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.

ACG2011 ABC Company Payroll Liabilities.xls

Information
ABC Company
Number of Employees	7
Employee Name		Hours worked	Hourly rate
John Doe		40	$25.00
Jane Jones		40	$24.00
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
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.

Required:
Complete the Payroll Report worksheet
Use the Transactions worksheet to complete your Journal

Required: Use the transactions below to complete your Journal on the next worksheet.
Tip: Refer to pages 473-476 of your text for examples.