Assignment Details Payroll Accounting ABC Company has four employees. Their general payroll details are as?

Assignment Details

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.