Question: Problem 13-4 Below is a payroll sheet for Monty Import Company for the month of September 2017. The company is allowed a 1% unemployment compensation
Problem 13-4 Below is a payroll sheet for Monty Import Company for the month of September 2017. 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 $118,500. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $118,500 per employee. Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.) Unemployment Tax Earnings September Income Tax Name to Aug. 31Earnings Withholding FICA State Federa B. D. Williams D. Raye K. Baker F. Lopez A. Daniels B. Kingstorn Total $6,800 6,400 7,700 13,800 106,300 111,700 $900 800 1,200 2,000 14,000 14,600 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.)
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