Action Travel has 10 employees each working 40 hours per week and earning $20 an hour. Federal income taxes are withheld at 15% and state income taxes at 6%. FICA taxes are 7.65% and unemployment taxes are 3.8%. 1. What is the salaries expense for the first week of January? $5,404. $5,708. $4,792. $8,000. 2. A. B. C. D. What is the actual direct deposit of payroll for the first week of January? $5,404. $5,708. $4,792. $8,000. A. B. C. D. 3. What is the employer's total payroll tax expense for the first week of January? A. $612. $1,224. $916. D. $304. (BUD B. C.

Action Travel has 10 employees each working 40 hours per week and earning $20 an hour. Federal income taxes are withheld at 15% and state income taxes at 6%. FICA taxes are 7.65% and unemployment taxes are 3.8%. 1. What is the salaries expense for the first week of January? $5,404. $5,708. $4,792. $8,000. 2. A. B. C. D. What is the actual direct deposit of payroll for the first week of January? $5,404. $5,708. $4,792. $8,000. A. B. C. D. 3. What is the employer's total payroll tax expense for the first week of January? A. $612. $1,224. $916. D. $304. (BUD B. C.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 14EA: Toren Inc. employs one person to run its solar management company. The employees gross income for...

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Toren Inc. employs one person to run its solar management company. The employees gross income for the month of May is $6,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $400, state income tax of $75, health-care insurance premium of $200, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. B. Record remittance of the employees salary with cash on June 1.
Action Travel has 10 employees each working 40 hours per week and earning $20 an hour. Feder income taxes are withheld at 15% and state income taxes at 6%. FICA taxes are 7.65% and unemployment taxes are 3.8% of the first $7.000 earned per employee. What is the employer's to payroll tax expense for the first week of January? O $1,224. $2596. $878. O $916. None of the above.
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33) Action Travel has 10 employees each working 40 hours per week and earning $20 an hour. Federal income taxes are withheld at 15% and state income taxes at 6%. FICA taxes are 7.65% and unemployment taxes are 3.8% of the first $7,000 earned per employee. What is the employer's total payroll tax expense for the first week of January? A) $612. B) $1,224. C) $916. D) $304. 34) Amplify, Inc. was sued by Sound City for $50,000. Sound City feels very confident that it will win the case and will be awarded the full amount. Amplify, Inc. feels it is probable that it will lose the case and pay Sound City the full amount. Which of the following is correct? A) Amplify, Inc. would record a loss and contingent liability for $50,000, Sound City would record a gain and lawsuit receivable for $50,000. B) Sound City would record a gain and lawsuit receivable for $50,000, Amplify would record nothing. C) Sound City would record nothing, Amplify would record nothing. D) Amplify, Inc. would record a…
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JYD Accounting Firm pays its employees at a rate of $50/hr. The tax and other deductions amount to 20% of monthly income in excess of $1,000 if an employee works 40 hours in 120 hours in a month. How much is the gross payroll?