Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 8 of 10 -/1 Whispering Hardware payroll for November 2020 is summarised below. FICA Payroll Factory Amount Subject to Payroll Taxes Unemployment Tax Federal

image text in transcribed
image text in transcribed
Question 8 of 10 -/1 Whispering Hardware payroll for November 2020 is summarised below. FICA Payroll Factory Amount Subject to Payroll Taxes Unemployment Tax Federal State $39,800 $39,800 3,600 3,600 $121,100 Wages Due $121.100 35,100 39.400 $195,600 Sales 35.100 Administrative 39.400 Total $195,600 $43,400 $43,400 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% ont an employee's wages to $128.400 and 1.45% in excess of 5128.400 Of the $195,600 wages subject to FICA tax, 519.700 of the sales wages is in excess of $128.400. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $15.400 for factory, 56.600 for sales, and $5,500 for administrative. (a) Prepare a schedule showing the employer's total cost of wages for November by function (Round answers to decimal places, es Y. MAC New Tab w Yahoo Finance - Sto https://orgraduate Chapter 13 Homework Temple University Question 10 of 10 -/15 View Policies Current Attempt in Progress Novak Company includes one coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2020, Novak Company purchased 8,600 premiums at 75 cents each and sold 108.000 boxes of soap powder at $3.60 per box 40,000 coupons were presented for redemption in 2020. It is estimated that 60% of the coupons will eventually be presented for redemption Prepare all the entries that would be made relative to sales of soap powder and to the premium plan in 2020. (1 no entry is required select "No Entry for the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Inventory of Premium 6450 o Qu Cash 6450 (To record the premium inventory) Que 388800 Ques Sales Revenue 308BOO (To record the sales) View Type here to search o TT DVO

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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