Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Amount Subject to Payroll Taxes Unemployment Tax State Payroll FICA Federal Due $40,600 4,200 $40,600 4,200 Factory Sales Administrative $128,300 $128,300 34,500 34,500 37,100 $199,900

image text in transcribed

Amount Subject to Payroll Taxes Unemployment Tax State Payroll FICA Federal Due $40,600 4,200 $40,600 4,200 Factory Sales Administrative $128,300 $128,300 34,500 34,500 37,100 $199,900 $199,900 37,100 Total $44,800 $44,800 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 7.6596 on an employee's wages to $118,500 and 1.45% in excess of $118,500. Of the $199,900 wages subject to FICA tax, $21,100 of the sales wages is in excess of $118,500. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,300 for factory, $7,200 for sales, and $6,200 for administrative. 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.) Factory Sales Administrative Total Salaries and Wages s FICA Taxes FUTA Taxes SUTA Taxes Total Cost Click if you would like to Show Work for this question: Open Show Work

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding The Use Of Financial Accounting Provisions In Private Acquisition Agreements

Authors: Mark L. Stoneman

1st Edition

1627222731, 978-1627222730

More Books

Students also viewed these Accounting questions

Question

4. Describe the factors that influence self-disclosure

Answered: 1 week ago

Question

1. Explain key aspects of interpersonal relationships

Answered: 1 week ago