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# Accounting 2 | ACCT202 Accounting II | Colorado Technical University

Assignment Details

Payroll Accounting

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ABC Company has four employees. Their general payroll details are as follows:

• One of the employees is a salaried employee, while the other employees are hourly.
• Employees are paid \$15 per hour and receive time and a half for overtime after working 40 hours.
• FICA Social Security is 6.2% for the employee and 6.2% for the employer.
• FUTA tax rate is 0.6% (0.006) on the first \$7,000.
• SUTA tax rate is 2% (0.02) on the first \$7,000.
• Employees are paid weekly.

HINT: Remember the maximum FICA Social Security limit for both the employer and employee is \$142,800. Also, yearly salary amounts should be divided by 52 weeks to get the weekly salary. The employees’ specific details are as follows:

• Julia Roberts:
• Salary: \$160,000/year
• Year-to-Date Pay: \$145,000
• Federal Withholding: \$743
• State Withholding: \$525
• Michael Jackson:
• 45 hours for the period
• Year-to-Date Pay: \$28,200
• Federal Withholding: \$91
• State Withholding: \$25
• Paul Walker:
• 30 hours for the period
• Year-to-Date Pay: \$19,800
• Federal Withholding: \$38
• State Withholding: \$12
• Burt Reynolds:
• 15 hours for the period
• Year-to-Date Pay: \$4,600
• Federal Withholding: \$11
• State Withholding: \$7

Based on the information above, please complete the worksheet (tab 2) and journalize the payroll (tab 3) for this period. Use ACCT202_U2_IP_Payroll_Accounting_template to complete your assignment.

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