Question 14: The original Social Security tax rate was of taxable earnings. Answer: A. 10% O 1% с. 5% D. O 7% B.
Q: ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ C...
A: Amount (P) Fair value of Plant 700,000 Book value of plant (620,000) Pur...
Q: Pand MC=500-40Q+3C will average cost be am
A: The marginal cost is the additional cost to the output. The rise in output causes falls in marginal ...
Q: Question 3: The annual contribution limit to a 401(k) plan is Answer: А. S6,000 В. S7,000 С. $13,500...
A: 401(K) is am retirement savings and investment plan offered by employer to employees.
Q: In 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 mill...
A: Introduction:- Exemption equivalent trusts are trusts financed by a decedent's will with a property ...
Q: What is the % of t
A: In this question, we have to answer according to the Philippine government data.
Q: Problem 8 (Ratio Calculations) Assume the following relationships for Woody Corp: Sales/Total assets...
A: GIVEN 8. Assume the following relationships for the woody Corp: Sales / total assets 1.5x Return on ...
Q: Select the necessary words from the list of possibilities to complete the following statements. Stat...
A: The complete solution is in step 2.
Q: Required: Prepare a schedule showing depreciation for each year and the book value at the end of eac...
A: Depreciation is the reduction in the value of asset due to its normal use and tear and wear. It is c...
Q: Chapman Manufacturing Company uses the weighted average method for process costing. Chapman produces...
A: The product cost report covers manufacturing and cost activities for an accounting period within a d...
Q: Social Security tax =
A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any c...
Q: QUESTION 22 Match the term on the left with the appropriate definition or description on the left. A...
A: An audit is when an auditor examines or inspects numerous accounting records, accompanied by a physi...
Q: Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own income (...
A: The essential concept of partnership taxation is that all profits and losses flow through to the par...
Q: year 2011 Sales lo ss 8,00,000 3,75,000 2012 45,000 30.000 Calculate: Piv Ratio BEP Ca a Sale of Rs....
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for you...
Q: ABC Company and XYZ Company reported the following condensed Statements of Financial Position on Jan...
A: Consolidated financial statements means financial statements of overall groups.
Q: A project has estimated annual cash flows of $95,000 for four years and is estimated to cost $260,00...
A: Net present value = Present value of cash inflows - Initial investment To calculate present value,...
Q: Using 0 and 3,000 patient-days, the total cost at an activity level of 8,000 customer patient-days w...
A: The correct option is (a) $63,360.
Q: 17. Large semitrailer trucks cost $90,000 each. A trucking company buys such a truck and agrees to p...
A: A loan amortization schedule is a table that shows each periodic loan payment, generally monthly, an...
Q: Last Chance Mine (LCM) purchased a coal deposit for $750,000. It estimated it would extract 12,000 t...
A: LCM's percentage depletion for each year is lower of 1.percentage depletion expense before limit 2...
Q: Please answer practice question 9
A: NOI stands for Net Operating Income, it is calculated on basis of revenue minus all operating expens...
Q: sh P40,000 P40,000 230,000 700,000 entory nt Assets (net) st of Goods Sold preciation Expense piliti...
A: Balance sheet refers to the statement which tells the business regarding its financial performance a...
Q: - pays 2.5 at the e annual interest rat
A: Rate of Interest 14% 17% 20% PV of annuity of 2.5 12.366 11.1265 10.0775 PV of annuity of 2 12.9...
Q: Jones Company’s new truck has a cost of $20,000, and it will produce end-of-year net cash inflows of...
A: The modified internal rate of return (MIRR) is a financial indicator of the attractiveness of an inv...
Q: Assuming that you were a tax consultant of a certain company, discuss the specific provisions of the...
A: Tax Planning: Tax planning is the investigation of a monetary circumstance or plan to guarantee that...
Q: uppose Firm X decides to decrease the price of Good A by 4%. Calculate the change in the quantity de...
A: Cross elasticity of demand= % change in quantity demanded/ % change in price of related goods 1.5 = ...
Q: James Inc. currently has P750,000 in accounts receivable, and its day sales outstanding (DSO) is 55 ...
A: Days sales outstanding = 365/ Accounts receivable turnover where, Accounts receivable turnover = Sal...
Q: The Souvenir Company purchased, on 1 January 2015, a machine producing embossed souvenir badges. Th...
A: The declining balance depreciation method ensures that depreciation costs accurately represent an as...
Q: The types of assets that qualify for interest capitalization are Assets that are ready for their int...
A: Interest capitalization means the amount of interest which is added in the cost of asset instead of ...
Q: In 2020, Paul, who is single, has a comfortable salary from his job as well as income from his inves...
A: The amount which a taxpayer has to pay in excess of regular tax amount due towards IRS because of la...
Q: Lee, Min and Ho have been in partnership for more than 10 years. They see that the business profits ...
A: On liquidation of partnership, all the non-cash assets and liabilities are transferred to realisatio...
Q: Jerome's Fashion Dezigns sells a variety of items of clothing including footwear for men and uses a ...
A: calculation of cost of 60 pairs as per FIFO method 35 pairs remaining from Oct 10 purchases= 35* (59...
Q: Oriole Company began the year with owner's equity of $301000. During the year, the company recorded ...
A: GIVEN Beginning stockholder's Equity=$301,000 Revenues = $386,000 Expense =$289,000 Dividends ...
Q: Book Value P40,000 170,000 Market Value P40,000 230,000 700,000 Cash Inventory Plant Assets (net) Co...
A: The non controlling interest is the interest of equity that belongs to minority shareholders of the ...
Q: Book Value P50,000 140,000 530,000 210,000 Market Value P50,000 200,000 600,000 Cash Inventory Plant...
A: Fair value of net identifiable assets = Fair value of assets - fair value of liabilities ...
Q: The Stewart Cake Factory sells chocolate cakes, birthday decorated cakes, and specialty cakes. The f...
A: Contribution is the amount left after all direct costs have been subtracted from sales price. The ne...
Q: The role of management accountant has changed considerably over the last few decades from being prim...
A: Nowadays most good companies in public and private sector employs Management accountants, their du...
Q: 3. Identify each of the following as either an asset, a liability, or equity: (a) Prepaid Rent, (b) ...
A: The Accounting cycle made to record the transactions of any firm. Firstly, the transactions of finan...
Q: Your friend made an investment of P 45,000 for 2 months at 15% simple interest. If withholding tax i...
A: Simple interest = Amount x Rate x Time = P45,000 x 15% x 2 months12 months = P1,125
Q: If a company has non-current assets worth 921, current liablies worth 598, longterm liabitities wort...
A: Introduction:- The following Accounting or Balance sheet equation used for preparation of balance sh...
Q: Muller Computers stores its inventory in a warehouse that burned to the ground in late November, 201...
A: Cost of goods sold = Sales - Gross profit where, Gross profit = Sales x Gross profit rate
Q: Peter Corp acquired the net identifiable assets of Simon Corp by issuing its own 5,000 ordinary shar...
A: Credit balance of Share premium = 5,000 shares x (P125 - P100) = P125,000 Expenses relating to the i...
Q: Book Value Market Value P60,000 Cash P60,000 130,000 Inventory Plant Assets (net) 210,000 630,000 58...
A: Share of NCI in Identifiable net asset on the date of acquisition: Amount (P) Cash ...
Q: Julie has just retired. Her company's retirement program has first option, Julie would receive a lum...
A: Present value is computed as follows: = Future value / (1 + r)n Here, r = rate of interest n = time ...
Q: On August 1, ABC Corporation acquired 80 percent of XYZ Corporation for P560,000. XYZ Corporation ha...
A: The goodwill is recorded as intangible assets on the balance sheet of the firm.
Q: Which of the following is an exception for application of IFRS 15? O Pharmaceutical contracts O All ...
A: As Per IFRS 15, An entity shall apply this Standard to all contracts with customers, except the foll...
Q: True or false The guidance under PFRS 3 shall be used to identify the acquirer.
A: Accounting standards refers to the guidelines as well as principles which guide in recording the bus...
Q: Selected data from Design Corporation for 2016 is as follows: Beginning $34,000 135,000 110,000 Inve...
A: Prime costs are a company's expenses that are directly related to the materials and labor used in pr...
Q: The Souvenir Company purchased, on 1 January 2015, a machine producing embossed souvenir badges. Th...
A: When employing the decreasing balance depreciation approach, depreciation expenses decrease with eac...
Q: Vincent was receiving rental payments of $3,000 at the beginning of every month from the tenants of ...
A: The capitalization rate: The capitalization rate or cap rate is used to determine the rate of return...
Q: An insurance premium of $6,300 was paid on March 1, 2020, and was charged to Prepaid Insurance. The ...
A: The question is based on the concept of Financial Accounting.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Question 1: What is the self-employment tax rate levied on the first $142,800 of 2021 net self-employment income? Answer: А. 2.9% В. 12.4% C. 15.3% D. 18.2%What is the maximum that can be deducted as an above the line deduction for the amount that you pay to social security for self-employment taxes? a. 25% b. 100% C. 50% d. none e. 75%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. $49.80
- Question 11: The taxable earnings threshold over which FUTA tax is not levied is: Answer: A. O S7,000 В. O $142,800 С. S200,000 D. S250,000Question 5: How much Social Security tax would be owed by an employee who has taxable earnings for Social Security tax of $2,000, and who, prior to the current pay period, has earned $142,500 of taxable earnings for Social Security tax? Answer: A. В. O $18.60 С. O $105.40 D. O $124.00Question 7: Contributions to which of the following retirement plans are subject to federal income tax withholding? Answer: A. O 401(k) В. O 403(b) С. O SIMPLE IRA D. O Payroll Deduction IRA
- Question 2a) Income tax is calculated as follows;Taxable Salary Rate of Tax (GH¢)First 1000 0. 05Next 1,000 0.10Next 3,000 0.25Next 4,000 0.40Remainder 0.60Calculate the tax on a taxable salary of;i. GH¢ 2,450ii. GH¢ 10,500 with GH¢ 450 as none taxable allowance. b) A card is picked at random from cards numbered from 1 to 20. Find the probability that the number on the card isi. divisible by 5ii. a prime number c) Find the following probabilities; P(0 < z < 2.32)What amount of current income tax liability should be reported at year end? a. ₱ 1,780,000 b. ₱ 2,280,000 c. ₱ 2,880,000 d. ₱ 2,580,000What is the monthly tax due? A. P513.00 B. P806.42 C. P6,160 D. P9,677
- Question 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee has earned $6,400 to date and has current period taxable pay of $1,500? Answer: A. O $3.60 В. O 59 C. O $36 D. O $90Which of the following is the tax rate for Social Security? 10.1 % 6.2% 13.7 % 4.5%Question 11: Which statement regarding the calculation of taxes is accurate? Answer: A. O For simplicity, taxable income for local, state, and federal income tax withholdings has been standardized. В. O All taxes are calculated based on net pay. С. O Because retirement plans are exempt from federal income tax, you add the contributed amount before calculating the employee's federal withholding. D. O Taxes may be calculated based on an amount lower than gross pay, and not all taxes are calculated based on the same amount. Question 12: Which of these is a credit reduction state/territory? Question 15: Union dues are considered a deduction. Answer: Answer: A. O Connecticut A. O cafeteria В. O Ohio В. O insurance C. O Virginia O mandatory С. D. O U.S. Virgin Islands D. O voluntary Question 14: Alejandra owns and operates an appliance store where employees clock in and out for each shift. Per the FLSA, Alejandra rounds employee time worked to the nearest 15-minute increment. On Tuesday this…