The following information about the payroll for the week ended September 15 was obtained from the records of Simkins Mining Co.:

Salaries and wages:				Deductions:
Sales salaries		$15,000		Income tax withheld		$8,500
Employee Wages		20,000		U.S. savings bonds		1,000
Office salaries		10,000		Group insurance		3,000
		$45,000

Tax rates assumed:

FICA tax, 7.5% of employee annual earnings

State unemployment (employer only), 4.2%

Federal unemployment (employer only), 0.8%

Indicate the effects on net assets and EPS of each of the following:

1. Recording and paying the payroll. 2. Recording the employer payroll taxes. 3. Paying the employee and employer payroll taxes.

Recording Payroll and Payroll Taxes The following information about the payroll for the week ended September 15 was obtained from the records of Simkins Mining Co.: Tax rates assumed: FICA tax, 7.5% of employee annual earnings State unemployment (employer only), 4.2% Federal unemployment (employer only), 0.8% Indicate the effects on net assets and EPS of each of the following: 1. Recording and paying the payroll. 2. Recording the employer payroll taxes. 3. Paying the employee and employer payroll taxes. Recording Payroll and Payroll Taxes The following information about the payroll for the week ended September 15 was obtained from the records of Simkins Mining Co.: Tax rates assumed: FICA tax, 7.5% of employee annual earnings State unemployment (employer only), 4.2% Federal unemployment (employer only), 0.8% Indicate the effects on net assets and EPS of each of the following: 1. Recording and paying the payroll. 2. Recording the employer payroll taxes. 3. Paying the employee and employer payroll taxes