South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
42nd Edition
ISBN: 9781337702546
Author: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Chapter 4, Problem 6DQ
To determine
Identify the year in which the cash basis employer required to include $5,000 in gross income.
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Determine the effects of the following on a cash basis taxpayer’s gross income for 2020 and 2021:
a) On the morning of December 31, 2020, the taxpayer received a $1,500 check from a customer. The taxpayer did not cash the check until January 3, 2021.
b)The same as part (a), except that the customer asked the taxpayer not to cash the check until January 3, 2021, after the customer’s salary check could be deposited.
c) The same as part (a), except that the check was not received until after the bank had closed on December 31, 2020.
In 2019, household employees are not required to pay FICA taxes on cash payments of less than $2,100 paid to any household employees in a calendar year. True or False
Record the journal entries for each of the following payroll transactions. If an amount box does not require, leave it blank.
Apr. 2
Paid $600 and $310 cash to a federal depository for FICA Social Security and FICA Medicare, respectively.
Apr. 4
Paid accumulated employee salaries of $16,220.
Apr. 11
Issued checks in the amounts of $480 for federal income tax and $300 for state income tax to an IRS-approved bank.
Apr. 14
Paid cash to health insurance carrier for total outstanding health insurance liability of $700.
Apr. 22
Remitted cash payments for FUTA and SUTA to federal and state unemployment agencies in the amounts of $130 and $250, respectively.
Apr. 2
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Apr. 4
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Chapter 4 Solutions
South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
Ch. 4 - According to the Supreme Court, would it be good...Ch. 4 - Prob. 2DQCh. 4 - Prob. 3DQCh. 4 - Ben lost his job when his employer moved its...Ch. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - A Series EE U.S. government savings bond accrues...Ch. 4 - The taxpayer performs services with payment due...Ch. 4 - Prob. 10DQ
Ch. 4 - Wade paid 7,000 for an automobile that needed...Ch. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - A divorce agreement entered into in 2017 requires...Ch. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 18DQCh. 4 - Prob. 19DQCh. 4 - Prob. 20DQCh. 4 - Prob. 21CECh. 4 - Bigham Corporation, an accrual basis calendar year...Ch. 4 - LO.3 Simba and Zola are married but file separate...Ch. 4 - Casper and Cecile divorced in 2018. As part of the...Ch. 4 - Prob. 25CECh. 4 - Prob. 26CECh. 4 - Prob. 27CECh. 4 - Prob. 28PCh. 4 - Prob. 29PCh. 4 - Determine the taxpayers gross income for tax...Ch. 4 - Prob. 31PCh. 4 - Determine the taxpayers gross income for tax...Ch. 4 - Prob. 33PCh. 4 - Your client is a partnership, ARP Associates,...Ch. 4 - Prob. 35PCh. 4 - Prob. 36PCh. 4 - Prob. 37PCh. 4 - Prob. 38PCh. 4 - Prob. 39PCh. 4 - Prob. 40PCh. 4 - Prob. 41PCh. 4 - Prob. 42PCh. 4 - Prob. 43PCh. 4 - Prob. 44PCh. 4 - Prob. 45PCh. 4 - Prob. 46PCh. 4 - Prob. 47PCh. 4 - Prob. 48PCh. 4 - Prob. 49PCh. 4 - Prob. 50PCh. 4 - Prob. 51PCh. 4 - Prob. 52PCh. 4 - For each of the following, determine the amount...Ch. 4 - Prob. 54PCh. 4 - Prob. 55PCh. 4 - Prob. 56PCh. 4 - Prob. 57PCh. 4 - Donna does not think she has an income tax problem...Ch. 4 - Prob. 1RPCh. 4 - Prob. 2RPCh. 4 - Prob. 3RPCh. 4 - Prob. 1CPACh. 4 - Fred and Wilma were divorced in year 1 (before...Ch. 4 - Bill and Jane Jones were divorced on January 1,...Ch. 4 - Jake pays the following amounts to his former...Ch. 4 - Mary purchased an annuity that pays her 500 per...
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- Record the journal entries for each of the following payroll transactions. If an amount box does not require, leave it blank. Apr. 2 Paid $620 and $310 cash to a federal depository for FICA Social Security and FICA Medicare, respectively. Apr. 4 Paid accumulated employee salaries of $15,220. Apr. 11 Issued checks in the amounts of $480 for federal income tax and $300 for state income tax to an IRS-approved bank. Apr. 14 Paid cash to health insurance carrier for total outstanding health insurance liability of $700. Apr. 22 Remitted cash payments for FUTA and SUTA to federal and state unemployment agencies in the amounts of $130 and $250, respectively. Apr. 2 ________ ________ ________ ________ ________ ________ ________ ________ ________ Apr. 4 ________ ________ ________ ________ ________ ________ Apr. 11 ________ ________ ________ ________ ________ ________ ________ ________ ________ Apr. 14 ________ ________ ________…arrow_forwardPayroll Accounting 2020 by Landin Question: Ed Myers is verifying the accuracy and amount of information contained in the employee records for his employer, Genible Industries. Which of the following items should be present in the employee information? Social Security number. checkedJob title. checkedEmployee address. checkedBirth date, if greater than 19.arrow_forwardEmployers are required to keep records of all of the following except: Select one: Personal data on the employee Wage payments Personal spending Taxes withheldarrow_forward
- f. Assume that on December 31, 2020, the treasurer of Hames decided to pay $15,000 of accounts payable. What impact, If any, this payment will have on the answers you calculated for parts e-d (Increase, decrease, or no effect). g. Assume that instead of paying $15,000 of accounts payable on December 31, 2020. Hames collected $15,000 of accounts recelvable. What Impact, If any, this receipt will have on the answers you calculated for parts a-d (Increase, decrease, or no effect).arrow_forwardHow do you calculate FIT on payroll register? If employees are paid on a biweekly basis and they are all married and do not request any additional withholding. Each employee has also requested that 5% of their pay is withheld for the retirement plan. What calculations do I use to find FIT?arrow_forwardWilla is getting ready to prepare a Form 940 for her payroll department. What information does she need to do this? A. information about state and local wages and taxes B. the total number of employees on payroll OC. the amount of employee salaries and wages from the previous year OD. her company's Employee ID number, name, and addressarrow_forward
- Consider the information below for Julie's Candy Shop. When comparing her own Cash at Bank account with her banks record (ANZ Bank), at the end of March 2020, Julie discovers that her own accountant has made an error in her books: Accountants error: Julie's accountant has incorrectly recorded a $6,231 cheque drawn to pay the monthly wages of her employees, as a $2,631 credit in her 'Cash at Bank' account. The ANZ Bank has recorded this event correctly. Which of the following statements below is true, concerning the effect of this error? Select one: O a. Until fixed, the ANZ Bank account is overstated by $3,600. O b. Until fixed, Julie's Cash at Bank account is understated by $3,600. O c. Until fixed, Julie's Cash at Bank account is overstated by $3,600. O d. Until fixed, the ANZ Bank account is understated by $3,600.arrow_forwardFederal withholding taxes and social security taxes are normally paid quarterly by the employee. True Falsearrow_forward· 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…arrow_forward
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What Is And How To Calculate FICA Taxes Explained, Social Security Taxes And Medicare Taxes; Author: Whats Up Dude;https://www.youtube.com/watch?v=fzK3KDDYCQw;License: Standard Youtube License