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P 1 2 . 4 ( LO 1 ) Excel ( Payroll Tax Entries ) The following is a payroll sheet for Otis Imports for
PLO Excel Payroll Tax Entries The following is a payroll sheet for Otis Imports for the month of September The company is allowed a unemployment compensation rate by the state; the federal unemployment tax rate is and the maximum for both is $ Assume a federal income tax rate for all employees and a FICA tax on employee and employer on a maximum of $ In addition, is charged both employer and employee for an employee's wages in excess of $ per employee.
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Instructions
a Complete the payroll sheet and make the necessary entry to record the payment of the payroll.
b Make the entry to record the payroll tax expenses of Otis Imports.
c Make the entry to record the payment of the payroll liabilities created. Assume that the company pays all payroll liabilities at the end of each month.
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