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

Below is a payroll sheet for Nash 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 employees wages in excess of $128,400 per employee.
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