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O WNE Y FORMATTING ON THE SHEL SHOW ALL SUPPORTING WORK AND ANY APPLICARE URIAL INTRES The puyo sheet for Mahogany Company for the month of May is presented The company halowed a neployment compensation rate by the state, the federal unemployment ax o ns and the maximum for both is $7.000 Asume a 10% federal income tax rate for all employees and a 7.658 Total FICA taxonomy and r ena m e $128.400. In addition, 1.45 (Medicare rate is charged both employer and employee for an employee's wapen in een of $121,400 per employee of the poll a l try to cord they R OEN Prepare the re CIT Mahogany Company dj Prepare the necessary o as c try the entry to record the payment of the them at the each month Question 2 1. What is the total amount of income tax withheld? $ 6,240.00 2. What is the total amount of social security tax withheld? $ 2,777.60 3. What is the total amount of medicare tax withheld? $ 904.80 4. What is the total amount of net pay? $ 52,477.60 5. What is the total amount of FUTA? 6. What is the toal amount of SUI? 7. What is the total cash disbursment made by the employer for payment of all taxes? The payroll sheet for Mahogany Company for the month of July is presented. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000 of annual wages. Assume a 10% federal income tax rate for all employees and a 7.65% total FICA tax on employee and employer on a maximum of $128,400. In addition, 1.45% (Medicare rate) is charged both employer and employee for an employee's wages in excess of $128,400 per employee. REQUIRED: (a) Complete the payroll sheet (b) Prepare the necessary journal entry to record the payment of the payroll. (C) Prepare the necessary journal entry to record the payroll tax expenses of Mahogany Company. (d)Prepare the necessary journal entry e 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. TRIES Income . Total FICA withholding Social Security Medicare FUTA SUI Net Pay Jerry Jessie Javier Jeremy John Joan Totals Earnings to June 30 75,000.00 104,000.00 6,000.00 125,000.00 42,500.00 3,600.00 $ 356,100.00 July Earnings 15,000.00 17,000.00 800.00 21,000.00 7,100.00 1,500.00 62,400.00 $ $ - $ S - S Question 2 1. What is the total amount of income tax withheld? 6,240.00 2. What is the total amount of social security tax withheld? $ 2,777.60 3. What is the total amount of medicare tax withheld? $ 904.80 4. What is the total amount of net pay? $ 52,477.60 5. What is the total amount of FUTA? 6. What is the toal amount of SUI? 7. What is the total cash disbursment made by the employer for payment of all taxes? The payroll sheet for Mahogany Company for the month of July is presented. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000 of annual wages. Assume a 10% federal income tax rate for all employees and a 7.65% total FICA tax on employee and employer on a maximum of $128,400. In addition, 1.45% (Medicare rate) is charged both employer and employee for an employee's wages in excess of $128,400 per employee. REQUIRED: (a) Complete the payroll sheet (b) Prepare the necessary journal entry to record the payment of the payroll. (c) Prepare the necessary joumal entry to record the payroll tax expenses of Mahogany Company. (d)Prepare the necessary journal entry e 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. TRIES July Income Tax withholding Social Security Medicare Total FICA FUTA SUI Net Pay Jerry Jessie Javier Jeremy John Joan Totals Earnings to June 30 75,000.00 104,000.00 6,000.00 125,000.00 42,500.00 3,600.00 $ 356,100.00 $ Earnings 15,000.00 17,000.00 800.00 21,000.00 7,100.00 1,500.00 62,400.00 $ - $ $ - $ $ $ $ Question 2 1. What is the total amount of income tax withheld? $ 6,240.00 2. What is the total amount of social security tax withheld? $ 2,777.60 3. What is the total amount of medicare tax withheld? $ 904.80 4. What is the total amount of net pay? $ 52,477.60 5. What is the total amount of FUTA? 6. What is the toal amount of SUI? 7. What is the total cash disbursment made by the employer for payment of all taxes