Chapter 12, Problem 12EB

Reference Figure 12.15 and use the following information to complete the requirements.

A. Determine the federal income tax withholdings amount per monthly pay period for each employee.

B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)