Assignment Details
Payroll Accounting
ABC Company has four employees. Their general payroll details are asfollows:

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.