Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ivanhoe Hardware payroll for November 2020 is summarized below. a Any Search IFS Online Accoun. O Other B Amount Subject to Payroll es Unemployment Tax

image text in transcribed
image text in transcribed
image text in transcribed
Ivanhoe Hardware payroll for November 2020 is summarized below. a Any Search IFS Online Accoun. O Other B Amount Subject to Payroll es Unemployment Tax Payroll Wages Due FICA Federal State Factory $122,600 $122,600 $41,300 $41,300 Sales 33,800 33,800 4,200 4,200 Administrative 39,100 39,100 Total $195,500 $195,500 $45,500 $45,500 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 $128,400 and 1.45% in excess of $128,400. Of the $195,500 wages subject to FICA tax, $20,300 of the sales wages is in excess of $128,400. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $17,300 for factory, $6,700 for sales, and $5,800 for administrative. Prepare a schedule showing the employer's total cost of wages for November by function. (Round answers to O decimal places, eg. 5,275) Factory Sales Administrative Total Salaries and Wages $ %24 122,600 33,800 %24 39,100 195,500 FICA Taxes 9,379 FUTA Taxes SUTA Taxes %24 Total Cost %$. eTextbook and Media WebCOM" 2.0 gher Education. O Sylabus for MAN. CHA Consumer B. MAN Chapter 11,1. IFS Online Accoun. Any Search Other Bookmart Prepare the journal entries to record the factory, sales, and administrative payrolls including the employer's payroll taxes. (f no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, eg. 5,125.) Account Titles and Explanation Debit Credit Factory Payroll: (To record salaries and wages expense.) (To record payroll tax expense.) Sales Payroll: (To record salaries and wages expense) (To record payroll tax expense.) Sales Payroll: (To record salaries and wages expense.) (To record payroll tax expense.) Administrative Payroll: (To record salaries and wages expense.) (To record payroll tax expense.)

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

Students also viewed these Accounting questions

Question

Determine the amplitude and period of each function.

Answered: 1 week ago

Question

a. How do you think these stereotypes developed?

Answered: 1 week ago

Question

7. Describe phases of multicultural identity development.

Answered: 1 week ago