The Current Tax Payment Act changed employer remittance of taxes by: Instituting the mandatory transfer of...
The Current Tax Payment Act changed employer remittance of taxes by:
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Instituting the mandatory transfer of payroll tax liabilities. |
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Legislating the amounts of tax withheld from each employee. |
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Requiring employers to remit taxes at specific times during the year. |
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Calling for employers to remit only the current portions of taxes due. |
Homework Answers
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The Current Tax Payment Act changed employer remittance of taxes
by:
Instituting the mandatory transfer of...
TRUE/FALSE 1. Social Security taxes are levied equally on the employee and the employer. 2. Employee...
TRUE/FALSE 1. Social Security taxes are levied equally on the employee and the employer. 2. Employee benefits costs represent expenses to the employer in addition to the direct costs of salaries and wages. .3. Unearned revenues are classified as current liabilities 4. Each time a payroll is recorded, a separate journal entry usually is made to record the employer's FICA and state and federal unemployment taxes. 5. Since Jon Company has very little employee turnover, the company has received a...
Which of the following is not a current liability? Sales tax payable; Payroll taxes payable; c....
Which of the following is not a current liability? Sales tax payable; Payroll taxes payable; c. Unearned revenues; D. Allowance for doubtful accounts. B. Which of the following is not a current liability? Discount on Bonds Payable due in 7 years; Wages Payable; Estimated Warranty Payable for items sold with a one year warranty: Out of court litigation settlement liability due to be paid next month. B. Page 2 of 6 Which of the following is not a payroll tax...
R ACC 203 - 204 Exa... ... 0. The payroll taxes the employer is responsible for...
R ACC 203 - 204 Exa... ... 0. The payroll taxes the employer is responsible for are: a) FICA, SUTA, and FUTA b) FICA, FIT, and Sir. c) FICA, workers compensation, and FIT. d) None of these answers are correct. "1. The FICA rate for an employer is: a) twice the individual rate. b) equal to the employee rate. c) 7.25% d) 6.2% 2. The Federal Unemployment Tax is: a) pald by the cmployer. b) paid by employees c) paid...
Berry Company has monthly salaries of $20,000. Assume Berry pays all the standard payroll taxes, no...
Berry Company has monthly salaries of $20,000. Assume Berry pays all the standard payroll taxes, no employees have reached the payroll tax limits, tatal income tax withheld is $2,000, and the only payroll deductions are payroll taxes. Journalize the accrual of salaries expense, accrual of emplayer payroll taxes, and payment of employee and employer payroll taxes for Berry Company. (Assume all of the manthly salary is subject to FUTA and SUTA. Recard debits first, then credits. Select the explanation on...
During October 2020 Juliana engaged in the following transactions: 01 Oct Negotiated a line of credit...
During October 2020 Juliana engaged in the following transactions: 01 Oct Negotiated a line of credit with their bank to replace the bank overdraft for Juliana Limited has an October 31 year e 05-Oct Provided services on which they had previously received a deposit. The balance is due in 30 days. 52,250 On October 1, 2020 Juliana had the follo Value of sale current liabilities listed on its books: 31,500 Previous deposit Bankoverdraft 12,000 24,000 12-Oct Bought inventory on credit,...
Rand Company's payroll on December 31 of the current year is as follows: • total payroll,...
Rand Company's payroll on December 31 of the current year is as follows: • total payroll, $500,000 • payroll in excess of $128,400 to each employee, $350,000 • payroll in excess of $7,000 to each employee, $400,000 • income taxes withheld, $85,000 • union dues withheld, $10,000 • tax rates: state unemployment tax, 5.4%; FICA tax, 8% for employees and 8% for employers for any amounts over $117,000; federal unemployment tax, 0.6% Required: Prepare the journal entries for Rand's payroll...
Exercise 9-8 Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company...
Exercise 9-8 Recording payroll LO P2, P3
The following monthly
data are taken from Ramirez Company at July 31: Sales salaries,
$660,000; Office salaries, $132,000; Federal income taxes withheld,
$198,000; State income taxes withheld, $44,000; Social security
taxes withheld, $49,104; Medicare taxes withheld, $11,484; Medical
insurance premiums, $16,000; Life insurance premiums, $13,000;
Union dues deducted, $10,000; and Salaries subject to unemployment
taxes, $68,000. The employee pays 40% of medical and life insurance
premiums. Assume that FICA taxes are identical to...
Accounting
Journal entries to record both employee and employer payroll compensation and deductions. I strongly recommend that you print out these facts for easy reference in completing this lengthy payroll problem.Marc & Associates employs Janet Evanovich at its law firm and June is the first pay period for Janet. Her gross income for June is $7,500. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. Payroll for the month of June follows: FICA Social Security tax rate...
Obligations to be paid within one year or the company's operating cycle, whichever is longer, are:...
Obligations to be paid within one year or the company's operating cycle, whichever is longer, are: Multiple Choice Ο O Current liabilities Ο Operating cycle liabilities Ο Ο O Current assets. Ο Earned revenues All of the following statements regarding uncertainty in liabilities are true except Multiple Choice ) A company can be aware of an obligation but not know how much will be required to settle it A company can create alability with a known amount even when the...
P13.3 (LOI) (Payroll Tax Entries) Cedarville Company pays its orice employee payroll weekly. Below is a...
P13.3 (LOI) (Payroll Tax Entries) Cedarville Company pays its orice employee payroll weekly. Below is a partial list of employees and their payron data for August. Because August is their vacation period, vacation pay is also listed Employee Mark Hamill Karen Robbins Brent Kirk Alec Guinness Ken Sprouse Earnings to July 31 Weekly Pay Vacation Pay to Be Received in August $4,200 $200 3.500 150 $300 2,700 110 220 7,400 250 8,000 330 660 Assume that the income tax withheld...
TRUE/FALSE 1. Social Security taxes are levied equally on the employee and the employer. 2. Employee benefits costs represent expenses to the employer in addition to the direct costs of salaries and wages. .3. Unearned revenues are classified as current liabilities 4. Each time a payroll is recorded, a separate journal entry usually is made to record the employer's FICA and state and federal unemployment taxes. 5. Since Jon Company has very little employee turnover, the company has received a...
Which of the following is not a current liability? Sales tax payable; Payroll taxes payable; c. Unearned revenues; D. Allowance for doubtful accounts. B. Which of the following is not a current liability? Discount on Bonds Payable due in 7 years; Wages Payable; Estimated Warranty Payable for items sold with a one year warranty: Out of court litigation settlement liability due to be paid next month. B. Page 2 of 6 Which of the following is not a payroll tax...
R ACC 203 - 204 Exa... ... 0. The payroll taxes the employer is responsible for are: a) FICA, SUTA, and FUTA b) FICA, FIT, and Sir. c) FICA, workers compensation, and FIT. d) None of these answers are correct. "1. The FICA rate for an employer is: a) twice the individual rate. b) equal to the employee rate. c) 7.25% d) 6.2% 2. The Federal Unemployment Tax is: a) pald by the cmployer. b) paid by employees c) paid...
Berry Company has monthly salaries of $20,000. Assume Berry pays all the standard payroll taxes, no employees have reached the payroll tax limits, tatal income tax withheld is $2,000, and the only payroll deductions are payroll taxes. Journalize the accrual of salaries expense, accrual of emplayer payroll taxes, and payment of employee and employer payroll taxes for Berry Company. (Assume all of the manthly salary is subject to FUTA and SUTA. Recard debits first, then credits. Select the explanation on...
During October 2020 Juliana engaged in the following transactions: 01 Oct Negotiated a line of credit with their bank to replace the bank overdraft for Juliana Limited has an October 31 year e 05-Oct Provided services on which they had previously received a deposit. The balance is due in 30 days. 52,250 On October 1, 2020 Juliana had the follo Value of sale current liabilities listed on its books: 31,500 Previous deposit Bankoverdraft 12,000 24,000 12-Oct Bought inventory on credit,...
Rand Company's payroll on December 31 of the current year is as follows: • total payroll, $500,000 • payroll in excess of $128,400 to each employee, $350,000 • payroll in excess of $7,000 to each employee, $400,000 • income taxes withheld, $85,000 • union dues withheld, $10,000 • tax rates: state unemployment tax, 5.4%; FICA tax, 8% for employees and 8% for employers for any amounts over $117,000; federal unemployment tax, 0.6% Required: Prepare the journal entries for Rand's payroll...
Exercise 9-8 Recording payroll LO P2, P3
The following monthly
data are taken from Ramirez Company at July 31: Sales salaries,
$660,000; Office salaries, $132,000; Federal income taxes withheld,
$198,000; State income taxes withheld, $44,000; Social security
taxes withheld, $49,104; Medicare taxes withheld, $11,484; Medical
insurance premiums, $16,000; Life insurance premiums, $13,000;
Union dues deducted, $10,000; and Salaries subject to unemployment
taxes, $68,000. The employee pays 40% of medical and life insurance
premiums. Assume that FICA taxes are identical to...
Obligations to be paid within one year or the company's operating cycle, whichever is longer, are: Multiple Choice Ο O Current liabilities Ο Operating cycle liabilities Ο Ο O Current assets. Ο Earned revenues All of the following statements regarding uncertainty in liabilities are true except Multiple Choice ) A company can be aware of an obligation but not know how much will be required to settle it A company can create alability with a known amount even when the...
P13.3 (LOI) (Payroll Tax Entries) Cedarville Company pays its orice employee payroll weekly. Below is a partial list of employees and their payron data for August. Because August is their vacation period, vacation pay is also listed Employee Mark Hamill Karen Robbins Brent Kirk Alec Guinness Ken Sprouse Earnings to July 31 Weekly Pay Vacation Pay to Be Received in August $4,200 $200 3.500 150 $300 2,700 110 220 7,400 250 8,000 330 660 Assume that the income tax withheld...
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