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Assignment
Payroll Tax Entries) Below is a payroll sheet for Otis Import Company for the month of September 2014. 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 $113,700. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $113,700 per employee.
Unemployment Tax
Name
Earnings to Aug. 31
September Earnings
Income Tax Withholding
FICA
State
Federal
B.D. Williams
$ 6,700
$ 700
D. Raye
6,400
800
K. Baker
7,700
1,000
F. Lopez
13,700
1,700
A. Daniels
108,000
12,000
B. Kingston
110,000
15,000
Instructions
(a)Complete the payroll sheet and make the necessary entry to record the payment of the payroll.
(b)Make the entry to record the payroll tax expenses of Otis Import Company.
(c)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.
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