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JKCPA, CPA
Category: Finance
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Experience:  Bachelors degree and CPA with Accounting experience.
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(payroll tax entries) below is a payroll sheet for jedi import

Resolved Question:

(payroll tax entries) below is a payroll sheet for jedi import company for the month of september 2007. The company is allowed a 1% unemployment compensation rate by the state: the federal 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% F.I.C.A tax on employee and employer on a maximum of $90,000. In addition, 1.45% is charged both employer and employee for an employee's wage in excess of $90,000 per employee.

Income
Earnings September Tax State Federal
Name to Aug. 31 Earnings Withholding F.I.C.A. U.C. U.C.
B.D. Williams $106,800 $10,800
D. Prowse 6,300 700
K. Baker 7,600 1,100
F. Oz 13,600 1,900
A. Daniels 105,000 15,000
B. Mayhew 112,000 16,000
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 Jedi 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.
Submitted: 6 years ago.
Category: Finance
Expert:  JKCPA replied 6 years ago.

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JKCPA, CPA
Category: Finance
Satisfied Customers: 5883
Experience: Bachelors degree and CPA with Accounting experience.
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