Kk131. The following is a payroll sheet for Headland Imports for the month of September 2020. The company is allowed a 1% unemploymentcompensation 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.)NameB. D. WilliamsD. RayeK. BakerF.LopezA. DanielsB. KingstonTotalAccount Titles and ExplanationSalaries and Wages ExpenseFICA Taxes PayableEarningsto Aug. 31Withholding Taxes Payablecash$6,7006,5007,80013,900116,500121,3003470SeptemberEarnings$900800Debit1,0001,70013,40016,9002654.55$34700$Income TaxWithholdingMake the necessary entry to record the payment of the payroll. (If no entry is required, select "No Entry" for the account titles andenter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)Credit908013402654.5510016903470170347028575.45$FICA68.8561.2076.50130.051025.101292.852654.55$StateUnemployment Tax81017134169347Federal7.26.4813.6107.2135.2277.6

For BD Wiliams State & Federal Unemployment Taxes is deductible on earnings of $300. For D Raye…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

100%

Kk131.

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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