Information ABC Company Number of Employees 7 Employee Name Hours worked Hourly rate John Doe 40 $25.00 Jane Jones 40 $24.00 Jessie Smith 40 $17.00 Erik Ackers 25 $15.00 Nan Schmit 30 $17.00 Larry Johnson 35 $18.00 Christopher Hay 40 $18.00 Assume Federal Income Tax will be withheld at a rate of 20% for everyone. FICA Social Security rate is 6.2% and Medicare is 1.45%. When you called your State, they told you that your State Unemployment tax rate would be 5.4%. Recall that the Federal Unemployment rate is the same for all businesses. Required: Complete the Payroll Report worksheet Use the Transactions worksheet to complete your Journal Required: Complete the payroll report below using the information provided on the Information tab. January Employee Name Hours worked Hourly rate Gross Pay Federal Withholding Social Security Medicare Net Required: Use the transactions below to complete your Journal on the next worksheet. Tip: Refer to pages 473-476 of your text for examples. Transactions January 1 Record accrued payroll for January using the Payroll Report 2 Record employer payroll taxes for the same Payroll Report (hint - remember to record FUTA and SUTA as well) 7 Record payment of cash to employees. Required: Enter the journal entries from the transactions found on the Transaction worksheet Journal Entries Date Account Title Debit Credit