College Accounting 13th Edition Jeffrey Slater p. 307 8A-3

u3A The following is the monthly payroll for the last three months of the year for Allen's Sporting Goods Shop, 2 Boat Road, Lynn, Massachusetts 945. The shop is a sole proprietorship owned and operated by Bill Allen. The EIN for Allen's Sporting Shop 28.9311893. The employees at Allen's are paid once each month an the last day of the month. Karen Becker is the only employee who has contributed the maximum into Social Security. None of the other employees will reach the Social Security wage base limi he end of the year. Assume the rate for Social Security to be 6.2% with a wage base maximum of $117,000, and the rate for Medicare to be 1.45% on all earnings. Allen's is classified as a monthly depositor for Form 941 payroll tax deposit Your tasks are to do the following: 1. Compute the December OASDI tax for Karen Becker 2. Journalize the entries to record the employers payroll tax expense for each period genera journal. FUTA 0.6% s. Journalize the payment of each tax liability in the general journal, 4, Complete Form 941 for the fourth quarter of the current year. u3A The following is the monthly payroll for the last three months of the year for Allen's Sporting Goods Shop, 2 Boat Road, Lynn, Massachusetts 945. The shop is a sole proprietorship owned and operated by Bill Allen. The EIN for Allen's Sporting Shop 28.9311893. The employees at Allen's are paid once each month an the last day of the month. Karen Becker is the only employee who has contributed the maximum into Social Security. None of the other employees will reach the Social Security wage base limi he end of the year. Assume the rate for Social Security to be 6.2% with a wage base maximum of $117,000, and the rate for Medicare to be 1.45% on all earnings. Allen's is classified as a monthly depositor for Form 941 payroll tax deposit Your tasks are to do the following: 1. Compute the December OASDI tax for Karen Becker 2. Journalize the entries to record the employers payroll tax expense for each period genera journal. FUTA 0.6% s. Journalize the payment of each tax liability in the general journal, 4, Complete Form 941 for the fourth quarter of the current year