Assignment Details-Due Tuesday-05/25/2021 Payroll Accounting 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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