Daktari Enterprises’ Schedule of Earnings and Payroll Taxes for
April is as follows:
Gross |
FICA |
FUTA |
SUTA |
Total |
|
Earnings |
8% |
1% |
4% |
Taxes |
|
Non-Factory Employees: | |||||
Sales |
$ 10,000 |
$ 800 |
$ 100 |
$ 400 |
$ 1,300 |
Administrative |
7,000 |
560 |
70 |
280 |
910 |
17,000 |
1,360 |
170 |
680 |
2,210 |
|
Factory Employees: | |||||
Direct Labor: | |||||
Regular |
80,000 |
6,400 |
800 |
3,200 |
10,400 |
Overtime Premium |
5,000 |
400 |
50 |
200 |
650 |
Indirect Labor |
30,000 |
2,400 |
300 |
1,200 |
3,900 |
115,000 |
9,200 |
1,150 |
4,600 |
14,950 |
|
Total |
$132,000 |
$10,560 |
$1,320 |
$5,280 |
$17,160 |
Assuming overhead is a result of the random scheduling of jobs, the entry to record and distribute the employer’s payroll taxes would include:
a. |
A debit to Work in Process for $11,050. |
|
b. |
A debit to Factory Overhead for $14,950. |
|
c. |
A credit to Payroll of $132,000. |
|
d. |
A debit to FICA Expense of $10,560. |
Entry to record and distribute the employer’s payroll taxes would include:-
d. A debit to FICA Expense of $10,560.
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Daktari Enterprises’ Schedule of Earnings and Payroll Taxes for April is as follows: Gross FICA FUTA...
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