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Make the necessary entry to record the payment of payroll

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Reference no: EM132797027

The following is a payroll sheet for Sweet Imports for the month of September 2020. 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 $128,400. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $128,400 per employee.

Problem 1: Make the necessary entry to record the payment of the payroll.

Reference no: EM132797027

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