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Exercise - Ayayai Hardware Company's payroll for November 2017 is summarized below:
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$126,600
$40,500
Sales
28,800
4,200
Administrative
38,900
Total
$194,300
$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 $194,300 wages subject to FICA tax, $21,300 of the sales wages is in excess of $118,500. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,800 for factory, $7,700 for sales, and $6,800 for administrative.
Prepare a schedule showing the employer's total cost of wages for November by function.
Prepare the journal entries to record the factory, sales, and administrative payrolls including the employer's payroll taxes.
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