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Use the attached excel template in the asignment folder. Attach completed excel file in the assignment folder. P11-3B Otto Drug Store has four employees who
Use the attached excel template in the asignment folder. Attach completed excel file in the assignment folder. P11-3B Otto Drug Store has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended February 15, 2014, are shown below. The following tax rates are applicable: FICA 7.65%, state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.8%. The first three employees are sales clerks (store wages expense). The fourth employee performs administrative duties (office wages expense). Instructions (a) Prepare a payroll register for the weekly payroll. Net pay $1,567.03 (b) Journalize the payroll on February 15, 2014, and the accrual of employer payroll taxes. (c) Journalize the payment of the payroll on February 16, 2014. (d) Journalize the remittance to the Federal Reserve bank on February 28, 2014, of the FICA and federal income taxes payable to the government
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