The Board of Directors has moved further into reviewing the liabilities of ABC Company. They wish to learn more about the payroll requirements of ABC Company. Using the spreadsheet below, complete the workbook for one payroll cycle.
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Writing, using software, and interpreting results is a large part of your learning experience. These assignments are designed to improve your use of technology and communication skills. Using proper business English and resources from the library you will comment and share your research with your classmates. Make sure you note your source in proper APA format.
Link to Keiser’s elibrary resources: http://kesu-verso.auto-graphics.com/MVC/
PowerPoint instruction on how to use the Keiser elibrary: Keiser Slide show Library-Orientation-login-and-navigate-lesson1.pptx
Guidance on how to log in and use the Keiser elibrary: KU Library login guide2014October3
How to cite work from the library How to cite work from the library x
This link helps with APA format: https://owl.purdue.edu/owl/research_and_citation/apa_style/apa_formatting_and_style_guide/general_format.html
> Information .00
40 40 7.00
25 $17.00 40 $18.00 rate is 6.2% and is 1.45%.
Complete the worksheet worksheet to complete your Payroll Report Social Security Medicare Transactions JournalInformation
ABC Company
Number of Employees
7
Employee Name
Hours worked
Hourly rate
John Doe
40
$
25
Jane Jones
$24.00
Jessie Smith
$
1
Erik Ackers
$15.00
Nan Schmit
30
Larry Johnson
35
$18.00
Christopher Hay
Assume Federal Income Tax will be withheld at a rate of 20% for everyone.
FICA
Social Security
Medicare
When you called your State, they told you that your State Unemployment tax rate would be 5.4%.
Recall that the Federal Unemployment rate is the same for all businesses.
Required:
Payroll Report
Use the
Transactions
Journal
Required: Complete the payroll report below using the information provided on the Information tab.
January
Employee Name Hours worked Hourly rate
Gross Pay
Federal Withholding
Net
John Doe
Jane Jones
Jessie Smith
Erik Ackers
Nan Schmit
Larry Johnson
Christopher Hay
Totals
Required: Use the transactions below to complete your Journal on the next worksheet.
Tip: Refer to pages 473-476 of your text for examples.
Transactions
January 1
Record accrued payroll for January using the Payroll Report
2
Record employer payroll taxes for the same Payroll Report (hint – remember to record FUTA and SUTA as well)
7
Record payment of cash to employees.
Required: Enter the journal entries from the transactions found on the Transaction worksheet
Journal Entries
Date
Account Title
Debit
Credit