Solution-Prepare a schedule showing the employers total

Prepare a schedule showing the employers total

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Reference no: EM131772016

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

Amount Subject to Payroll Taxes
Unemployment Tax
Payroll	Wages Due	FICA	Federal	State
Factory	$122,700	$122,700	$41,000	$41,000
Sales	29,300	29,300	3,700	3,700
Administrative	33,300	33,300
Total	$185,300	$185,300	$44,700	$44,700

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 $185,300 wages subject to FICA tax, $18,600 of the sales wages is in excess of $118,500. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,000 for factory, $7,400 for sales, and $6,500 for administrative.

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.)

Reference no: EM131772016

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Prepare a schedule showing the employers total

Reference no: EM131772016

Reference no: EM131772016

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