Pearl Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes |
||||||||
Unemployment Tax |
||||||||
Payroll |
Wages Due |
FICA |
Federal |
State |
||||
Factory | $128,000 | $128,000 | $42,900 | $42,900 | ||||
Sales | 32,600 | 32,600 | 3,700 | 3,700 | ||||
Administrative | 36,300 | 36,300 | ||||||
Total | $196,900 | $196,900 | $46,600 | $46,600 |
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400 and 1.45% in excess of $128,400. Of
the $196,900 wages subject to FICA tax, $20,700 of the sales wages
is in excess of $128,400. Federal unemployment tax rate is 0.8%
after credits. Income tax withheld amounts to $15,000 for factory,
$7,500 for sales, and $6,600 for administrative.
Preparation of schedule showing the employer's total cost of wages for Nov by function and preparation of journal entries for factory payroll, sales payroll and administrative payroll.
Refer the below images for more detailed solution with calculations.
Pearl Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax...
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ulver Hardware Company’s payroll for November 2017 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due FICA Federal State Factory $123,500 $123,500 $39,500 $39,500 Sales 30,800 30,800 4,000 4,000 Administrative 36,000 36,000 Total $190,300 $190,300 $43,500 $43,500 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee’s wages to...
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Exercise 13-7 (Part Level Submission) Marin Hardware Company’s payroll for November 2017 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due FICA Federal State Factory $128,000 $128,000 $37,400 $37,400 Sales 32,900 32,900 4,300 4,300 Administrative 35,200 35,200 Total $196,100 $196,100 $41,700 $41,700 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65%...
E13-7 (L01) (Payroll Tax Entries) Green Day Hardware Company's payroll for November 2017 is summarized below Amount Subject to Payroll Taxes Unemployment Tax Wages Due $120,000 32,000 36,000 $188,000 FICA Federal $40,000 4,000 State Factory Sales Administrative $120,000 32,000 36,000 $188,000 $40,000 4,000 Total $44,000 $44,000 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment taxis 2.5%. The FICA rate is 7.65% on...
Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due FICA Federal State Factory $122,200 $122,200 $36,200 $36,200 Sales 33,500 33,500 3,900 3,900 Administrative 35,500 35,500 xxxx xxxx Total $191,200 $191,200 $40,100 $40,100 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee’s wages to $118,500 and 1.45% in excess of $118,500. Of...
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