overstated, understated Assume that the Cole Designs Inc. financial statements

Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who eam a wage of $18.75 per hour. Each of Sid's employees has worked a total of 160 hours over the month of July. At the time of recording July's monthly payroll, the following amounts have been withheld: Federal income tax State income tax Social Security Medicare Charitable contributions Union dues $30,000 8,000 18,600 4,350 1% of gross pay 1% of gross pay Also, the unemployment tax rate is 2% and applies to all but $30,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Sid's?" $1,745,023 2. Make the journal entries to record the payroll. If an amount box does not require an entry, leave it blank Federal Income Taxes Withholding Payable State Income Taxes Withholding Payable Union Dues Payable Also, the unemployment tax rate is 2% and applies to all but $30,000 of the gross payroll Required: 1. What is the amount of net pay recorded by Sid's? $ 1,745,023 2. Make the journal entries to record the payroll. If an amount box does not require an entry, leave it blank. Federal Income Taxes Withholding Payable State Income Taxes Withholding Payable Union Dues Payable (Record wages and liabilities) (Record employer payroll taxes)