Below is a payroll sheet for Otis Import Company for the month of September 2014

Question

Below is a payroll sheet for Otis Import Company for the month of September 2014. 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 $113,700. In addition, 1.45% is charged both employer and employee for an employee’s wages in excess of $113,700 per employee.

Complete the payroll sheet.

Complete the payroll sheet.

Name Earnings to August 31 September Earnings Income Tax Witholding FICA State Unemployment Tax Federal Unemployment Tax B.D. Williams $6,540 $900 D. Raye 6,510 800 K. Baker 7,630 1,100 F. Lopez 13,800 1,900 A. Daniels 108,000 13,700 B. Kingston 112,550 17,500 Total

Explanation / Answer

Below is a payroll sheet for Otis Import Company for the month of September 2014

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