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Bastop Companys payroll for August 2014 is summarized below. Amount Subject to Payroll Taxes ...

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Accounting

Bastop Companys payroll for August 2014 is summarized below. Amount Subject to Payroll Taxes
Unemployment Tax
Payroll Wages Due F.I.C.A. Federal State
Warehouse $206,000 $206,000 $60,000 $60,000
Sales 184,000184,0005,0005,000
Administrative 51,00051,000
Total $441,000 $441,000 $65,000 $65,000
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 F.I.C.A. rate is 7.65% on an employees wages to $102,000 and 1.45% in excess of $102,000. Of the $441,000 wages subject to F.I.C.A. tax, $30,000 of the sales wages and $25,000 of administrative wages are in excess of $102,000. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $28,000 for factory, $31,000 for sales, and $9,000 for administrative.

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