Excelsior, Inc. has one employee who has worked January $-$ October of the current year. The

employee is married, paid weekly, and claims two allowances on her W$-2.$ Her federal payroll tax

withholding is $$227.$ The company is in a state that has no state income taxes. The FICA Social

Security tax rate is $6\mathrm{.}2\%$ on the first $$118,500$ of wages and the FICA Medicare tax rate is $1\mathrm{.}45\%$

on all wages. Excelsior, Inc.$\text{'}$s FUTA tax rate is $0\mathrm{.}6\%$ on the first $$7,000$ of wages and their SUTA

tax rate is $2\mathrm{.}3\%$ on the first $$8,000$ of wages.

The employee's earnings thus far are as follows:

Gross pay Jan$-$Oct Gross pay for Nov. $15$th

$$117,700$

$$1,580$

Use the information above to calculate all of the taxes that should be withheld from the employees

paycheck and her net pay for the November $15$th pay period. Prepare the journal entry Excelsior,

Inc. will record to accrue the November $15$th wages for this employee. Round values to $2$ decimal

places if needed.

to accrue salaries and withholding for the November $15$th payroll