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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