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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Question

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
$
+A
Sales
$
$
Administrative
$
LA
$
CA
Total

Payroll
Factory
Sales
Administrative
Total
Wages Due
$126,000
40,000
38,000
$204,000
FICA
$126,000
40,000
38,000
$204,000
Amount Subject to Payroll Taxes
Unemployment Tax
State
Federal
$43,000
5,000
$48,000
$43,000
5,000
$48,000
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
$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% after
credits. Income tax withheld amounts to $16,300 for factory, $6,900 for sales, and $5,800 for administrative.

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Factory Payroll:
(To record salaries and wages paid and the employee payroll deductions)
(To record employer payroll taxes)
Sales Payroll:
(To record salaries and wages paid and the employee payroll deductions)
|| |

Sales Payroll:
(To record salaries and wages paid and the employee payroll deductions)
(To record employer payroll taxes)
Administrative Payroll:
(To record salaries and wages paid and the employee payroll deductions)
(To record employer payroll taxes)
||||
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