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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.
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ACC 537 Week 4 Assignment Leases
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