How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Neo Your Own Question

Neo, Tutor
Category: Homework
Satisfied Customers: 12101
Experience:  BS Accounting
Type Your Homework Question Here...
Neo is online now
A new question is answered every 9 seconds

for Neo P13-4 (Payroll Tax Entries) Below is a payroll

This answer was rated:

"for Neo" P13-4 (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 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% 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.

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

(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.

You need to spend $3 to view this post. Add Funds to your account and buy credits.
Neo and 5 other Homework Specialists are ready to help you

Related Homework Questions