Exercise 13-7.docx - Exercise 13-7(Part Level Submission Carla Hardware Companys payroll for November 2017 is summarized below Amount Subject to Payroll

Exercise 13-7.docx - Exercise 13-7(Part Level Submission...

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Exercise 13-7 (Part Level Submission)Carla Hardware Company’s payroll for November 2017 is summarized below.Amount Subject to PayrollTaxesUnemployment TaxPayrollWagesDueFICAFederalStateFactory$130,500$130,500$37,000$37,000Sales34,00034,0003,6003,600Administrative38,30038,300Total$202,800$202,800$40,600$40,600At 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 $202,800 wages subject to FICA tax, $20,500 of the sales wages is in excess of $118,500. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $15,700 for factory, $7,100 for sales, and $6,000 for administrative.*(a)Your answer is correct.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.)FactorySalesAdministrativeTotalSalaries and Wages$130500$34000$38300$202800FICA Taxes99831330293014243FUTA Taxes29629325SUTA Taxes925901015Total Cost$141704$35449$41230$218383Attempts: 1 of 3 used
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