Information:
ABC Company
Number of Employees:	7
Pay Period:	March 25 - 31,20X1
Employee Name		Hours worked	Hourly rate
John Doe		40	$15.00
Jane Jones		40	$15.00
Jessie Smith		40	$17.00
Erik Ackers		25	$17.00
Nan Schmit		30	$18.00
Larry Johnson		35	$20.00
Christopher Hay		40	$25.00
Key Assumptions:	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, 0.6%.
	Assume that no employee has reached the wage limits for FUTA, SUTA or Social Security.
Required:
1. Complete the Payroll Report worksheet
2. Use the Transactions worksheet to complete your Journal worksheet

Required: Complete the payroll report below using the information provided on the Information tab.
March Payroll - 03/25-03/31
Employee Name		Hours worked	Hourly rate	Gross Pay	Federal Withholding	Social Security	Medicare	Net
John Doe
Jane Jones
Jessie Smith
Erik Ackers
Nan Schmit
Larry Johnson
Christopher Hay
Totals				$ -	$ -	$ -	$ -	$ -

Required: Use the transactions below to complete your Journal on the next worksheet.
Tip: Refer to pages 402-404 of your text for examples.
Transactions
April	1	Record accrued payroll for March 25 through March 31 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