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(Payroll Tax Entries) Allison Hardware Company's payroll for November 2012 is summarized below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$140,000
$40,000
Sales
32,000
4,000
Administrative
36,000
-
Total
$208,000
$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 $106,800 and 1.45% in excess of $106,800. Of the $208,000 wages subject to FICA tax, $20,000 of the sales wages is in excess of $106,800. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,000 for factory, $7,000 for sales, and $6,000 for administrative.
Instructions
(a) Prepare a schedule showing the employer's total cost of wages for November by function.
(b) Prepare the journal entries to record the factory, sales, and administrative payrolls including the employer's payroll taxes.
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