Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. needing help with this problem. i will rate, thnxs

Needing help with this problem. I will rate, thnxs! P13-4 L01)...

80.2K

Verified Solution

Question

Accounting

Needing help with this problem. I will rate, thnxs!
image
P13-4 L01) EXCEL (Payroll Tax Entries) The following is a payroll sheet for Otis Import Company for the month of September 2017. 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 $118,500. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $118,500 per employee. 700 Chapter 13 Current Liabilities and Contingencies 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 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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Mechanical Engineering
1.2K views

The accessory drive unit of a large aircraft engine involves an identical pair of 20° full-depth...

Physics
1.2K views

2 Two mirrors are inclined at an angle 0 as shown in the figure Light...

Basic Math
1.2K views

be uneven because questions can be worth more or less including zero depending on your...

Algebra
1.2K views

The area of the rectangular piece of cardboard shown below is 238 square inches The...

Accounting
1.2K views

A stock has a beta of 0.5 and an expected return of 11.4 percent. A...

Accounting
1.2K views

FastQ Company, a specialist in printing, has established 500 convenience copying centers throughout the country....

Accounting
1.2K views

Which of the following is an alternative name for residual income (RI)? Economic profit....

Accounting
1.2K views

Pecan Theatre Inc. owns and operates movie theaters throughout Florida and Georgia. Pecan Theatre has...

Accounting
1.2K views

P6-8 Page 359 FIFO cost method; cost of production summary Daytona Beverages Inc. uses the...

Accounting
1.2K views

[The following information applies to the questions displayed below.] The first production department of Stone...

Finance
1.2K views

Personal auto insurance policies often do not cover betterment. Give a brief example of betterment....

Finance
1.2K views

Local Co. has sales of $10.7 million and cost of sales of $5 9 million....