Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Below is a payroll sheet for Cullumber Company for the month of July. The company is allowed a 1% unemployment compensation rate by the state;

image text in transcribedimage text in transcribedimage text in transcribed
Below is a payroll sheet for Cullumber Company for the month of July. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $128,400. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $128,400 per employee. (a) Your answer is partially correct. Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.) Earnings July Income Tax Name to June. 30 Earnings Withholding Jerry Kaye $77,000 $15,000 $ Jessie Randle 104,000 16,000 Javier White 5,700 800 Jeremy Taggle 125,000 23,000 nonAnn John Jay 42,600 7,300 Joan Short 4,000 1,500 Total $ 358300 63600 $Your answer is partially correct. Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.) Income Tax Withholding FICA SUTA FUTA $ $ $Make the necessary entry to record the payment of the payroll. (Round answers to 2 decimal places, e.g. 15.26. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Construction Accounting And Financial Management

Authors: Steven J. Peterson

4th Edition

0135232872, 978-0135232873

More Books

Students also viewed these Accounting questions

Question

The quality of the proposed ideas

Answered: 1 week ago

Question

The number of new ideas that emerge

Answered: 1 week ago