Solution-Discuss income tax withheld amounts

Discuss income tax withheld amounts

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Reference no: EM131772102

Blossom Hardware Company's payroll for November 2017 is summarized below.

Amount Subject to Payroll Taxes
Unemployment Tax
Payroll	Wages Due	FICA	Federal	State
Factory	$128,300	$128,300	$40,600	$40,600
Sales	34,500	34,500	4,200	4,200
Administrative	37,100	37,100
Total	$199,900	$199,900	$44,800	$44,800

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 $199,900 wages subject to FICA tax, $21,100 of the sales wages is in excess of $118,500. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,300 for factory, $7,200 for sales, and $6,200 for administrative.

Reference no: EM131772102

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Discuss income tax withheld amounts

Reference no: EM131772102

Reference no: EM131772102

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