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- 1. What self-employment tax rate is applied to earnings that exceed $142,800 in a year and also do NOT exceed the additional Medicare tax threshold? Answer: A. 15.3% B. 12.4% C. 2.9% D. 1.45% 2. What is the standard credit applied to the FUTA tax rate in non-credit reduction states? Answer: A. 0.6% B. 0.9% C. 5.4% D. 6% 3. An employer in a non-credit reduction state would pay FUTA taxes of _____ for an employee whose year-to-date earnings prior to the current period are $7,200 and who earns $1,100 during the current period. Answer: A. $0 B. $6.60 C. $43.20 D. $49.80Which equation could be used to identify one of the following levels of Federal Income Tax withholding? PERCENTAGE METHOD FOR FIT WITHHOLDING - SINGLE PERSON WEEKLY PAYROLL PERIOD Allowance Rate = $63.46 Weekly Taxable Wage Over The amount of FIT withholding is -- ch w If he But not over... y rin $1 $0.00 0.10(gross pay - $51) $14.40 + 0.15(gross pay - 195) $81.90 0.20(gross pay - $645) $195 195 645 645 1,482 Select one: O A. FIT = 14.4 + 0.15g; where g = gross pay in dollars. O B. FIT = 81.9g +.2(645); where g = gross pay in dollars. O C. FIT = 81.9(0.20) + (g - 645); where g = gross pay in dollars. O D. FIT = 0.15g 14.85; where g = gross pay in dollars.What is the monthly tax due? A. P513.00 B. P806.42 C. P6,160 D. P9,677
- > So Kercise Ge ali payroll calculations, ese the following tax rates and round amounts to the Empioree: OASDI: 6,2% on first $118,500 earned; Medicare: 1.45% up to Ș200,000, 2 5% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. S11-1 Determining current versus long-term liabilities Rios Raft Company had the following liabilities. a. Accounts Payable d. Note Payable due in 6 months b. Note Payable due in 3 years e. Sales Tax Payable c. Salaries Payable f. Unearned Revenue due in 8 months Determine whether each liability would be considered a current liability (CL) or a long-term liability (LTL).The following unemployment tax rate schedule is in effect for the calendar year 2019 in State A, which uses thereserve-ratio formula in determining employer contributions:Reserve Ratio Contribution Rate0.0% or more, but less than 1.0% ............................ 6.7%1.0% or more, but less than 1.2% ............................ 6.4%1.2% or more, but less than 1.4% ............................ 6.1%1.4% or more, but less than 1.6% ............................ 5.8%1.6% or more, but less than 1.8% ............................ 5.5%1.8% or more, but less than 2.0% ............................ 5.2%2.0% or more, but less than 2.2% ........................... 4.9%2.2% or more, but less than 2.4% ........................... 4.6%2.4% or more, but less than 2.6% ........................... 4.3%2.6% or more, but less than 2.8% ........................... 4.0%2.8% or more, but less than 3.0% ............................ 3.7%3.0% or more, but less than 3.2% ............................ 3.4%3.2% or…Carla Corporation reports pretax financial income of $262,600 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Rental income on the income statement is less than rent collected on the tax return by $62,300. 2. Depreciation on the tax return is greater than depreciation on the income statement by $43,200. 3. Interest on an investment in a municipal bond of $5,900 on the income statement. Carla' tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020.
- Hw.39. Insurance payment includes an advance payment of $12,925 for the next year. Is it tax deductible?6. Journalize the payroll entries from the following information: Salaries $120,000; Income Tax deduction $20,000; Fica Tax deduction 7% of salaries; US Savings Bond deduction $2,000; SUTA Tax 4% of salaries; FUTA Tax .8 of salaries.7. What amount of current income tax liability should be reported at year end? ₱ 2,880,000 ₱ 2,280,000 ₱ 1,780,000 ₱ 2,580,000 8. How much is the total income tax expense for the year? ₱ 3,120,000 ₱ 2,100,000 ₱ 3,300,000 ₱ 2,280,000
- 1) The effect on the FICA Taxes Payable Account when a payment is made is called: a. Increase with a, CRb. Increase with a, DRc. Decrease with a DRd. Decrease with a, CR 2) From the options below, which of the following statements is true? a. Payroll Tax Expense increases on the credit side of the accountb. FICA Medicare Payable increases with a creditc. Federal Income Tax Withholding Payable decreases with a creditd. Employee Payroll Taxes withheld are recorded in Payroll Tax Expense 3) From the options below, identify the one that is NOT an example of internal control proceduresthat help prevent payroll fraud. a. Require mandatory vacations.b. Outsource Payroll Administration.c. Conduct periodic unannounced audits.d. Make sure only one person handles payroll functions. 4) Sally Carson has cumulative earnings of $89,900 and earns $6,500 during the current payperiod. If the FICA rate is 4.2% for Social Security, with a limit of $106,800, and 1.45% forMedicare, applied to all earnings,…7. What amount of current income tax liability should be reported at year end? ₱ 2,280,000 ₱ 2,880,000 ₱ 1,780,000 ₱ 2,580,000What is the income before tax for the third quarter ended September 30, 2020? a. P406,250 b. P375,000 c. P675,000 d. P275,000