Prepare a schedule showing the employer's total cost of wages for November by function.WagesFICATaxesFederalU.T.StateU.T.TotalCost$tA$Factory$LA$+ASales$$Administrative$LA$CATotal PayrollFactorySalesAdministrativeTotalWages Due$126,00040,00038,000$204,000FICA$126,00040,00038,000$204,000Amount Subject to Payroll TaxesUnemployment TaxStateFederal$43,0005,000$48,000$43,0005,000$48,000At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that thestate 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% aftercredits. Income tax withheld amounts to $16,300 for factory, $6,900 for sales, and $5,800 for administrative.

The total cost of wages refers to the amount that is being paid by the employer to the employees…

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Data relating to labor costs is given below. Manufacturing labor is paid 30 TL per hour and supporting labor is paid 20 TL per hour. For overwork, 50% additional payment is made. Manufacturing Labor Normal working -3000 hours In week overworking -200 hours Weekend holiday- 500 hours Supporting Labor Normal working-600 hours Weekend holiday-100 hours Employer’s Social Security Premium and Unemployment Premium rates are 20% and 2% respectively. Employees’ Social Security Premium and Unemployment Premium rates are 14% and 1% respectively. Income Tax rate is 20% (Stamp Duty is neglected). Company classifies manufacturing labor hours’ cost and employer’s contribution relating to this cost as direct labor cost. Other labor costs are classified as indirect labor cost. Required: a) Gross wage b) Total labor costs c) Direct Labor Costs d) Indirect Labor Costs e) Net wage (Due to Personnel) f) Social Securities and Unemployment Premiums Payable (Employer + Employee)
E COST ACCOUNTING AND CONT x + To * pook i forms.office.com/Pages/ResponsePage.aspx?id=cYWpTercOUIPsQvdXclp-WXyu19p0dpljDbGCXgjKqpUMKISRjcOSUUyWkgwUERKSzczT0tETUhGQi4u&fbclid. ☆ 49 Determine the costs of jobs completed in January. January 1, there were two jobs in process at the Fortune Manufacturing Company. Details of the jobs are: Job No. Direct Materials Direct Labor A-9 A-10 P 34,800 6,400 P12,800 16,800 Materials inventory at January 1 totaled P 184,000 and P 23,200 in materials were purchased during the month. A requisition for P16,00 in supplies was filled. On January 1, finished goods inventory consisted of two Jobs: Job No. A-7 costing P78,400 and Job No. 8 with a cost of P31,600. Both these Jobs were sold during the month. Also during January, Job Nos. A-9 and A-10 were completed. Completing Job No, A-9 required additional P13,600 in direct labor and P6,000 in direct materials. The completion costs for Job No. A-10 included P21,600 in direct materials and P 40,000 in direct…
provide correct answer otherwise i give unhelpfull rates
a. Incurred $105,000 of direct labor in its Mixing department and $90,000 of direct labor in its Shaping department. Hint. Credit Factory Wages Payable. b. Incurred indirect labor of $23,000. Hint. Credit Factory Wages Payable. View transaction list Journal entry worksheet
Use the combined wage bracket tables, Exhibit 9-3 and Exhibit 9-4, to solve. Employee MaritalStatus WithholdingAllowances Pay Period GrossEarnings CombinedWithholding Reese, S. M 4 Weekly $1,211 $
McBride and Associates employs two professional appraisers, each having a different specialty. Debbie specializes in commercial appraisals and Tara specializes in residential appraisals. The company expects to incur total overhead costs of $299,610 during the year and applies overhead based on annual salary costs. The salaries and billable hours of the two appraisers are estimated to be as follows: Annual Salary Billable Hours Debbie $ 126,480 1,700 Tara $ 73,260 1,650 The accountant for McBride and Associates is computing the hourly rate that should be used to charge clients for Debbie's and Tara's services. The hourly billing rate should be set to cover the total cost of services (salary plus overhead) plus a 25 percent markup. Required: 1. Compute the predetermined overhead rate.. 2. Compute the hourly billing rates for Debbie and Tara.
Q1: According to the December payroll register ABC Co.'s working hours for each cost center are as follows: Working Days 22 days 22 days 22 days 22 days Department Number of Normal Overtime Idle Working Hour Working Hour 1.100 h. Workers Time Knitting (Main Pro. Center) Coloring (Main Pro. Center) Generator(Service Pro. Center) Infirmary (Service Pro. Center) 25 4.400 h. 200 h. 15 2.640 h. 3.300h. 5 880 h. 10 1.760 h. 100 h. ABC Co.'s normal working hours is 8 hours in a day and normal rate is 10 TL/hour. Overtime rate is 12 TL/hour. Employer's Share of Social Security Premium is TL 3.872 TL. The workers were idle due to power failure. Required: Determine the direct and indirect labor cost of each cost center.
Fill in the missing information on the paystub below, Remember you do non have to complete any YD calculations:
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