[SOLVED] Social Security

Payroll AccountingABC 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/yearYear-to-Date Pay: $145,000Federal Withholding: $743State Withholding: $525Michael Jackson:45 hours for the periodYear-to-Date Pay: $28,200Federal Withholding: $91State Withholding: $25Paul Walker:30 hours for the periodYear-to-Date Pay: $19,800Federal Withholding: $38State Withholding: $12Burt Reynolds:15 hours for the periodYear-to-Date Pay: $4,600Federal Withholding: $11State Withholding: $7Based 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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