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Hi anyone that is good with Accounting, I need some help with this assignment. It has me confused. Sheffield Hardware Company's payroll for November 2017
Hi anyone that is good with Accounting, I need some help with this assignment. It has me confused.
Sheffield Hardware Company's payroll for November 2017 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Payroll Factory Sales Administrativ e Total Wages Due $121,300 34,200 $121,300 34,200 32,700 32,700 $188,200 $188,200 FICA Federal State $36,400 3,800 $36,400 3,800 $40,200 $40,200 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 $118,500 and 1.45% in excess of $118,500. Of the $188,200 wages subject to FICA tax, $22,000 of the sales wages is in excess of $118,500. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $15,200 for factory, $6,900 for sales, and $6,000 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 Administrativ e Sales $ $ $ $ Salaries and Wages $ Total $ FICA Taxes FUTA Taxes SUTA Taxes Total Cost $ $Step by Step Solution
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