Below is a payroll sheet for Oeis Import Company for the month of September 2017

Question

Below is a payroll sheet for Oeis Import Company for the month of September 2017. The is allowed a 54()% unemployment compersation rate by the state; the federal unemployment tax rate is 060% and the maximum for both is 59,000 Assume a 12 % |federal 7 65%| FICA tax on employee and enployeron a maximum of is charged both employer and employee for an employee's wares in excess income tax rate for all employees and a -- In addition, I 45% of SI 18.300 per employee Income Tax With belding State Federal Earnings to og 31 EarningS F.I.C.A UL.C B.D. Wll 58,600 8,100 150 Bakez 109,00 (a) Complete the payrol sheet and make the necessary entry to record the payment of the payroil Earnings to Aug. 31 Income Tas September Earnings Withhoilding FICA State UC Federal t.C B.D Williams K. Baker F. Lopez A. Daniels B. Kingston Total Journat b) Make the entry to record the payroll tax expenses of Ous Import Company ( payment of the payroll liabilities created Assume that the company pays all payroll liabilities at the end of each moath (c) Make the entry to record the Journal

Explanation / Answer

Name Earnings to August 31 September Earnings Income Tax Withholding FICA State UC Federal UC B.D. Williams $8,600.00 $900.00 $108.00 $68.85 $40.50 $4.50 D. Raye $8,100.00 $750.00 $90.00 $57.38 $40.50 $4.50 K. Baker $9,800.00 $1,200.00 $144.00 $91.80 $40.50 $4.50 F. Lopez $13,600.00 $1,800.00 $216.00 $137.70 $40.50 $4.50 A. Daniels $109,000.00 $12,600.00 $1,512.00 $1,008.85 $40.50 $4.50 B. Kingston $113,000.00 $18,000.00 $2,160.00 $1,558.25 $40.50 $4.50 Particulars Debit Credit Wage Expense $35,250.000 Federal Income Tax payable $4,230.000 FICA Tax payable $2,922.825 Wages Payable to Employees $28,097.175 Being wage expense recorded Payroll Tax Expense $3,192.825 FICA Tax payable $2,922.825 State UC payable $243.00 Federal UC payable $27.00 Being payroll tax expense recorded Wages Payable to Employees $28,097.175 Federal Income Tax payable $4,230.000 FICA Tax payable $5,845.65 State UC payable $243.00 Federal UC payable $27.00 Cash $38,442.825 Being payroll liabilities paid off recorded

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