Question: Problem 13-4 Below is a payroll sheet for Wildhorse 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 Wildhorse 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 employees wages in excess of $118,500 per employee. Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.) Unemployment Tax Name Earnings to Aug. 31 September Earnings Income Tax Withholding FICA State Federal B. D. Williams $6,700 $700 $ $ $ $ D. Raye 6,500 600 K. Baker 7,700 1,100 0 0 F. Lopez 12,500 1,700 0 0 A. Daniels 108,600 13,900 0 0 B. Kingston 114,000 15,700 0 0 Total $ $ $ $ $ $
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