Question

2. Below is a payroll sheet for Opel Company for the month of November 2018. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is ACC 322 - Z. Liu 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 $117,500. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $117,500 per employee. Tax year-end is Dec. 31. + Employee Albert Earnings to Oct. 31 $6,700 November Earnings $850 Benjamin $7,800 $600 Carlson $113,000 $11,200 a. Calculate the company's Income Tax Withholding, FICA, SUTA, FUTA for November 2018, b. Prepare the journal entry to record the payment of the November payroll. c. Prepare the journal entry to record the company's November payroll tax expenses. d. Prepare the journal entry to record the payment of the payroll liabilities created in November Assume that the company pays all payroll liabilities at the end of each month.