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P13-4B (Payroll Tax Entries) Below is a payroll sheet for Mahogany Company for the month...

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Accounting

P13-4B (Payroll Tax Entries)

Below is a payroll sheet for Mahogany Company for the month of July. The

company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax

rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees

and a 7.65% FICA tax on employee and employer on a maximum of $106,800. In addition, 1.45% is charged

both employer and employee for an employee

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