Reference no: EM132478679

Question - Below is a payroll sheet for Coronado 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.

Required -

1. Complete the payroll sheet.

2. Make the necessary entry to record the payment of the payroll.

3. Make the entry to record the payroll tax expenses of Coronado Import Company.

4. 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.