Crane Company's payroll for December 2017 is summarized below. Payroll Headquarters Sales Office #1 Sales Office...

  

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Crane Company's payroll for December 2017 is summarized below. Payroll Headquarters Sales Office #1 Sales Office #2 Total Headquarters Sales Office #1 Wages Due Sales Office #2 $153,000 41,000 34,000 $228,000 $15,000 17,000 Amount Subject to Unemployment Taxes 14,000 Federal $20,000 5,000 3,000 $28,000 State The state unemployment tax rate is 5.5%. However, Crane receives a 3.5% merit adjustment, bringing its effective state unemployment rate to 2.0%. The FICA rate is 7.65% on an employee's wages to $102,000 and 1.45% in excess of $102,000. Of the $228,000 wages potentially subject to FICA tax, the following amounts are in excess of $102,000. $5,000 2,000 1,000 $8,000 The federal unemployment tax rate is 0.8% after credits. Income and payroll tax withheld amount to $17,000 for headquarters, $6,000 for sales office #1, and $5,600 for sales office #2. (a) 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.) Wages $ FICA Federal U.T. State U.T. Total Cost $ Total $ $ Headquarters $ $ Sales Office #1 $ $ Sales Office Crane Company's payroll for December 2017 is summarized below. Payroll Headquarters Sales Office #1 Sales Office #2 Total Headquarters Sales Office #1 Wages Due Sales Office #2 $153,000 41,000 34,000 $228,000 $15,000 17,000 Amount Subject to Unemployment Taxes 14,000 Federal $20,000 5,000 3,000 $28,000 State The state unemployment tax rate is 5.5%. However, Crane receives a 3.5% merit adjustment, bringing its effective state unemployment rate to 2.0%. The FICA rate is 7.65% on an employee's wages to $102,000 and 1.45% in excess of $102,000. Of the $228,000 wages potentially subject to FICA tax, the following amounts are in excess of $102,000. $5,000 2,000 1,000 $8,000 The federal unemployment tax rate is 0.8% after credits. Income and payroll tax withheld amount to $17,000 for headquarters, $6,000 for sales office #1, and $5,600 for sales office #2. (a) 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.) Wages $ FICA Federal U.T. State U.T. Total Cost $ Total $ $ Headquarters $ $ Sales Office #1 $ $ Sales Office

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Particulars Wages FICA Payable Federal UT State UT ... View the full answer