Green Day Hardware company's payroll for November 2017 is summarized below: Amount Subject to Payroll Taxes Unemployment
Fantastic news! We've Found the answer you've been seeking!
Question:
Green Day Hardware company's payroll for November 2017 is summarized below:
Transcribed Image Text:
Amount Subject to Payroll Taxes Unemployment Tax Payroll Factory Sales Administrative Wages Due FICA Federal State $120,000 32,000 36,000 $120,000 32,000 36,000 $40,000 4,000 $40,000 4,000 Total $188,000 $188,000 $4.000 $44,000 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 $188,000 wages subject to FICA tax, $20,000 of the sales wages is in excess of $118,500. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,000 for factory, $7,000 for sales, and $6000 for administrative. Instructions (a) Prepare a schedule showing the employer's total cost of wages for November by function. (Round all computations to nearest dollar.) (b) Prepare the journal entries to record the factory, sales, and administrative payrolls including the employer's payroll taxes. Amount Subject to Payroll Taxes Unemployment Tax Payroll Factory Sales Administrative Wages Due FICA Federal State $120,000 32,000 36,000 $120,000 32,000 36,000 $40,000 4,000 $40,000 4,000 Total $188,000 $188,000 $4.000 $44,000 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 $188,000 wages subject to FICA tax, $20,000 of the sales wages is in excess of $118,500. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,000 for factory, $7,000 for sales, and $6000 for administrative. Instructions (a) Prepare a schedule showing the employer's total cost of wages for November by function. (Round all computations to nearest dollar.) (b) Prepare the journal entries to record the factory, sales, and administrative payrolls including the employer's payroll taxes.
Expert Answer:
Answer rating: 100% (QA)
SOLUTION PART1 Total Factory Sales Administrative Wages 188000 120000 32000 36000 FICA 13142 918... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
Solve the initial value problem for t>-1 with y(0) = 20. Put the problem in standard form. Then find the integrating factor, p(t) = and finally find y(t) = D (t+1) 1.6 dy 8(t+1) d - 5y = 15t,
-
Green Day Hardware Companys payroll for November 2014 is summarized below. At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply....
-
Green Day Hardware Companys payroll for November 2008 is summarized below. At this point in the year some employees have already received wages in excess of those to which payroll taxes apply. Assume...
-
Managers should be supported through process transitions by ___________. Question 12 options: encouragement (coaching and mentoring) and assistance (necessary resource) structured approach with a...
-
Let's try the re-expressed variable Fuel Consumption (gal/100 mi) to examine the fuel efficiency of the 11 cars in Exercise 11. Here are the revised regression analysis and residuals plot: Dependent...
-
A heat exchanger is to cool ethylene glycol (cp = 2.56 kJ/kg C) flowing at a rate of 2 kg/s from 80C to 40C by water (cp = 4.18 kJ/kg C) that enters at 20C and leaves at 55C. Determine (a) the rate...
-
Blood (assume \(\mu=4.5 \times 10^{-5} \mathrm{lb} \cdot \mathrm{s} / \mathrm{ft}^{2}, S G=1.0\) ) flows through an artery in the neck of a giraffe from its heart to its head at a rate of \(2.5...
-
NorthAm Trucking is a long-haul trucking company serving customers all across the continental United States and parts of Canada and Mexico. At present, all billing activities from preparation to...
-
Create a table with two columns comparing leadership and followership with at least five characteristics for both. What are some of the formal and informal roles of leadership and followership? What...
-
A. Describe Spatial Technologys business model in terms of revenues, profits, and cash flows. B. What intellectual properly, if any, does Spatial Technology possess? C. Describe the experience and...
-
Evans Company has estimated the following amounts for its next fiscal year: What will happen to the breakeven point (in units) if Evans can reduce fixed expenses by $22,500? A) The breakeven point...
-
Fast Iguana had a great year. It grew its revenues by 20% while maintaining its Gross Profit Margin (GPM) at 22%. Fast Iguana reported Net Income of $95M. You are the CFO of Fast Iguana and your...
-
The owner of a pizza restaurant needs to buy a new pizza oven for the restaurant. The oven costs $500, is expected to last 5 years, and will be depreciated using the straight line method. If the...
-
The Federal tax payable by Bonita is $8,215.60. Her non-refundable tax credits total $16,201.23. After deducting her non-refundable tax credits,What is the federal tax that Bonita owes ?
-
Quantify the Effects of Managerial Actions on ROPI and Components Rincon Farms Inc. reports the following financial data just prior to its fiscal year ended December 31, 2019 ($ millions). Rincon...
-
10.Carp Co has announced that it will pay an annual dividend equal to 55% of earnings. Its earnings per share is $0.80, and it has ten million shares in issue. The return on equity of Carp Co is 20%...
-
Using the graph below, determine the profit-maximizing price and quantity to produce.
-
To help you become familiar with the accounting standards, this case is designed to take you to the FASBs Web site and have you access various publications. Access the FASBs Web site at...
-
Distinguish between product costs and period costs as they relate to inventory.
-
Presented below are three unrelated situations. (a) Sugarland Company recently signed a lease for a new office building, for a lease period of 20 years. Under the lease agreement, a security deposit...
-
Livesey Company has signed a long-term contract to build a new basketball arena. The total revenue related to the contract is $120 million. Estimated costs for building the arena are $40 million in...
-
1. Describe the bases of power held by Dr. Jamie Thompson. Describe the bases of power held by Dr. Elizabeth Clarke. 2. What activities and people have contributed to Jaime Thompsons power? What...
-
What is the current in the wire in Figure Q22.1? 1.0 VR + 1.0-1.0V + FIGURE Q22.1
-
Electroplating uses electrolysis to coat one metal with another. In a copper-plating bath, copper ions with a charge of +2e move through the electrolyte from the copper anode to the cathode the metal...
Study smarter with the SolutionInn App