General Instructions: Open the Excel spreadsheet attached to this validation. Make the 4 required journal...
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Accounting
General Instructions: Open the Excel spreadsheet attached to this validation. Make the 4 required journal entries using the proper journalizing format, save the Excel file as Module6Mastery(your name), and upload your saved file into the submission area for this test question. Test Question Instructions:: Problem 1 Totals from the first payroll of the year, January 8, 2021, are shown below: 1. Journalize the entry to record the payroll. 2. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7\%). 3. Journalize the entry to deposit the FICA and FIT taxes. 4. Journalize the entry to pay the Union Dues withheld. Problem 2: The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Ranger Company. These amounts represent the cumulative earnings for each worker as of November 1, the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, November 8 . In the state where Ranger Company is located, the tax rates and bases are as follows: Tax on Employees: FICA-OASDI 6.2% on first $137,700 FICA-HI 1.45% on total earnings SUTA 0.5% on first $8,000 Tax on Employer: FICA-OASDI 6.2% on first $137,700 FICA-HI 1.45% on total earnings
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