both payroll tax expense and FICA taxes payable on B are incorrect. please provide correct answers for both
The following is a payroll sheet for Vaughn Imports for the month of September 2020. 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 Correct Answer (Used) Complete the payroll sheet. (Round answers to 2 decimal places, eg, 15.26.) Name Earnings to Aug. 31 $6,900 September Earnings $700 Income Tax Withholding B.D. Williams $ 70 $ D. Raye 6.700 600 80 K. Baker 7,500 1.200 120 F. Lopez 13,800 2.000 200 A Daniels 116.500 12 500 1250 Complete the payroll sheet. (Round answers to 2 decimal places, eg. 15.26) Earnings to Aug. 31 $6,900 Income Tax Withholding Name B.D. Williams September Earnings $700 600 70 D. Raye 6,700 60 K. Baker 7,500 1,200 120 F.Lopez 13.800 2,000 200 A Daniels 116,500 12,500 1.250 B.Kingston 121.100 16,500 1.650 Total 272.500 33 500 3,350 Make the necessary entry to record the payment of the payroll. (if no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Unemployment Tax Income Tax Withholding FICA State Federal $ 70 53.55 1 0.80 60 45.90 3 2.40 120 91.80 0 0 200 153.00 0 1.250 919.05 0 0 1,650 691.85 1.955.15 3,350 $ 4 3.20 Make the necessary entry to record the payment of the payroll. Of no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Make the necessary entry to record the payment of the payroll. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically Indented when amount is entered. Do not Indent manually) Account Titles and Explanation Debit Credit Salaries and Wages Expense 33,500 FICA Tanes Payable 1.955.15 Withholding Tanes Payable 3,350 Cash 28,194.85 Your answer is partially correct. Make the entry to record the payroll tax expenses of Vaughn Imports. (Round answers to 2 decimal places, eg. 15.25. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Payroll Tax Expense FICATees Payable 391750 3910 30 FUTA Taxos Payable 3.20 SUTA Taxes Payable 4.00
