Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 13-4 (Part Level Submission) Below is a payroll sheet for Swifty Import Company for the month of September 2017, The company is allowed a

image text in transcribed

image text in transcribed

image text in transcribed

Problem 13-4 (Part Level Submission) Below is a payroll sheet for Swifty Import Company for the month of September 2017, The company is allowed a 196 unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $118,500. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $118,500 per employee Your answer is partially correct. Try again Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.) Unemployment Tax Earnings to Aug. 31 September Earnings Income Tax Withholding Name FICA State Federal B. D. Williams $6,700 $800 80 61.20 D. Raye 6,400 7,700 13,600 700 70 53.55 K. Baker 1,100 1,900 13,700 110 84.15 F. Lopez 190 145.35 A. Daniels 108,700 1370 0 B. Kingston 114,000 15,600 1560 Total 257100 33800 3380 LJ Your answer is partially correct. Try again Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.) Unemployment Tax Earning:s to Aug. 31 September In come Tax Withholding Name Earnings FICA State Federal B. D. Williams $6,700 $800 80 61.20 D. Raye 700 6,400 7,700 13,600 70 53.55 K. Baker 1,100 1,900 13,700 110 84.15 F. Lopez 190 145.35 0 A. Daniels 108,700 1370 B. Kingston 114,000 15,600 1560 Total 257100 33800 3380 9 Make the necessary entry to record the payment of the payroll. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Crerit B. Kingston 114,000U 15,600 1560 0 Total 257100 33800 3380 9 Make the necessary entry to record the payment of the payroll. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Salaries and Wages Expense Debit Credit 33800 Withholding Taxes Payable 3380 FICA Taxes Payable Cash Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT Attempts: 5 of 15 used

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

GAO Financial Audit Manual Volume 1 Updated April 2020

Authors: United States Government GAO

2020 Edition

B091PR8396, 979-8733135977

More Books

Students also viewed these Accounting questions

Question

How does a consumer's awareness set influence information search?

Answered: 1 week ago

Question

10. Describe the relationship between communication and power.

Answered: 1 week ago