The Board of Directors has moved further into reviewing the liabilities of ABC Company. They wish to learn more about the payroll requirements of ABC Company. Using the spreadsheet below, complete the workbook for one payroll cycle.

Information
Abc Company
Number of Employees	7
Pay Period:	March 25-31, 20X1
Employee Name		Hours Worked	Hourly rate
John Doe		40	$25.00
Jane Jones		40	$20.00
Jessie Smith		40	$17.00
Erik Ackers		25	$15.00
Nan Schmit		30	$17.00
Larry Johnson		35	$18.00
Christopher Hay		40	$18.00

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.