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Question: The payroll of Buddy, Inc. for May 31 is as follows: The total payroll was $150,000. None of the individual wages was greater than $132,900 (social security maximum threshold for 2019). Income taxes withheld from employees totaled $37,500 and union dues withheld was $4,000. Assume FICA tax is 7.65% on employee's wages (6.2% Social Security & 1.45% Medicare tax). Calculate Unemployment tax - .6% FUTA and 5.4% SUTA taxes. No employees have reached the $7,000 maximum wage threshold.
A. Prepare the necessary journal entries for the wages paid on May 31
B. Prepare the employer payroll taxes.
Compute the product costs for the sod and trees under traditional and ABC costing using the Microsoft Excel spreadsheet
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