use execl and show me how The following is a payroll sheet for Otis Import Company...

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The following is a payroll sheet for Otis Import Company for themonth of September 2017. Selected information follows.                                                                                                                              

nemployment compensation rate allowed by the state  1.00%,Unemployment compensation rate for the federal government0.80%,Maximum wages for unemployment for federal and stategovernments$7,000 Federal income tax rate for all employees10%,FICA tax on employee and employer7.65Maximum wages for FICA tax$118,500 Employer and employee rate for an employee’s excess wages1.45%,Maximum wages per employee to avoid the excess wages charge$118,500

          

NameEarnings to
Aug 31
Sept
Earnings
Income Tax
Withholding
F.I.C.A.State
U.C.
Federal
U.C.
B.D. Williams$                  6,800$               800
D. Raye                     6,500                  700
K. Baker                     7,600               1,100
F. Lopez                   13,600               1,900
A. Daniels                 107,000             13,000
B. Kingston                 112,000             16,000

                                                                                                            

  

(a)         Complete the payroll sheet and make the necessary entry to recordthe payment of thepayroll.                                                                                                

(b)          Makethe entry to record the payroll tax expenses of Otis ImportCompany.                                         

(c)          Make the entry to record the payment of the payroll liabilitiescreated. Assume that the company pays all payroll liabilities atthe end of eachmonth.                                                                                                         

                                                                                                                               

                                                                                                                               

                                                                                                                               

                                                                                               

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Ans-

Name Earnings to August 31 Sept. Earnings Income Tax Withholding Sept. Earnings *10% FICA Sept. Earnings *7.65% State U.C. Federal U.C.
B.D.Williams $6,800 800 80 61.2 2 1.6
D.Raye 6,500 700 70 53.55 5 4
K.Baker 7,600 1,100 110 84.15
F.Lopez 13,600 1,900 190 145.35
A.Daniels 107,000 13,000 1,300 188.5
B.Kingston 112,000 16,000 1,600 232
Total $33,500 $3,350 $764.75 $7 $5.6

Working Note:

FICA
A. Daniels $13,000*1.45% $188.5
B. Kingston $16,000*1.45% $232
State U.C.
B.D.Williams ($7,000-$6,800)*1% $2
D.Raye ($7,000-$6,500)*1% $5
Federal U.C.
B.D. Williams ($7,000-$6,800)*0.8% $1.6
D. Raye ($7,000-$6,500)0.8% $4

Journal Entries

Date Account Title and Explanation Debit ($) Credit ($)
Sep.2017 (a) Wages & Salaries Expenses 33,500
Withholding Taxes Payable 3,350
FICA Taxes Payable 764.75
Cash (Bal. fig) 29,385.35
(b) Payroll tax expenses 777.35
FICA Taxes Payable 764.75
State Unemployment taxes payable 7
Federal Unemployment taxes payable 5.6
(c) Withholding Taxes payable 3,350
FICA Taxes payable 1,529.5
State Unemployment taxes payable 7
Federal Unemployment taxes payable 5.6
Cash 4,892.1

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