Order 1111801: Read Instructions

BudgetWorksheet-1.xls

Information

Student Name:
Expenses
	Monthly Amount	One-Time fee*
Advertising	$ 50.00
Licenses		$ 100.00
Office Supplies		$ 200.00
Professional Fees		$ 400.00
Rent Expense	$ 500.00
Subscription Expense	$ 91.96
Telephone Expense	$ 100.00
Website Expenses	$ 150.00
Total Expenses	$ 891.96	$ 700.00
*The One-Time fees will be due in July.
Part-time Employee information:
You have placed an ad for part-time help for 15 hours per week at $14/hour.
You found a potential employee and their effective date to start would be July 1st.
Assume Federal Income Tax will be withheld at a rate of 12%.
When you called your State, they told you that your State Unemployment tax rate would be 5.4%.
Recall that the Federal Unemployment rate is the same for all businesses.
Required:
Complete the Budget for Expenses worksheet
Complete the Payroll Worksheet
Please note that you will need the information from the Payroll Worksheet to finalize your Budget for Expenses.

Student Name:
Budget for Expenses - please complete all areas highlighted in yellow.
Expenses to be paid in Cash	July	Aug	Sept	Oct	Nov	Dec	Total
Advertising							$ - 0
Licenses							$ - 0
Office Supplies							$ - 0
Payroll Taxes							$ - 0
Professional Fees							$ - 0
Rent Expense							$ - 0
Salaries and Wages							$ - 0
Subscription Expense							$ - 0
Telephone Expense							$ - 0
Website Expenses							$ - 0
Total Expenses	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0

Student Name:
	Payroll Worksheet - please complete all areas highlighted in yellow.
	Complete the following payroll calculation for your part-time employee:
	Part-time Employee:	Monthly Amount
	Gross Pay
	FICA-Social Security
	FICA - Medicare
	Federal Income Tax Withholding
	Net Pay
	Complete the following journal entries and when completed, transfer the information to the Budget for Expenses worksheet.
	1. Record the journal entry for July's payroll (employee entry only).
Date
7/31/18
	2. Record the journal entry for employer payroll taxes.
Date
7/31/18
	3. Record the journal entry to pay payroll liabilities in August (for July).
Date
8/15/18