FICA-Employer and employee, 8% of the first $120,000 of earnings per employee per calendar year. State unemployment-4%

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FICA-Employer and employee, 8% of the first $120,000 of earnings per employee per calendar year.
State unemployment-4% of the first $8,000 of earnings per employee per calendar year.
Federal unemployment-1% of the first $8,000 of earnings per employee per calendar year.
Federal income tax withholding-10% of each employee's gross earnings, unless otherwise stated.
A weekly payroll summary made from labor time records shows the following data for Pima Company:
Accounts Payable 75,000 75,000 Factory Overhead Factory Overhead 32,000 Accounts Payable 32,000 Work in Process 75,000 W

Overtime is payable at one-and-a-half times the regular rate of pay and is distributed to all jobs worked on during the period.
If required, round your answers to the nearest cent in all parts.
Determine the income tax and net pay of each employee. The income taxes withheld for each employee amount to 15% of the gross wages.

Employee Income Tax Net Earnings Tu, H. Dante, J. Jamal, M. Marcus, L. Alexander, T. Total
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Payroll Accounting 2016

ISBN: 978-1337072649

26th edition

Authors: Bernard J. Bieg, Judith Toland

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