On what portion of the form 1120 do you report payroll taxes?
On what portion of the form 1120 do you report payroll taxes?
Homework Answers
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| On what portion of the form 1120 do you report payroll taxes? |
| Corporations deduct payroll tax expenses on Form 1120 (the corporate income tax return). These expenses are considered "taxes and licenses" and are fully deductible. The total amount of payroll taxes paid (Social Security, Medicare and Unemployment) is deducted on the line 17 of the form. |
Question 6 of 75. Which Form 1120 Schedule is used to report assets when the corporation's...
Question 6 of 75. Which Form 1120 Schedule is used to report assets when the corporation's total receipts and assets exceed $250,000? Schedule L. Schedule J. 0 Schedule C. O Schedule B. □Mark for follow up come
What is the primary difference between the income sections for Form 1120 and Form 1120S? *...
What is the primary difference between the income sections for Form 1120 and Form 1120S? * Rental real estate is reported on Form 1120S. Dividend and interest income is reported in the income section of Form 1120S. Gross rental income is reported on Form 1120S. Only business income is reported in the income section on Form 1120S. Mark for follow up
True or False -6. Employee payroll deductions include FICA taxes, income tax, and voluntary deductions such...
True or False
-6. Employee payroll deductions include FICA taxes, income tax, and voluntary deductions such as for pensions and charities. - 7. Employers report FICA Taxes and federal income tax withholdings using Form 941. - 8. An employer's payroll records include a payroll register for each pay period, payroll checks and statements of earnings, and individual employee earning reports. 9. Net pay is recorded as taxes payable.
1. Which of the following payroll taxes are paid ONLY by the employer on payroll? a....
1. Which of the following payroll taxes are paid ONLY by the employer on payroll? a. federal income taxes b. social security taxes c. state unemployment taxes 2. Revenue expenditures are? a. are know as balance sheet expenditures b. additional cost of plant assets that do not increase assets life or productivity c. are debited to asset accounts
Payroll Entries The A multi-column report used to assemble and summarize payroll data at the end...
Payroll Entries The A multi-column report used to assemble and summarize payroll data at the end of each payroll period.payroll register for D. Salah Company for the week ended May 18 indicated the following: Salaries $614,000 Federal income tax withheld 122,800 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $12,000 of salaries. If an...
Culver Corporation’s weekly payroll of $22,000 included FICA taxes withheld of $1,683, federal taxes withheld of...
Culver Corporation’s weekly payroll of
$22,000 included FICA taxes withheld of $1,683, federal taxes
withheld of $2,930, state taxes withheld of $840, and insurance
premiums withheld of $250. Prepare the journal entry to record
Culver’s payroll. (If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Brief Exercise 13-6 Your answer is partially correct. Try again. Culver Corporation's...
9:18 lưE + mybusinesscourse.com Business Course Recording Payroll and Payroll Taxes The following data are taken...
9:18 lưE + mybusinesscourse.com Business Course Recording Payroll and Payroll Taxes The following data are taken from Stockton Wholesale Company's May payroll: Administrative salaries $50,000 Sales salaries 51,000 Custodial salaries 7,000 Total payroll $108,000 Salaries subject to 1.45 percent Medicare tax $108,000 Salaries subject to 6.2 percent Social Security tax 85,000 Salaries subject to federal unemployment taxes 14,000 Salaries subject to state unemployment taxes 21,000 Federal income taxes withheld from all salaries 17,800 Support Assume that the company is subject...
Recording Payroll and Payroll Taxes Beamon Corporation had the following payroll for April: Officers' salaries Sales...
Recording Payroll and Payroll Taxes Beamon Corporation had the following payroll for April: Officers' salaries Sales salaries Federal income taxes tithheld FICA taxes withheld Health insurance premiums withheld Union dues withheld Salaries included above) subject to federal unemployment taxes Salaries included abovej subject to state unemployment taxes $320,000 670,000 190,000 75,000 16.000 12.000 550.000 600.000 Required Prepare journal entries on April 30 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll C. Accrual of employer's...
An executive order called for a payroll tax deferment. This allows employees to not pay their...
An executive order called for a payroll tax deferment. This allows employees to not pay their portion of payroll taxes until Federal taxes are due on April 30. Describe the condition(s) are (is) necessary for this executive order to stimulate the economy? B. Draw the market graph assuming the condition(s) above and describe the equilibrium changes. C. Do you think this is an effective policy? Why or why not?
i own small pass-through business has $200,000 of revenue; employee payroll expenses, including payroll taxes, of...
i own small pass-through business has $200,000 of revenue; employee payroll expenses, including payroll taxes, of $85,000; and professional expenses of $5,000. Retirement plan contributions paid by me for employees were $8,000. My own contribution to retirement plan was $2,000. What is the profit to be shown as gross income on his Form 1040? a. $100,000 b. $102,000 c. $110,000 d. $115,000
Question 6 of 75. Which Form 1120 Schedule is used to report assets when the corporation's total receipts and assets exceed $250,000? Schedule L. Schedule J. 0 Schedule C. O Schedule B. □Mark for follow up come
True or False
-6. Employee payroll deductions include FICA taxes, income tax, and voluntary deductions such as for pensions and charities. - 7. Employers report FICA Taxes and federal income tax withholdings using Form 941. - 8. An employer's payroll records include a payroll register for each pay period, payroll checks and statements of earnings, and individual employee earning reports. 9. Net pay is recorded as taxes payable.
Culver Corporation’s weekly payroll of
$22,000 included FICA taxes withheld of $1,683, federal taxes
withheld of $2,930, state taxes withheld of $840, and insurance
premiums withheld of $250. Prepare the journal entry to record
Culver’s payroll. (If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Brief Exercise 13-6 Your answer is partially correct. Try again. Culver Corporation's...
9:18 lưE + mybusinesscourse.com Business Course Recording Payroll and Payroll Taxes The following data are taken from Stockton Wholesale Company's May payroll: Administrative salaries $50,000 Sales salaries 51,000 Custodial salaries 7,000 Total payroll $108,000 Salaries subject to 1.45 percent Medicare tax $108,000 Salaries subject to 6.2 percent Social Security tax 85,000 Salaries subject to federal unemployment taxes 14,000 Salaries subject to state unemployment taxes 21,000 Federal income taxes withheld from all salaries 17,800 Support Assume that the company is subject...
Recording Payroll and Payroll Taxes Beamon Corporation had the following payroll for April: Officers' salaries Sales salaries Federal income taxes tithheld FICA taxes withheld Health insurance premiums withheld Union dues withheld Salaries included above) subject to federal unemployment taxes Salaries included abovej subject to state unemployment taxes $320,000 670,000 190,000 75,000 16.000 12.000 550.000 600.000 Required Prepare journal entries on April 30 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll C. Accrual of employer's...
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