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The following is a payroll sheet for Ayayai Imports for the month of September 2020. The company is allowed a 1% unemployment compensation rate by
The following is a payroll sheet for Ayayai Imports for the month of September 2020. The company is allowed a 1% 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 $128,400. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $128,400 per employee. (a) Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.) Earnings to Aug. 31 September Earnings Income Tax Withholding Name B. D. Williams $6,900 $700 $ D. Raye 6,500 600 K. Baker 7,600 1,200 F. Lopez 14,000 2,000 A. Daniels 116,100 14,200 B. Kingston 121,100 16,500 Total $ $ $ Lini (a) Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.) Unemployment Tax Income Tax Withholding FICA State Federal $ $ $ $ $ $ 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 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (b) Make the entry to record the payroll tax expenses of Ayayai Imports. (Round answers to 2 decimal places, e.g. 15.25. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (c). Make the entry to record the payment of the payroll liabilities created. Assume that the company pays all payroll liabilities at the end of each month. (Round answers to 2 decimal places, e.g. 15.25. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media
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