![]() 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. 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. The following is a payroll sheet for Otis Import Company for the month of September 2017. ![]() Assume that the company pays all payroll liabilities at the end of each month. Make the entry to record the payment of the payroll liabilities created. Make the entry to record the payroll tax expenses of Otis Imports.Ĭ. Complete the payroll sheet and make the necessary entry to record the payment of the payroll.ī. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $128,400 per employee.Ī. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of$128,400. 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. The following is a payroll sheet for Otis Imports for the month of September 2020. Indicate the account names, amounts, and classifications of the items related to the premium plan that would appear on the balance sheet and the income statement at the end of 20. Prepare the journal entries that should be made in 20 to record the transactions related to the premium plan of the Sycamore Candy.ī. The results of the premium plan for the years 20 are as follows. In addition, it costs 50 cents to distribute each code. The purchase price of each download code to the company is$2.25. The candy bars are sold by the company to distributors for 30 cents each. Sycamore Candy Company offers an MP3 download (seven-single medley) as a premium for every five candy bar wrappers presented by customers together with $2.50.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |