Solution-Prepare schedule showing the employer total cost

Prepare schedule showing the employer total cost of wages

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Reference no: EM131691958

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

Payroll	Wages Due	FICA	Amount Subject to Payroll Taxes
			Unemployment Tax
			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 renewed wages in excess or 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.

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.

Reference no: EM131691958

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Prepare schedule showing the employer total cost of wages

Reference no: EM131691958

Reference no: EM131691958

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