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Problem 13-4 Below is a payroll sheet for Crane Import Company for the month of September 2017, The company is allowed a 196 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 Earnings September Income Tax Withholding Earnings to Aug. 31 $6,900 6,500 7,500 14,800 108,500 113,000 Name FICA State Federal $800 s B. D. Williams D. Raye K. Baker F. Lopez A. Daniels B. Kingston Total 700 1,000 1,800 13,200 16,800 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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Make the entry to record the payroll tax expenses of Crane Import Company. (Round answers to 2 decimal places, e.g. 15.25. If no entry is required, select No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Make the entry to record the payment of the payroll liabilities created. Assume that the company pays all payroll liabilities at the end of each month. (Round answers to 2 decimal places, e.g. 15.25. If no entry is required, select No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

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FICA can be reported double as contribution from both: Earning to September Income tax Withholdin Unemployment Tax Solution: Name FICA State Federal 1) Aug. 31 Earnin 6900 $ 6500$ 700.00 $ 70.00 $ 53.55 $ 5.00 $ 4.00 7500 $ 1,000.00 100.00 76.50 $ $ 61.20 $ 1.00 B. D. Williams D. Raye K. Baker F. Lopez A. Daniels B. Kingston Total 800.00 $ 80.00 0.80 14800 $ 1,800.00$ 180.00 $ 137.70 $-$ 108500 $13,200.00 $ 1,320.00 $ 811.40 113000 $16,800.00 $ 1,680.00 $ 584.60 S 257200 $34,300.00 $ 3,430.00 $1,724.95 $ 6.00 $4.80 [(118500-108500)*6.2%) (13200*1.45%) | [(118500-113000)*6.2%) (16800*1.45%) - 2) Naming conventiion is not available, can be slightly different: Journal Entries Account title and explaination Salaries and Wages Expense FICA Payable Income tax payable Cash To record the salaries and wages expense) Payroll tax expense FICA Payable State unemployment tax payable Federal unemployment tax payable To record the payroll tax expense) Income tax payable FICA Payable State unemployment tax payable Federal unemployment tax payable Cash To record the payment of all payroll tax liablities) Debit Credit $34,300.00 $ 1,724.95 $ 3,430.00 $29,145.05 (Refer sch) $ 1,735.75 $ 1,724.95 $6.00 S 4.80 $ 3,430.00 3,449.90 6.00 $4.80 (1967.55*2) 6,890.70

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