1 If you are a company's full-time employee, what tax do you pay for earning your salary? Answer area
Q: On January 1, 2020 Jinn Inc. issued 10-year, 10% $100,000 bonds for 105, because the market rate of…
A: The bonds are issued to raise funds from the market or investors of the business. The bonds are…
Q: Fayuz Ltd. issued $300,000, 12%, 10-year bonds on July 1, 2020. Interest payments dates are January…
A: Introduction A method of determining depreciation expense, or the method of reimbursing an item over…
Q: ) Larry wins $80,000 in the lottery. He invests the total amount in a GIC that earns him interest of…
A:
Q: Whirlwind Fan Company manufactures ceiling fans and uses an activity-based costing system. Each…
A: Solution.. Question 1 Total material handling cost per fan = Activity rate per parts * number…
Q: Santana Rey has consulted with her local banker and is considering financing an expansion of her…
A: A debt-to-equity ratio is a type of ratio that shows the financing pattern of the company based on…
Q: accounting systems and the role of technology in modern-day accounting
A: Answer:- Accounting meaning:- Accounting is basically the process of gathering, analyzing and…
Q: fixed asset with a cost of $25,104 and accumulated depreciation of $22,593.60 is sold for $4,267.68.…
A: The gain or loss on sale of fixed assets is calculated as difference between book value of asset and…
Q: Please answer ABC Required information Problem 14-15 (Algo) Comprehensive Ratio Analysis…
A: Ratio Analysis -The ratio is the technique used by the prospective investor or an individual or…
Q: The FCT and PCT method each produce different amounts for translation gains and losses due to the…
A: The FCT method is the functional currency translation method. The PCT method is the presentation…
Q: If services totaling P12,500 had been performed but not yet billed, what would the adjusting entry…
A: Adjusted entry for services totaling P12,500 had been performed and not yet billed .…
Q: Please answer question 2 in its entirety. I have already used another question for number 1.…
A: Ratio Analysis -The ratio is the technique used by the prospective investor or an individual or…
Q: major manufacturer for the production of Item I. The carrying amount of the inventory of parts at…
A: the inventory is considered to be an important item for the manufacturer so it is important for them…
Q: What is the first step in adding a social CRM strategy in your marketing mix? Find a social CRM…
A: Social customer relationship management refers to a relationship with connecting customer via social…
Q: Required: Help BBS evaluate this project by calculating each of the following: 1. Accounting rate of…
A: Introduction:- The various alternative methods of capital budgeting are enumerated below:- Payback…
Q: Statement 1: The owner's personal withdrawals for the year cause a decrease in profit. Statement 2:…
A: Since you have posted multiple questions, as per the guidelines only the first question will be…
Q: Suppose that a firm is considering hiring an employee whose wage would be $100 per hour. This…
A: Companies hire people to use them productively. Companies ensure that the benefits in the form of…
Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…
A: FICA- is a tax imposed on both the employees and the employer. It imposed to secure an employee from…
Q: Is a deduction allowed under the MACRS rules for depreciable real estate (used in a business or held…
A: The correct answer is: (D) Yes. depreciation for real estate is computed using tables that follow…
Q: Quebec. She gets together with them often. She wants to purchase a new aerobic trainer and would…
A: The decision regarding the purchase of any item depend on the manufacture that need to be considered…
Q: Bravo Company's furnace, which has a current book value of $40,000 (original cost less than…
A: The correct answer is: (E) credit Gain on Disposition of Equipment/Furnace $5.000: credit…
Q: edit to Additional Paid in Capital $40,000. bit to Legal Expense $40,000. ebit to Legal Expense…
A: The journal entry for the transaction would debit legal expense and credit common stock and…
Q: Income Statement Net Sales Cost of Goods Sold Gross Profit Marketing General & Administrative…
A: Cash Flow Statement - Cash Flow Statement includes inflow and outflow of cash during the year. Such…
Q: Emperor Pool Services provides pool cleaning and maintenance services to residential clients. It…
A: The official record for the business is a journal that includes every transaction in reverse…
Q: When bonds are issued at a discount, what happens to the carrying value and interest expense over…
A: Bonds can be issued at both at a premium or at a discount. When issue price is lower than face value…
Q: What is the nature of an off-balance-sheet activity? How does a bank benefit from such activities?
A: Dear student, since you have posted two different questions at a time, only one question i e the…
Q: Flynn Company purchased 70 Rinehart Company 6%, 10-year, $1,000 bonds on January 1, 2020, for…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Information from the records of Conundrum Company for September was as follows: Sales $307,500…
A: Solution... Total product cost = Direct Material used + Direct labor + overhead (variable +…
Q: Which of the following will be debited in a closing entry? Withdrawals Depreciation Transportation…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: Assume the Coca Cola Company reports the following footnote in its 10-K December 31 (In millions)…
A: The abbreviation for this approach is "Last-In, First-Out." It is a formula for figuring out the…
Q: Windsor Company has gathered the following information: Variable manufacturing overhead costs Fixed…
A: The question is based on the concept of Cost Accounting. Predetermined overhead rate can be…
Q: Pearson Co issue its $199500 at a price of 97, the stated rate is 6%, the bond term is 4 years, and…
A: The bonds are issued at a discount as the issue price is less than the face value. Interest expense…
Q: Cash and cash equivalents on 31 December 2021 comprised cash in the bank of R3 000, cash float oll…
A: The cash flow statement is prepared and all the directly cash flow that it takes place meaning that…
Q: Ann Moore receives a $1,000 monthly payment from her former husband Bill. Assume the taxable year is…
A: Adjusted gross income is the amount on which the tax liability of the taxpayer is determined after…
Q: Jackson Furniture Company provided the following manufacturing costs for the months of June Direct…
A: Variable Cost :― It is the cost that changes with change in cost driver. Cost driver may be output…
Q: ETFs are the most popular investment instruments for individual and institutional investors. You are…
A: My approach to designing unique and stand-out sector ETFs would focus on leveraging AI and ML…
Q: 11. What are consolidated financial statements?
A: Financial statement includes Income statement, balance sheet, statement of owner's equity and cash…
Q: Presented below are selected transactions of Lombardino Restaurant for the month ending August 31,…
A: The journal entries are prepared to record the transactions on regular basis. The unearned revenue…
Q: You will perform the roles of a Management Consultant and Financial Analyst, whose main task is…
A: As a Management Consultant, you will be responsible for providing strategic advice and direction to…
Q: Which of the following income derived from within the Philippines by a resident individual is not…
A: Section 24(A) of NIRC includes the Rates of Income Tax on Individual Citizen and Individual Resident…
Q: What is the amount of state income taxes Joyce may include as an itemized deduction for 2021? b.…
A:
Q: 5) Complete this table for both the plans Group Income per household A B C D E F A B C The third…
A: Please fallow the answer below Imagine the country is made up of 100 households. The federal…
Q: Jill Jones borrowed $18,000 for 180 days from Sovereign Bank. The bank discount rate on the note is…
A: Solution.. Interest expense = Amount * rate of interest. * Time period
Q: in bankruptcy for several more years. What are the 2014 tax consequences to Rebecca from the loan?…
A: Given in the question: Rebecca is the owner of the bar but her interest is only 20% for which she…
Q: Jen purchased a condo in Naples, Florida, for $699,000. She put 20% down and financed the rest at 5%…
A: Given: Present Value = $699,000 Down payment = 20% Present Value of Loan = $699,000 - 20% = $559,200…
Q: rance carrier used by Sharma Kennels specifies 90% coinsurance. The company recently incurred…
A: The insurance is quite necessary now days because of huge risk involved today but by insurance some…
Q: A partial balance sheet for Federra Company appears below. Balance Sheet Cash Accounts receivable,…
A: The allowance for doubtful account is created on the basis of estimated bad debt expense for the…
Q: EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of…
A: A journal is a list of all of your spending in chronological order. A journal is often pictured as a…
Q: New Wave Architecture is a new chain of clothing stores. New Wave issues 1,000 shares of its $1 par…
A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…
Q: Jane won 10M and has the option of taking all her winnings today, or taking 1.2M today and 1.2M for…
A: Net Present Value - It is the difference between the present value of cash outflow and present value…
Q: Lucky Number 13, Inc. ran into some unfortunate luck, having their IT environment hacked by a…
A: The correct answer is C. 0.974000 POUNDS
Step by step
Solved in 2 steps
- What are an employers responsibilities for FICA taxes on: a. Tips reported by employees? b. Wages paid tipped employees?What is the maximum contribution that an employer can make to an employees SIMPLE account?What steps must an employer follow in sequential form to calculate an employee's income tax deduction: a. First calculate CPP & E.I b. First complete the TD1 form then calculate CPP & E.I C. First establish the 'claims code' using TD1 then use the tax tables d. Complete the tax credits form then go straight to tax tables
- can you help me how to Explain how an employer can receive a credit against the FUTA tax due.Which of the following accounts represents the "take-home pay" or "net pay" related to employees? EMPLOYEE BENEFITS PAYABLE OPAYROLL TAX EXPENSE SALARY EXPENSE SALARY PAYABLE TO EMPLOYEES· Prepare and use a payroll register including Social Security and Medicare withholdings. Use =IF and =ROUND to design the Social Security tax and union dues formulas. Record journal entries for payroll, employer's tax liability, and payment of payroll taxes. Identify behavior patterns among payroll taxes over time. Alter the worksheet to include an additional employee. Create a chart showing the percentage of an employee's gross pay that is withheld for taxes and other such deductions, and how much is left over as net pay. PROBLEM DATA Reno Graphics has five employees, and they are paid at the end of each month. Payroll data for November are as follows: Employee Jones Miller Smith Williams Zlotorzynski Gross Pay for November $9,000 1,530 1,210 12,000 4,200 Federal Income Tax Withheld $1,948 137 89 Cumulative Gross Pay at October 31 $? 15,570 6,550 2,788 661 Other information (using 2011 rates) is as follows: a. Social security taxes are 4.2% of monthly gross pay up to a cumulative…
- Payroll Accounting what are the rules for calculating taxes if an employee has more than one employer?What information is necessary to record payroll transactions? Which account is used to record an employee’s net pay? What features does QBO offer for Payroll?To determine how much to deduct from the gross pay of Jason Parker, an employee of Jensen Ltd., one would look at the earnings record. O Form TD1. O payroll register. O Form T4.
- What is the gross salary of this person and what is the JE to record this payroll?The payroll of Buffalo Company for September 2019 is as follows. Total payroll was $468,000, of which $104,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $406,000. Income taxes in the amount of $76,500 were withheld, as was $9,800 in union dues. The state unemployment tax is 3.5%, but Buffalo Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee's wages to $128,400 and 1.45% in excess of $128,400. No employee for Buffalo makes more than $135,000. The federal unemployment tax rate is 0.8% after state credit. Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No…1. Who assigns the SUTA tax rate to an employer? Answer: A. The Internal Revenue Service B. The state in which the employer is located C. The Social Security Administration D. The American Payroll Association 2. What is the due date for the first quarter FUTA tax? Answer: A. April 30 B. March 30 C. April 15 D. None of these options 3. Match each tax with its associated feature. SUTA Self-employment Social Security and Medicare The employer presently matches the amount employees pay. If net SE income is below $400, no tax is due. The number of laid-off employees may affect it.
