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Intermediate Accounting II Week 4 Wiley Plus (13-7 part level submission) QA Hi, Can you help me resolve the attached problem? Thank you Exercise 13-7
Intermediate Accounting II Week 4 Wiley Plus (13-7 part level submission) QA
Hi,
Can you help me resolve the attached problem?
Thank you
Exercise 13-7 (Part Level Submission) Headland 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 $131,500 31,100 $131,500 31,100 37,400 37,400 $200,000 $200,000 FICA Federal State $41,500 4,100 $41,500 4,100 $45,600 $45,600 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 $200,000 wages subject to FICA tax, $20,700 of the sales wages is in excess of $118,500. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $17,300 for factory, $6,600 for sales, and $5,500 for administrative. Don't show me this message again for the assignment (a) 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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