Flint Hardware's payroll for November is summarized below. Payroll Factory Sales Administrative Total (a) Wages FICA Taxes Federal U.T. State U.T. Total Cost Wages Due $ $122,000 40,000 $ 36,000 $198,000 FICA $122,000 40,000 Factory 36,000 $198,000 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 $198,000 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 $14,700 for factory, $7,000 for sales, and $6,000 for administrative. Amount Subject to Payroll Taxes Unemployment Tax Prepare a schedule showing the employer's total cost of wages for November by function. Federal $42,000 5,000 $ $47,000 State $42,000 Sales 5,000 $47,000 Administrative $ Tot

Flint Hardware's payroll for November is summarized below. Payroll Factory Sales Administrative Total (a) Wages FICA Taxes Federal U.T. State U.T. Total Cost Wages Due $ $122,000 40,000 $ 36,000 $198,000 FICA $122,000 40,000 Factory 36,000 $198,000 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 $198,000 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 $14,700 for factory, $7,000 for sales, and $6,000 for administrative. Amount Subject to Payroll Taxes Unemployment Tax Prepare a schedule showing the employer's total cost of wages for November by function. Federal $42,000 5,000 $ $47,000 State $42,000 Sales 5,000 $47,000 Administrative $ Tot

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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