ABC Enterprises began business on October 1, 2019. Below is the monthly payroll for ABC...
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ABC Enterprises began business on October 1, 2019. Below is the monthly payroll for ABC Enterprises, Inc. All employees are on salary and receive the same amount each month. Last First Gross Fed Inc 401K Medical Medical Insurance Name Name Earnings Tax WH WHIns WH Pd by Employer Spring Sally $ 12,000.00 $ 2,280,00 $600.00 $ 300.00 $ 600.00 SummerStanley $ 4,000.00 $ 600.00 $120.00 $600.00 $ 600 00 Fall Farrah $ 6,000.00 $ 1.140.00 $120.00 $225.00 $ 700.00 Winter Walter $5,000.00 $ 950.00 $200.00 $275.00$ 600,00 1. Determine the monthly accrual payroll entries for the last three months of the year. 2. Determine the entry to pay the payroll for each of the three individual months. 3. Make the employee benefits expense entry to pay the medical insurance company and the 401K fund the amounts withheld and a 3% employer matching of the employee's salaries for the 401K for each month 4. Determine the employer payroll tax entry assuming that state unemployment is 5.4% and the federal unemployment rate is 0.7%, both on the first $7,000 of earnings only for each month 5. Make the entry to pay the payroll taxes - Social Security, Medicare, and Unemployment for each month 6. Prepare the end-of-year payroll information forms: a W3 b. W2s c. Form 941 d. Form 940
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