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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
$40,600
Sales
34,500
4,200
Administrative
37,100
Total
$199,900
$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.
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