Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need a Very Quick and complete solution for this question. Anyone who is sure about the answer please go ahead to solve it with

image text in transcribed

I need a Very Quick and complete solution for this question. Anyone who is sure about the answer please go ahead to solve it with neat and clean handwriting.

For the first payroll in November, the records on Gourmet Company show direct labor Rs. 22,000; indirect factory labor Rs. 6000; sales salaries Rs. 5000 and administrative office salaries Rs. 6600. The FICA tax rate is 7.5% and UCI tax 2.5%. State and federal income taxes withheld are Rs. 3000. And the city wage tax is 1% on employee gross earning and it is paid by the employees. employer contributions includes the state UCI tax rate is 3%. And FUTA tax rate is 0.8% and FICA tax rate is 7.5%.. Required: Prepare the entry to record payroll liability, distribute the payroll cost and employer payroll taxes, treated as indirect cost. For the first payroll in November, the records on Gourmet Company show direct labor Rs. 22,000; indirect factory labor Rs. 6000; sales salaries Rs. 5000 and administrative office salaries Rs. 6600. The FICA tax rate is 7.5% and UCI tax 2.5%. State and federal income taxes withheld are Rs. 3000. And the city wage tax is 1% on employee gross earning and it is paid by the employees. employer contributions includes the state UCI tax rate is 3%. And FUTA tax rate is 0.8% and FICA tax rate is 7.5%.. Required: Prepare the entry to record payroll liability, distribute the payroll cost and employer payroll taxes, treated as indirect cost

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

Financial Accounting

Authors: Robert Libby

1st Canadian Edition

0070891737, 978-0070891739

More Books

Students also viewed these Accounting questions