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- In addition to wages, direct manufacturing labor-related costs include pension contributions of $0.40 per hour, worker’s compensation insurance of $0.10 per hour, employee medical insurance of $0.50 per hour, and Social Security taxes. Assume that as of January 1, 2018, the Social Security tax rates are 7.5% for employers and 7.5% for employees. The cost of employee benefits paid by DeWitt on its direct manufacturing employees is treated as a direct manufacturing labor cost. DeWitt has a labor contract that calls for a wage increase to $12 per hour on April 1, 2018. New laborsaving machinery has been installed and will be fully operational by March 1, 2018. DeWitt expects to have 16,000 frames on hand at December 31, 2017, and it has a policy of carrying an end-of-month inventory of 100% of the following month’s sales plus 50% of the second following month’s sales. Q1. Prepare a production budget and a direct manufacturing labor cost budget for DeWitt Company by month and for the first…Sundland Company has the following labor costs: Factory-Gross wages 540000, Factory-Net wages 440000, Employer Payrol Taxes Payable 54000. The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for?Calculate the Workers' Compensation premium owing for an employer in Ontario with assessable earnings equal to $295,000 annually in the agricultural Industry rate category (assume no employees exceed the maximum assessable earnings for the year)
- As you learned in the previous chapter, Kipley Company is a small manufacturing firm located in Pittsburgh, Pennsylvania. The company has a workforce of both hourly and salaried employees. In the last chapter, gross wages were computed for each employee. Adjacent to their name, each employee's gross wages are shown in the Payroll Register. The next task is computing the FICA withholding for each employee and the employer's liability. Requirements: Compute the OASDI for each employee. Compute the HI for each employee. On the Employer Register, compute the employer FICA liability.Artman Automotive in Nova Scotia employs four people. Their annual gross earnings are $40,800.00, $52,600.00, $65,700.00, and $68,900.00. The organization has a workers' compensation premium rate of $3.41 per $100.00 of assessable payroll. The maximum assessable earnings for Nova Scotia for 2021 are $64,500.00. Calculate the total annual assessment for Artman AutomotiveKline Manufacturing has the following labor costs. Factory - Gross wages = $195,000 Factory - Net wages = $160,000 Employer Payroll Taxes Payable = $25,000 The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for what amount?
- Wages paid to laborers working in the manufacturing department is treated as an expense of? Cost of goods sold Administrative expenses Selling expenses Marketing expensesDiaz and Associates incurred the following direct labor costs in completing tax services job for a client. Diaz applies overhead at 50% of direct labor cost. (Please see picture for rest of info).Following items belong to the revenue, expenditure, human resources/payroll, production, or financing cycle. Classify each item based on the cycle it belongs to. a. Pay pay-as-you-earn (PAYE) payroll taxes b. Send material requisition to inventory c. Issue stock to investors d. Borrow money from the bank to purchase a new factory e. Complete receiving report f. Appoint replacement purchasing clerk g. Measure employee performance using a performance management system h. Choose suitable supplier of raw materials i. Ensure employees are up to date with the latest tax provisions j. Record personal and tax information for new employees
- Data relating to labor costs is given below. Manufacturing labor is paid 30 TL per hour and supporting labor is paid 20 TL per hour. For overwork, 50% additional payment is made. Manufacturing Labor Normal working -3000 hours In week overworking -200 hours Weekend holiday- 500 hours Supporting Labor Normal working-600 hours Weekend holiday-100 hours Employer’s Social Security Premium and Unemployment Premium rates are 20% and 2% respectively. Employees’ Social Security Premium and Unemployment Premium rates are 14% and 1% respectively. Income Tax rate is 20% (Stamp Duty is neglected). Company classifies manufacturing labor hours’ cost and employer’s contribution relating to this cost as direct labor cost. Other labor costs are classified as indirect labor cost. Required: a) Gross wage b) Total labor costs c) Direct Labor Costs d) Indirect Labor Costs e) Net wage (Due to Personnel) f) Social Securities and Unemployment Premiums Payable (Employer + Employee)unland Company has the following labor costs: Factory—Gross wages $540000 Factory—Net wages 440000 Employer Payroll Taxes Payable 54000 The amount recorded as an increase to Factory Labor will be $540000. $594000. $486000. $494000.Consider the following costs that were incurred during the current year and determine whether the cost is a product cost or a period cost.a) Advertising costs. ________b) Cost of Material used. ________c) CEO’s salary. ________d) Sales Commissions. ________ please explain in detail
