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Prepare a schedule showing the employer's total cost of wages for November by function. Wages FICA Taxes Federal U.T. State U.T. Total Cost tA Factory $ $ LA Sales $ $ tA Administrative $ LA $ LA Total

Prepare a schedule showing the employer's total cost of wages for November by function. Wages FICA Taxes Federal U.T. State U.T. Total Cost tA Factory $ $ LA Sales $ $ tA Administrative $ LA $ LA Total

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter13: Accounting For Payroll And Payroll Taxes
Section13.3: Reporting Withholding And Payroll Taxes
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Prepare a schedule showing the employer's total cost of wages for November by function. Wages FICA Taxes Federal U.T. State U.T. Total Cost $ tA $ Factory $ LA $ +A Sales $ $ Administrative $ LA $ CA Total
Transcribed Image Text:Prepare a schedule showing the employer's total cost of wages for November by function. Wages FICA Taxes Federal U.T. State U.T. Total Cost $ tA $ Factory $ LA $ +A Sales $ $ Administrative $ LA $ CA Total
Payroll Factory Sales Administrative Total Wages Due $126,000 40,000 38,000 $204,000 FICA $126,000 40,000 38,000 $204,000 Amount Subject to Payroll Taxes Unemployment Tax State Federal $43,000 5,000 $48,000 $43,000 5,000 $48,000 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 is 2.5%. The FICA rate is 7.65% on an employee's wages to $142,800 and 1.45% in excess of $142,800. Of the $204,000 wages subject to FICA tax, $20,000 of the sales wages is in excess of $142,800. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,300 for factory, $6,900 for sales, and $5,800 for administrative.
Transcribed Image Text:Payroll Factory Sales Administrative Total Wages Due $126,000 40,000 38,000 $204,000 FICA $126,000 40,000 38,000 $204,000 Amount Subject to Payroll Taxes Unemployment Tax State Federal $43,000 5,000 $48,000 $43,000 5,000 $48,000 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 is 2.5%. The FICA rate is 7.65% on an employee's wages to $142,800 and 1.45% in excess of $142,800. Of the $204,000 wages subject to FICA tax, $20,000 of the sales wages is in excess of $142,800. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,300 for factory, $6,900 for sales, and $5,800 for administrative.
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Factory Payroll: (To record salaries and wages paid and the employee payroll deductions) (To record employer payroll taxes) Sales Payroll: (To record salaries and wages paid and the employee payroll deductions) || |
Transcribed Image Text:Factory Payroll: (To record salaries and wages paid and the employee payroll deductions) (To record employer payroll taxes) Sales Payroll: (To record salaries and wages paid and the employee payroll deductions) || |
Sales Payroll: (To record salaries and wages paid and the employee payroll deductions) (To record employer payroll taxes) Administrative Payroll: (To record salaries and wages paid and the employee payroll deductions) (To record employer payroll taxes) |||| II
Transcribed Image Text:Sales Payroll: (To record salaries and wages paid and the employee payroll deductions) (To record employer payroll taxes) Administrative Payroll: (To record salaries and wages paid and the employee payroll deductions) (To record employer payroll taxes) |||| II
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