Solution-Prepare a schedule showing the employer total cost

Prepare a schedule showing the employer total cost of wages

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Question - Sandhill Hardware Company's payroll for November 2017 is summarized below.

			Amount Subject to Payroll Taxes
			Unemployment Tax
Payroll	Wages Due	FICA	Federal	State
Factory	$121,300	$121,300	$41,100	$41,100
Sales	30,600	30,600	3,800	3,800
Administrative	37,600	37,600
Total	$189,500	$189,500	$44,900	$44,900

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 $189,500 wages subject to FICA tax, $19,000 of the sales wages is in excess of $118,500. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $15,500 for factory, $7,600 for sales, and $6,700 for administrative.

Required - Prepare a schedule showing the employer's total cost of wages for November by function.

Reference no: EM131594661

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Prepare a schedule showing the employer total cost of wages

Reference no: EM131594661

Reference no: EM131594661

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