The following PayrollJournal entries for Oct. 15 were made by your predecessor. For FICA tax, assume that the social security rate is 6.0% and the Medicare rate is 1.5%. The state and federal unemployment tax rates are 5.4% and 0.8%, respectively. The company offers 401k plans to employees. Review the journal entries, then answer the questions that follow.

PAGE 32

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1	Oct. 15	Sales Salaries Expense		85,500.00
2		Officers Salaries Expense		307,800.00
3		Office Salaries Expense		57,000.00
4		Factory Wages Expense		119,700.00
5		Social Security Tax Payable			34,200.00
6		Medicare Tax Payable			8,550.00
7		Employees Federal Income Tax Payable			102,600.00
8		Medical Insurance Payable			62,700.00
9		Retirement Contributions Payable			85,500.00
10		Salaries Payable			276,450.00
11	15	Payroll Tax Expense		44,176.00
12		Social Security Tax Payable			34,200.00
13		Medicare Tax Payable			8,550.00
14		Federal Unemployment Tax Payable			184.00
15		State Unemployment Tax Payable			1,242.00
16	15	Pension Expense		39,900.00
17		Cash			39,900.00

In order to confirm the previous clerks payroll calculations, you have been asked to supply the following amounts based on your review of the payroll entries. These amounts will be checked against the company records and investigated further if necessary.

1. Determine the payroll amount subject to federal and state unemployment taxes in this payroll.

2. What is the total payroll for Copperfield and Company shown in these journal entries?

3. What is Copperfield and Companys share of FICA taxes in this payroll?

4. How much has Copperfield and Company contributed to employee 401k plans in this payroll?