Exercise 13-7 (Part Level Submission)
Question:Exercise 13-7 (Part Level Submission)
Sage Hardware Company's payroll for November 2017 is summarized below.
Amount Subject to Payroll Taxes
Unemployment Tax
Â
Payroll Wages Due FICA Federal State
Factory $122,600 $122,600 $37,000 $37,000
Sales 29,700 29,700 4,400 4,400
Administrative 35,500 35,500Â Â Â Â Â
Total $187,800 $187,800 $41,400 $41,400
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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 $118,500Â and 1.45% in excess of $118,500. Of the $187,800Â wages subject to FICA tax, $18,700Â of the sales wages is in excess of $118,500. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $15,700Â for factory, $6,600Â for sales, and $5,500Â for administrative.
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(a)
Prepare a schedule showing the employer's total cost of wages for November by function. (Round answers to 0 decimal places, e.g. 5,275.)
Factory Sales Administrative Total
Salaries and Wages
FICA Taxes
FUTA Taxes
SUTA Taxes
Total Cost
Answers
Status NEW
Posted 01 Jun 2017 05:06 AM
My Price 7.00
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