Help 145 and state and federal unemployment 54 and 0 6 respe

(1.45%), and state and federal unemployment (5.4% and 0 6%, respectively). During the week ended December 26, Hadley Read the fequirements

Solution

Req 1 Gross Pay Regular $        1,600 ($40 x 40 hours) Overtime $        1,080 ($40 x 1.5 x 18 hours) Gross Pay $        2,680 Cumulative pay 1500+2680 = 4180 is below the limit of FICA-OASDI and FUTA/SUTA($7000) Gross Pay $                            2,680 Withholding deductions: Withholding Income Tax                268 (2680 x 10%) FICA-OASDI                166 (2680 x 6.2%) FICA - Medicare                  39 (2680 x 1.45%) Total deductions                                    473 Net(Take Home) Pay $                            2,207 Req 2 Date Account titles and explanation Debit Credit a. Salaries and wage expenses $        2,680 Federal income tax pyable $                                268 FICA - OASDI pyable $                                166 FICA - Medicare Payable $                                  39 Salaries Payable $                            2,207 Date Account titles and explanation Debit Credit a Salaries Payable $        2,207 Cash $                            2,207 Date Account titles and explanation Debit Credit b Payroll tax expense $           342 FICA - OASDI pyable $                                166 FICA - Medicare Payable $                                  39 FUTA payable $                                  14 (2280 x 0.6%) SUTA payable $                                123 (2280 x 5.4%) Date Account titles and explanation Debit Credit c FICA - OASDI pyable $           332 FICA - Medicare Payable $              78 FUTA payable $              14 SUTA payable $           123 Cash $                                547 Total payroll expense gross pay 2680 payroll tax expense 342 $        3,022 Note: I have tried my best fro correct solution, still you need any further help, please ask in comment.