Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following is a payroll sheet for Grouper Imports for the month of September. 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 $ 106,800. In addition, 1.45% is charged both employer and employee for an employees wages in excess of $ 106,800 per employee Earnings to Aug. 31 September Earnings Name Income Tax Withholding Jerry Kaye $ 75,000 $ 16,000 Jessie Randle 105,000 16,000 Javier White 6,100 800 Jeremy Taggle 126,000 23.000 John Jay 42,300 7,400 Joan Short 3,500 1,400 Total $ $ Une ployment Tax Income Tax Withholding FICA State Federal $ VA $ Make the necessary entry to record the payment of the payroll. (Round answers to 2 decimal places, eg. 15.26. 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 Account Titles and Explanation

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

The Social Function Of AccountsReforming Accountancy To Serve Mankind

Authors: John Flower

1st Edition

1138645249, 9781138645240

More Books

Students also viewed these Accounting questions

Question

what is the interest onf a single payment of $1700

Answered: 1 week ago