Question

8 X cut Paste Copy - Calibri 11 - AA == Wrap Text General Format Painter BIUB A -EEEEE Merge & Center - $ - % Clipboard Font Alignment G! Number (1) UPDATES AVAILABLE Updates for Office are ready to be installed, but first we need to close some apps. Update now C29 X fx F G H 1 Information 3 ABC Company 4 Number of Employees Hours worked 40 40 6 Employee Name 7 John Doe 8 Jane Jones 9 Jessie Smith 10 Erik Ackers 11 Nan Schmit 12 Larry Johnson 13 Christopher Hay Hourly rate $25.00 $24.00 $17.00 $15.00 $17.00 $18.00 $18.00 30 35 40 14 15 Assume Federal Income Tax will be withheld at a rate of 20% for everyone. 16 FICA Social Security rate is 6.2% and Medicare is 1.45%. 17 When you called your state, they told you that your State Unemployment tax rate would be 5.4%. 18 Recall that the Federal Unemployment rate is the same for all businesses. 19 20 21 Required: 23 Complete the Payroll Report worksheet 24 Use the Transactions worksheet to complete your Journal Sormation Payroll Report Transactions Journal Type here to search VAC esc

Answer 1

Payroll report
Employee	Hours worked H	hourly rate R	Gross pay G=H*R	Federal income Tax G*20%	FICA Social security G*6.2%	Medicare G*1.45%	Net pay
John Doe	40	$25	$1,000	$200.00	$62.00	$14.50	$723.50
Jane Jone	40	24	$960	$192.00	$59.52	$13.92	$694.56
Jessie Smith	40	17	$680	$136.00	$42.16	$9.86	$491.98
Erik	25	15	$375	$75.00	$23.25	$5.44	$271.31
Nan	30	17	$510	$102.00	$31.62	$7.40	$368.99
Larry	35	18	$630	$126.00	$39.06	$9.14	$455.81
Christhoper	40	18	$720	$144.00	$44.64	$10.44	$520.92
		Total	$4,875	$975.00	$302.25	$70.69	$3,527.06
Journal entry	Dr	Cr
Salaries & Wages expenses	$4,875
Federal Income Tax payable		$975.00
FICA social security taxes payable		$302.25
Medicare Taxes payable		$70.69
Salaries & Wages Payable		$3,527.06
(being salaries & wages expenses)
Payroll taxes
Employee	Gross pay G=H*R	FICA Social security G*6.2%	Medicare G*1.45%	State Unemployment taxes G*5.4%	Federal Unemployment taxes G*.6%
John Doe	1000	62	14.5	54	6
Jane Jone	960	59.52	13.92	51.84	5.76
Jessie Smith	680	42.16	9.86	36.72	4.08
Erik	375	23.25	5.44	20.25	2.25
Nan	510	31.62	7.40	27.54	3.06
Larry	630	39.06	9.14	34.02	3.78
Christhoper	720	44.64	10.44	38.88	4.32
	4875	302.25	70.69	263.25	29.25
	Dr	cR
Payroll tax expenses	665.44
FICA social security taxes payable		302.25
Medicare Taxes payable		70.69
State Unemployment taxes payable		263.25
Federal Unemployment taxes oayable		29.25
If any doubt please comment