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The following is a payroll sheet for Crane Imports for the month of September 2020. The company is allowed a 1% unemployment compensation rate by
The following is a payroll sheet for Crane 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, e.g. 15.26.) Earnings to Aug. 31 September Earnings Income Tax Withholding Name $6,800 $ $800 80 B. D. Williams ta 70 D. Raye 6,400 700 110 K. Baker 7,600 1,000 190 F. Lopez 13,500 1,900 1370 A. Daniels 118,200 14,000 1560 B.Kingston 123,400 17.300 $ $ $ $ 35700 $ Total 275900 3380 et. (Round answers to 2 decimal places, e.g. 15.26.) Unemployment Tax FICA State Federal $ 61.20 $ 2.00 $ 1.60 53.55 3.00 2.40 i 84.15 i i i 145.35 849.65 i HO 548.60 i $ $ $ 1742.50 5.00 4 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 o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Salaries and Wages Expense 33800 1742.50 FICA Taxes Payable 3380 Sales Tax Payable 28677.50 Cash
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