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$

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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