Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following is a payroll sheet for Pronghorn Imports for the month of September 2025. The company is allowed a 1% unemployment compensation rate
The following is a payroll sheet for Pronghorn Imports for the month of September 2025. 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 $142,800. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $142.800 per employee. Your answer is partially correct. Complete the payroll sheet. (Round answers to 2 decimal places, eg. 15.26) Name Earnings to Aug. 31 September Earnings B. D. Williams $6,900 $700 D. Raye 6,700 600 Income Tax Withholding 690 670 [ K. Baker 7,500 1,200 750 F. Lopez 13,800 2.09 1380 A. Daniels 130,900 12,500 13090 B. Kingston 135,500 16,500 13550 Total 301300 33500 30130 Your answer is partially correct. Complete the payroll sheet. (Round answers to 2 decimal places, eg. 15.26) Income Tax Withholding 690 670 FICA State 527.85 $ 512.55 750 573.75 Unemployment Tax 69 67 Federal 55.2 53.6 75 60 1380 1055.7 138 1104 13090 10013.85 1309 1047.2 13550 10365.75 1355 1084 30130 23049.45 3013 24104 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. List all debit entries before credit entries. Round answers to 2 decimal places, eg. 15.26.) Account Titles and Explanation Salaries and Wages Expense Withholding Taxes Payable FICA Taxes Payable Cash Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started