Blue Hardware payroll for November 2020 is summarized below. Payroll Factory Sales Administrative Total Wages Due $121,100 35,100 39,400 $195,600 FICA $121,100 35,100 39,400 $195,600 Amount Subject to Payroll Taxes Unemployment Tax Federal $39,800 3,600 $43,400 State $39,800 3,600 $43,400 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 and 1.45% in excess of $128,400. Of the $195,600 wages subject to FICA tax, $19.700 of the sales wages is in excess of $128,400. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $15,400 for factory, $6,600 for sales, and $5,500 for administrative.
Blue Hardware payroll for November 2020 is summarized below. Payroll Factory Sales Administrative Total Wages Due $121,100 35,100 39,400 $195,600 FICA $121,100 35,100 39,400 $195,600 Amount Subject to Payroll Taxes Unemployment Tax Federal $39,800 3,600 $43,400 State $39,800 3,600 $43,400 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 and 1.45% in excess of $128,400. Of the $195,600 wages subject to FICA tax, $19.700 of the sales wages is in excess of $128,400. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $15,400 for factory, $6,600 for sales, and $5,500 for administrative.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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