=================================================== ACC 537 Week 4 Assignment Leases
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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 employees wages in excess of $ 113,700 per employee.
( 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.
=================================================== ACC 537 Week 4 Assignment Leases
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