Answer
a ) prepare a schedule showing the employer total cost of wages for november by function
factory | sales | administrative | total | |
salaries and wages | 120000 | 32000 | 36000 | 188000 |
FICA taxes | 9180 | 1208 | 2754 | 13142 |
FUTA taxes | 320 | 32 | 0 | 352 |
SUTA taxes | 1000 | 1000 | 0 | 2000 |
total cost | 130500 | 34240 | 38754 | 203494 |
computation of taxes
factory | working | |
salaries and wages | 120000 | |
FICA taxes | 9180 | 7.65% * 120000 |
FUTA taxes | 320 | 0.8% * 40000 |
SUTA taxes | 1000 |
2.5% * 40000 |
total cost | 130500 |
sales | ||
salaries and wages | 32000 | |
FICA taxes | 1208 | |
FUTA taxes | 32 | 0.8% * 4000 |
SUTA taxes | 100 | 2.5 % * 4000 |
total cost | 33340 |
12000 * 7.65 % = 918 , 20000 * 1.45% = 290 , 918 + 290 = 1208
administrative | ||
salaries and wages | 36000 | |
FICA taxes | 2754 | 7.65 % * 36000 |
FUTA taxes | 0 | |
SUTA taxes | 0 | |
total cost | 38754 |
E13-7 (L01) (Payroll Tax Entries) Green Day Hardware Company's payroll for November 2017 is summarized below...
Can you help me with (b) E13-7 (L01) (Payroll Tax Entries) Green Day Hardware Company's payroll for November 2017 is summarized below. Payroll Factory Sales Administrative Total Wages Due $120,000 32,000 36,000 $188,000 Amount Subject to Payroll Taxes Unemployment Tax FICA Federal State $120,000 $40,000 $40,000 32,000 4,000 36,000 $188,000 $44,000 $44,000 4,000 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 tax...
E13.7 (LO 1) (Payroll Tax Entries) Green Day Hardware's payroll for Nov lax Entries) Green Day Hardware's payroll for November 2020 is summa- rized below. Payroll Factory Sales Administrative Total Wages Due $120,000 32,000 36,000 $188,000 Amount Subject to Payroll Taxes Unemployment Tax FICA Federal State $120,000 $40,000 $40,000 32,000 4,000 4,000 36,000 $188,000 $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...
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Crane Hardware Company's payroll for November 2017 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Wages Due Federal Payroll Factory Sales Administrative FICA State $36,900 3,900 $124,400 $124,400 31,100 31,100 37,200 37,200 $192,700 $192,700 $36,900 3,900 Total $40,800 $40,800 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%...
Exercise 13-7 (Part Level Submission) Blossom Hardware Company’s payroll for November 2017 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due FICA Federal State Factory $129,000 $129,000 $40,800 $40,800 Sales 33,200 33,200 3,900 3,900 Administrative 39,300 39,300 Total $201,500 $201,500 $44,700 $44,700 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%...
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...
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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