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The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co.: Please help answer in
The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co.:
Please help answer in excel format, using double underlines etc- I am losing grade points for not having the correct input in columns. Thank you in advance.
P8-2 Recording payroll and payroll taxes The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co Salaries: Deductions: Sales salaries Employee Wages Office salaries $30,000 40,000 20,000 $90,000 Income tax withheld U.S. savings bonds Group insurance $17,000 2,000 6,000 Tax rates assumed: FICA tax, 7.5% of employee annual earnings State unemployment (employer only), 4.2% Federal unemployment (employer only), 0.8% Instructions 1. For the October 4 payroll, determine the employee FICA tax payable. 2. Illustrate the effect on the accounts and financial statements of recording the October 4 payroll 3. Determine the following amounts for the employer payroll taxes related to the October 4 payroll: (a) FICA tax payable, (b) state unemployment tax payable, and (c) federal u ployment tax payable Illustrate the effect on the accounts and financial statements of recording the liability for the October 4 employer payroll taxes 4
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