A corporation that claimed the small business deduction must pay its taxes within three months of its fiscal year end. True or False
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8 00:07:23 eBook A corporation that claimed the small business deduction must pay its taxes within three months of its fiscal year end. True or False True False
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- Exercise 11.4 (Algo) Depositing federal unemployment tax. LO 11-6 On March 31, the Federal Unemployment Tax Payable account in the general ledger of The Argosy Company showed a balance of $1,491. This represents the FUTA tax owed for the first quarter of the year. On April 30, the firm deposited the amount owed in the First Security National Bank. Record this transaction in general journal form. View transaction list Journal entry worksheet 1 Record entry for FUTA deposited.Problem 11.3A (Static) Cortez Consulting Company; recording payment of taxes and preparing employer’s quarterly federal tax return. LO 11-4, 11-6 Required: On July 15, the firm issued a check to deposit the federal income tax withheld and the FICA tax (both employee and employer shares for the third month [June]). Complete Form 941 in accordance with the discussions in this chapter. Use a 12.4 percent social security rate and a 2.9 percent Medicare rate in computations. Use the following address for the company: 2300 East Ocean Blvd., Long Beach, CA 90802. Use 75-4444444 as the employer identification number. Date the return July 31, 20X1. The company phone number is 562-709-3654. Analyze: What is the balance of the Employee Income Tax Payable account at July 15?Required information Exercise 7-7 (Algo) Other accrued liabilities—payroll taxes LO 4 Skip to question [The following information applies to the questions displayed below.]At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant neglected to accrue payroll taxes of $6,370 that were applicable to payrolls for the year then ended. Exercise 7-7 (Algo) Part c c. Assume that when the payroll taxes were paid in April 2019, the payroll tax expense account was charged. Assume that at March 31, 2020, the accountant again neglected to accrue the payroll tax liability, which was $6,587 at that date. Determine the income statement and balance sheet effects of not accruing payroll taxes at March 31, 2020.Effect on net income for year ended March 31, 2020:
- 2 10 points How does an employer know how much to withhold from a your paycheck for federal income tax? Your employer withholds 27% of your gross pay per IRS Guideline WH-27. O You inform you employer how much you paid in taxes last year, then your employer divides that amount by this amount is then withheld. -- You complete and submit to your employer IRS Form W-4. Employers don't withhold federal income tax from paychecks -- this is a trick question.Problem 11-6 Special Deductions and Limitations (LO 11.3) Beech Corporation, an accrual-basis, calendar-year taxpayer, was organized and began business in May of the current calendar tax year. During the current year, the corporation incurred the following expenses: State fees for incorporation $ 800 Legal and accounting fees incident to organization 5,500 Expenses for the sale of stock 2,500 1,000 Organizational meeting expenses Round your answer to 2 decimal places. Assuming that Beech Corporation wishes to deduct organizational expenses as quickly as possible, calculate the corporation's deduction for its current calendar tax year.11. The Dot Corporation has changed its year-end from a calendar year-end to August 31. The income for its short period from January 1 to August 31 is $54,000. The tax for this short period is: a.$2,040 b.$8,667 c.$11,340 d.$6,250
- Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)In Part 5 of Form 940, Peterson Company reported FUTA tax liabilities as follows: First quarter: $397.50 Second quarter: $209.10 Third quarter: $274.50 Fourth quarter: $262.20 List the amounts and the dates of each required FUTA tax deposit: If an amount box does not require an entry, enter "0" and select "-" from the dropdown. First quarter Deposit: amount $fill in the blank 1 date 3/30 Second quarter Deposit: amount $fill in the blank 3 date 6/30 Third quarter Deposit: amount $fill in the blank 5 date 9/30 Fourth quarter Deposit: amount $fill in the blank 7 date 12/31LO 1, 2, 3, 4 EXERCISE 7-3 Using the income tax withholding table in Figure 3, pages 331-332, for each employee of Miller Company, determine the net pay for the week ended January 21. Assume a Social Security tax of 6.2 percent and a Medicare tax of 1.45 percent. All employees have cumulative earnings, including this pay period, of less than $113,700. Assume that all employees are married. Practice Exercises 1, 2, 3, 4 Federal Social Income Security Medicare Union Total Tax Tax Tax Dues United Way Employee Allowances Earnings Withheld Withheld Withheld Withheld Contribution Net Pay a. Aston, F. B. $ 900.00 $ 24 $ 25.00 $ 35.00 b. Dwyer, S. J. c. Flynn, K. A. d. Harden, J. L. 920.00 25.00 35.00 1,110.00 25.00 40.00 1,025.00 25.00 40.00 e. Nguyen, H. 925.00 25.00 35.00 Totals $4,880.00 $ $125.00 $185.00
- Intermediate Accounting ll ch. 16 4. Alvis Corporation reports pretax accounting income of $400,000, but due to a single temporary difference, taxable income is only $250,000. At the beginning of the year, no temporary differences existed. Required: Assuming a tax rate of 25%, what will be Alvis’s net income? What will Alvis report in the balance sheet pertaining to income taxes?Question 7: FUTA tax must be remitted if the total FUTA tax owed exceeds $300 as of the end of the 2nd quarter. Answer: А. True В. False%24 Payroll Tax Entries According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. Feedback Check My Work Remember that there is typically a maximum amount of earnings subject to state and federal unemployment taxes. b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank. Payroll Tax Expense V Social Security Tax Payable V Medicare Tax Payable v State Unemployment Tax Payable Yv Federal Unemployment Tax Payable Feedback
