Expense #VALUE! 3 FICA-Social Sec. Taxes Payable 4 FICA-Medicare Taxes Payable 5 Employee Fed. Inc. Taxes Payable Employee State Inc. Taxes ? Wages and Salaries Payable #VALUE! CO Record payroll for period. 10 11 Aug 31 Payroll Taxes Expense 152.43 HINT: Example of Employer payroll tax journal entries 12 FICA%Social Sec. Taxes Payable 86.03 No Entries Needed 13 FICAMedicare Taxes Payable 60.55 14 Federal Unemployment Taxes 1.35 Payable 15 State Unemployment Taxes 4.50 Payable 16 Record employer payroll taxes. 17 18 19 20