ACC 537 Week 3 Textbook Problem P13-4 Otis Import Company (Team Paper and Solution) Click Here to Buy the Tutorial http://www.uophelp.com/ACC-537/product-19863-ACC-537-Week-3-TextbookProblem-P13-4-Otis-Import-Company-(Team-Paper-and-Solution) For more course tutorials visit www.uophelp.com
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 employees wages in excess of $113,700 per employee. (a) Complete the payroll sheet and make the necessary entry to record the payment of the payroll (b) Make the entry to record the payroll tax expenses of Otis Import Company. (c) 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.