Below is a payroll sheet for Empire Import Company for

Below is a payroll sheet for Empire Import Company for the month of September 2004. 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 $97,500. In addition, 1.45% is charged both employer and employee for an
employee’s wage in excess of $97,500 per employee.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 Empire 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 eachmonth.
View Solution:
Below is a payroll sheet for Empire Import Company for
SOLUTION-- http://expertanswer.online/downloads/below-is-a-payroll-sheet-for-empire-import-
company-for/

See Answer here expertanswer.online

Powered by TCPDF (www.tcpdf.org)