Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is a payroll sheet for Ayayal Imports for the month of September 2020. The company is allowed a 1% unemployment compensation rate by

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following is a payroll sheet for Ayayal 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. Your answer is partially correct Complete the payroll sheet. (Round answers to 2 decimal places, eg. 15.26.) Earnings to Aug. 31 September Earnings Income Tax Withholding Name B.D. Williams $6.900 $800 $ 80 $ D. Raye 6,400 700 70 K.Baker 7.700 1,200 F. Lopez 13,600 2,000 A. Daniels 117,800 12,000 B. Kingston 122,500 15.400 Total $ $ $ Unemployment Tax Income Tax Withholding FICA State Federal $ 80 61.2 $ 70 53.55 $ $ 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 Salaries and Wages Expense Debit Credit Withholding Towes Payable FICA Taxes Payable Cash Make the entry to record the payroll tax expenses of Ayayai Imports. (Round answers to 2 decimal places, eg. 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.) Debit Credit Account Titles and Explanation Payroll Tax Expense FICA Taxes Payable FUTA Taxes Payable SUTA Taxes Payable 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, eg. 15.25. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Account Titles and Explanation Withholding Taxes Payable FICA Toxos Payable FUTA Taxes Payable SUTA Taxes Payable Cash

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Conservation Easement Audit Techniques Guide

Authors: U.S. Internal Revenue Service

1st Edition

0359516998, 978-0359516995

More Books

Students also viewed these Accounting questions

Question

5. Describe the visual representations, or models, of communication

Answered: 1 week ago