For tax year 2020, the due date for filing paper forms with the SSA is: a. December 31 b. January 31 c. February 28 d. January 15

The following unemployment tax rate schedule is in effect for the calendar year 2021 in State A, which uses the reserve-ratio formula in determining employer contributions: Reserve Ratio Contribution Rate 0.0% 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 more 3.1%   Hyram Company, which is located in State A, had an average annual payroll of $860,000 for the three 12-month periods ending on June 30, 2020 (the computation date for the tax year 2021). As of June 30, 2020, the total contributions that had been made to Hyram Company's reserve account,…

Since the SUTA rates changes are made at the end of each year, the available 2019 rates were used for FUTA and SUTA. Note: For this textbook edition the rate 0.6% was used for the net FUTA tax rate for employers.   Example 5-8 The Iqbal Company of Georgia had a FUTA taxable payroll of $215,600 and a SUTA taxable payroll of $255,700 with a 5.6 percent SUTA tax rate. The company would pay unemployment taxes of: FUTA $215,600 × 0.006 = $1,293.60 SUTA $255,700 × 0.056 = 14,319.20 Total taxes   $15,612.80 Kresloff Company has only two employees and is located in a state that has set an unemployment tax for the company of 4.8 percent on the first $12,000 of each employee’s earnings. Both employees are paid the same amount each week ($900) and have earned $11,500 up to this week’s pay. The unemployment taxes that the company must pay for this week’s pay would be $48.FUTA tax (both over $7,000) = $0.00SUTA tax ($1,000 × 0.048) = $48.00($500 of each employee’s pay is under the…

Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2022 are being determined by budget talks in Washington and not available for publication. For this edition, the 2021 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2021 FICA rates have been used. Click here to access the Percentage Method Tables. Click here to access the Wage-Bracket Method Tables. Employee Lennon, A. Starr, P. McNeil, S. Harrison, W. Smythe, M. Feedback Filing Status S S MFJ MFJ MFJ No. of Withholding Allowances N/A N/A N/A N/A N/A Gross Wage or Salary $675 weekly 1,365 weekly 1,775 biweekly 2,480 semimonthly 5,380 monthly Amount to Be Withheld Percentage Method X X X X X Wage-Bracket Method X X X X X…

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At the end of 2019, Sentry Company reported a deferred tax liability of $9,724 based on an income tax rate of 26%. On January 2, 2020, Congress changed the income tax rate to 35%. Required: 1. Calculate the amount of the adjustment to Sentry’s 2019 year-end deferred tax liability. 2. Prepare the journal entry to correct Sentry’s deferred tax liability.

27-Muscat Steels LLC received an assessment order (AO) from income tax authority on 1st August 2020. As per the AO, the due date of filing of final return was on 31st July 2020 for the tax year 2019 and the tax payable is assessed as RO 200,000. What will be the amount of tax to be paid by the taxpayer assuming that if the payment of tax was made on 30th April 2021? O a. RO 201,500 b. RO 202,000 O c. RO 200,500 o d. None of the options

Glennelle's Boutique Incorporated operates in a city in which real estate tax bills for one year are issued in May of the subsequent year. Thus, tax bills for 2022 are issued in May 2023 and are payable in July 2023. Required: 1. How the amount of tax expense for calendar 2022 and the amount of taxes payable (if any) at December 31, 2022, can be determined? a. The amount is estimated based on prior year taxes. b. The amount is estimated based on future year taxes. 2. Use the horizontal model to show the effect of accruing 2022 taxes of $6,900 at December 31, 2022. Indicate the financial statement effect.

Gallagher Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 2019. Using the information presented below, complete Part 1 of Form 941, reproduced on the next page. # of employees for pay period that included September 12—15 employees   Wages paid third quarter—$89,352.18 Federal income tax withheld in the third quarter—$10,195.00 Taxable social security and Medicare wages—$89,352.18 Total tax deposits for the quarter—$23,865.92

PSb 3-7 Calculate Federal Income Tax Withholding Using the Percentage Method (2020 Form W-4) For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a 2020 Form W-4. Refer to Appendix A, 2020 Federal Tax Tables in your textbook. Publication 15-T (2020) 1: Julia Jacobsen files as single on her tax return and earned weekly gross pay of 500. For each pay period she makes a 401(k) contribution of 2% of gross pay. Julia checked box 2c on Form W-4, entered $40 on line 4c of the form, and did not enter any information in step 3 of the form. Federal income tax withholding = | 2: Alejandro Wright files as single on his tax return and earned weekly gross pay of 1300. He does not make any retirement plan contributions. Alejandro entered 500 in step 3 of the form and did not enter any information in steps 2 & 4 of the form. Federal income tax withholding = $ Tentative Federal Income Tax Withholding = $ 3: Beatrice Nen files…