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Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.) Name B.D. Williams D. Raye K. Baker F. Lopez A. Daniels B.Kingston Total Earnings to Aug. 31 $6,700 6,500 7,800 13,900 116,500 121,300 3470 September Earnings $900 800 1,000 1,700 13,400 16,900 2654.55 $ Income Tax Withholding 90 80 100 170 1340 1690 3470 $ FICA 68.85 61.20 76.50 130.05 1025.10 1292.85 2654.55 S State Unemployment Tax 10 17 134 169 347 $ Federal 7,2 6.4 8 13.6 107.2 135.2 277.6

Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.) Name B.D. Williams D. Raye K. Baker F. Lopez A. Daniels B.Kingston Total Earnings to Aug. 31 $6,700 6,500 7,800 13,900 116,500 121,300 3470 September Earnings $900 800 1,000 1,700 13,400 16,900 2654.55 $ Income Tax Withholding 90 80 100 170 1340 1690 3470 $ FICA 68.85 61.20 76.50 130.05 1025.10 1292.85 2654.55 S State Unemployment Tax 10 17 134 169 347 $ Federal 7,2 6.4 8 13.6 107.2 135.2 277.6

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following is a payroll sheet for Headland 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 employee's wages in excess of $128,400 per employee. (a) Your answer is partially correct. Complete the payroll sheet. (Round answers to 2 decimal places, eg. 15.26.) Name B. D. Williams D. Raye K. Baker F.Lopez A. Daniels B. Kingston Total Account Titles and Explanation Salaries and Wages Expense FICA Taxes Payable Earnings to Aug. 31 Withholding Taxes Payable cash $6,700 6,500 7,800 13,900 116,500 121,300 3470 September Earnings $900 800 Debit 1,000 1,700 13,400 16,900 2654.55 $ 34700 $ Income Tax Withholding 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.) Credit 90 80 1340 2654.55 100 1690 3470 170 3470 28575.45 $ FICA 68.85 61.20 76.50 130.05 1025.10 1292.85 2654.55 $ State Unemployment Tax 8 10 17 134 169 347 Federal 7.2 6.4 8 13.6 107.2 135.2 277.6
Transcribed Image Text:The following is a payroll sheet for Headland 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 employee's wages in excess of $128,400 per employee. (a) Your answer is partially correct. Complete the payroll sheet. (Round answers to 2 decimal places, eg. 15.26.) Name B. D. Williams D. Raye K. Baker F.Lopez A. Daniels B. Kingston Total Account Titles and Explanation Salaries and Wages Expense FICA Taxes Payable Earnings to Aug. 31 Withholding Taxes Payable cash $6,700 6,500 7,800 13,900 116,500 121,300 3470 September Earnings $900 800 Debit 1,000 1,700 13,400 16,900 2654.55 $ 34700 $ Income Tax Withholding 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.) Credit 90 80 1340 2654.55 100 1690 3470 170 3470 28575.45 $ FICA 68.85 61.20 76.50 130.05 1025.10 1292.85 2654.55 $ State Unemployment Tax 8 10 17 134 169 347 Federal 7.2 6.4 8 13.6 107.2 135.2 277.6
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