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.)TotalHeadquartersSales Office #1Sales OfficeWages$$FICAFederalU.T.StateU.T.Total$$$Cost%24%24%24 Crane Company's payroll for December 2017 is summarized below.Amount Subject to Unemployment TaxesPayrollWages DueFederalStateHeadquarters$196,000$25,000$7,000Sales Office #153,0007,0002,000Sales Office #244,0003,0001,000Total$293,000$35,000$10,000The state unemployment tax rate is 5.5%. However, Crane receives a 3.5% merit adjustment, bringing its effective stateunemployment rate to 2.0%. The FICA rate is 7.65% on an employee's wages to $130,500 and 1.45% in excess of $130,500. Of the$293,000 wages potentially subject to FICA tax, the following amounts are in excess of $130,500.Headquarters$20,000Sales Office #122,000Sales Office #218,000The federal unemployment tax rate is 0.8% after credits. Income and payroll tax withheld amount to $22,000 for headquarters,$8,000 for sales office #1, and $7,200 for sales office #2.

FICA is the federal insurance contribution act directed by the government to fund social security…

Prepare a schedule showing the employer's total cost of wages for November by function. (Round answers to O decimal places, e.g. 5,275.) Total Headquarters Sales Office #1 Sales Offic Wages $ 2$ 2$ FICA Federal UT. State U.T. Total $ 2$

Prepare a schedule showing the employer's total cost of wages for November by function. (Round answers to O decimal places, e.g. 5,275.) Total Headquarters Sales Office #1 Sales Offic Wages $ 2$ 2$ FICA Federal UT. State U.T. Total $ 2$

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 1PB

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Sandhill Company’s payroll for December 2017 is summarized below. Amount Subject to Unemployment Taxes Payroll Wages Due Federal State Headquarters $210,000 $27,000 $7,000 Sales Office #1 57,000 7,000 2,000 Sales Office #2 47,000 4,000 1,000 Total $314,000 $38,000 $10,000 The state unemployment tax rate is 5.5%. However, Sandhill receives a 3.5% merit adjustment, bringing its effective state unemployment rate to 2.0%. The FICA rate is 7.65% on an employee’s wages to $140,000 and 1.45% in excess of $140,000. Of the $314,000 wages potentially subject to FICA tax, the following amounts are in excess of $140,000. Headquarters $21,000 Sales Office #1 24,000 Sales Office #2 19,000 The federal unemployment tax rate is 0.8% after credits. Income and payroll tax withheld amount to $24,000 for headquarters, $8,000 for sales office #1, and $7,700 for sales office #2. Prepare a schedule showing the…
According to a summary of the payroll of PJW Co., $380,500 in earnings were subject to the 7.7% FICA tax. Also, $62,783 in earnings were subject to state and federal unemployment taxes. Round your answers to the nearest cent. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.4%; federal unemployment, 1.1%.
Quirk Corp.'s payroll for the pay period ended October 31, 2010 is summarized as follows: Total Wages: $115,000 Federal Income Tax Withheld: $14,000 Wages subject to Social Security taxes: $94,000 Wages subject to Federal and State Unemployment taxes: $24,000 Assume the following payroll tax rates: Social Security - 6.2% Medicare - 1.45% Federal Unemployment Taxes - .8% State Unemployment Taxes - 2.2% What amount should Quirk accrue as its share of payroll taxes in its October 31, 2010 balance sheet? O $22,215.50 O $9.517.5 $6.852.50 $8.215.50
Addidas Co. had total payroll of $40,000 for the week ending March 5. The FICA rate is 7.65%, federal unemployment tax is .8% and state unemployment rate is 5.4%. **Assume total payroll is subject to federal and state unemployment taxes. Journalize Addidas Co.'s payroll tax expenses.
Waterway Industries's payroll for the pay period ended October 31, 2021 is summarized as follows: DepartmentPayroll TotalWages FederalIncome TaxWithheld Amount of Wages Subjectto Payroll Taxes F.I.C.A. Unemployment Factory $77000 $9000 $68000 $33000 Sales 23000 3000 17000 3000 Office 18000 3000 9000 - $118000 $15000 $94000 $36000 Assume the following payroll tax rates: F.I.C.A. for employer and employee 7.65% each Unemployment 3% What amount should Waterway accrue as its share of payroll taxes in its October 31, 2021 balance sheet?
Cullumber Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due FICA Federal State Factory $126,600 $126,600 $40,500 $40,500 Sales 28,800 28,800 4,200 4,200 Administrative 38,900 38,900 Total $194,300 $194,300 $44,700 $44,700 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 $194,300 wages subject to FICA tax, $21,300 of the sales wages is in excess of $128,400. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,800 for factory, $7,700 for sales, and $6,800 for administrative. (a) Partially correct answer icon Your answer is partially correct.…
Cullumber Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due FICA Federal State Factory $126,600 $126,600 $40,500 $40,500 Sales 28,800 28,800 4,200 4,200 Administrative 38,900 38,900 Total $194,300 $194,300 $44,700 $44,700 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 $194,300 wages subject to FICA tax, $21,300 of the sales wages is in excess of $128,400. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,800 for factory, $7,700 for sales, and $6,800 for administrative. (a) Correct answer icon Your answer is correct. Prepare a schedule showing…
Peyton Company's payroll for the year is$737,910. Of this amount, 472,120 is for wages paid in excess of of 7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first 7,000 of each employees earnings.. Computte a. Net FUTA tax b. Net SUTA tax c. Total Unemployment taxes
Pearl Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due FICA Federal State Factory $129,400 $129,400 $37,200 $37,200 Sales 33,600 33,600 4,200 4,200 Administrative 35,000 35,000 Total $198,000 $198,000 $41,400 $41,400 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 $198,000 wages subject to FICA tax, $19,900 of the sales wages is in excess of $128,400. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $17,200 for factory, $7,300 for sales, and $6,300 for administrative. Prepare a schedule showing the employer’s total…
The total payroll of Trolley Company for the month of October, 2020 was $960,000, of which $180,000 represented amounts paid in excess of $128,400 to certain employees. $600,000 represented amounts paid to employees in excess of the $7,000 maximum subject to unemployment taxes. $180,000 of federal income taxes and $18,000 of union dues were withheld. The state unemployment tax is 1%, the federal unemployment tax is .8%, and the current F.I.C.A. tax is 7.65% on an employee's wages to $128,400 and 1.45% in excess of $128,400. What amount should Trolley record as payroll tax expense? $68,760 $73,440 $87,360 $79,560
Gilpin, Inc.'s payroll for November 2020 is summarized as follows: Amount of Wages Subject to Payroll Taxes Total Wages Federal Income Tax Withheld F.I.C.A. Unemployment $653,000 $127,200 $590,000 $74,000 The FICA rate is 7.65% each for the employer and the employee. Gilpin is subject to a total unemployment tax rate of 3.5%. What amount should Gilpin report as its liability for the employer's share of payroll taxes (exclude the employee's share) on its balance sheet as of November 30, 2020?
Lee Company has the following information for the pay period of December 15–31: Gross payroll $16,034 Federal income tax withheld $2,805 Social security rate 6% Federal unemployment tax rate 0.8% Medicare rate 1.5% State unemployment tax rate 5.4% Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be recorded for a.$11,032.34 b.$16,034.00 c.$12,026.45 d.$12,234.89