Question
The following is a payroll sheet for Monty Imports for the month of September 2020. The company is allowed a 1% unemployment compensation rate by
The following is a payroll sheet for Monty 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 employees wages in excess of $128,400 per employee.
(a)
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Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.)
Unemployment Tax | ||||||||||||||
Name | Earnings to Aug. 31 | September Earnings | Income Tax Withholding | FICA | State | Federal | ||||||||
B. D. Williams | $6,800 | $900 | $ | $ | $ | $ | ||||||||
D. Raye | 6,500 | 800 | ||||||||||||
K. Baker | 7,700 | 1,200 | ||||||||||||
F. Lopez | 14,700 | 2,000 | ||||||||||||
A. Daniels | 117,600 | 12,200 | ||||||||||||
B. Kingston | 122,300 | 16,900 | ||||||||||||
Total | $ | $ | $ | $ | $ | $ |
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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation | Debit | Credit |
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