ZuoTi.Pro
Question

Lynette is CEO of publicity traded TTT corporation and earns a salary of $317500 in the...

Lynette is CEO of publicity traded TTT corporation and earns a salary of $317500 in the current year. what is TTT Corporation after tax cost of paying Lynette's salary excluding FICA TAXES

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Payment of Salary is an expense to the Company which is debited in the Income Statement of the company. Resultantly, it reducAfter the Tax Expense to Company - Salary + (1 - Tax Rate) - $317,500 x (1- - $317, 500 80.79 - $ 250,825 | -CCOMMENT BELOW IF YOU HAVE ANY DOUBT

0 0
Add a comment
Know the answer?
Add Answer to:
Lynette is CEO of publicity traded TTT corporation and earns a salary of $317500 in the...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Lynette is the CEO of publicly traded TTT Corporation and earns a salary of $370,000 in...

    Lynette is the CEO of publicly traded TTT Corporation and earns a salary of $370,000 in the current year. What is TTT Corporation’s after-tax cost of paying Lynette’s salary excluding FICA taxes?

  • Lynette is the CEO of publicly traded TTT Corporation and earns a salary of $200,000 in...

    Lynette is the CEO of publicly traded TTT Corporation and earns a salary of $200,000 in the current year. What is TTT Corporation's after-tax cost of paying Lynette's salary excluding FICA taxes? nts After-tax cost

  • Lynette is the CEO of publicly traded TTT Corporation and earns a salary of $200,000 in the current year. What is TTT Co...

    Lynette is the CEO of publicly traded TTT Corporation and earns a salary of $200,000 in the current year. What is TTT Corporation’s after-tax cost of paying Lynette’s salary excluding FICA taxes?

  • Lopez Company has a single employee, who earns a salary of $2,500 per pay period (or...

    Lopez Company has a single employee, who earns a salary of $2,500 per pay period (or $60,000 per year). The employee’s paycheck, dated January 15 of the current year, included withholdings of $400 for employee income taxes, $191.25 for FICA—Social Security Taxes, and $150.00 for FICA—Medicare Taxes. FUTA specifies a federal tax rate of 6.0% on taxable wages up to the first $7,000 for each employee. Complete the necessary journal entry. (If no entry is required for a transaction/event, select...

  • France Company has an employee who earns a monthly salary of $4,000. Based on the Form...

    France Company has an employee who earns a monthly salary of $4,000. Based on the Form W-4, the tax tables require that $150 per month be withheld for income taxes. The FICA - Social Security tax rate is 6.0%; the FICA - Medicare tax rate is 1.5%; the federal unemployment tax rate is 0.6%; the state unemployment tax rate is 5.4%. What is France Company’s payroll tax expense for the month of January?

  • Eric earns a base salary of $50,000 as a shipwreck diver and is subject to the...

    Eric earns a base salary of $50,000 as a shipwreck diver and is subject to the following (fictitious) income tax bracket. Eric is considering taking on an additional dive that will increase his income by $5,000. In order for Eric to deem the dive worth his time, this dive must earn Eric $3000 after taxes. Please round all answers, if not whole numbers, to two decimal places. What is the marginal tax rate associated with taking on this dive? Given...

  • 3. Vincent Sanders works for Peterson Company all year and earns a monthly salary of $3,000....

    3. Vincent Sanders works for Peterson Company all year and earns a monthly salary of $3,000. There is no overtime pay. Based on Vincent's W-4, Peterson withholds income taxes at 10% of his gross pay. As of July 31, Vincent had $21,000 of cumulative earnings. a (Click the icon to view payroll tax rate information.) Journalize the accrual of salary expense for Peterson Company related to the employment of Vincent Sanders for the month of August. (Record debits first, then...

  • In 2019, Rory earns $74,000 per year as a college professor, paying $6,771 in federal income...

    In 2019, Rory earns $74,000 per year as a college professor, paying $6,771 in federal income taxes. Latesia is a marketing executive with a salary of $144,000 who paid $22,879 in federal taxes. In addition, Latesia collected $100,000 on a life insurance policy. Both taxpayers are single and take the 2019 standard deduction. Compute the following for the two taxpayers. Note: Round the total taxes to two decimal places. Enter percentages to one decimal. a. With respect to the Social...

  • An employee earns $6,400 per month working for an employer.

    TB MC Qu. 09-135 An employee earns... An employee earns $6,400 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128.400 of earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $218 in federal income...

  • 3. Jackson Phillips works for Peterson Company all year and earns a monthly salary of $4,200....

    3. Jackson Phillips works for Peterson Company all year and earns a monthly salary of $4,200. There is no overtime pay. Based on Jackson's W-4, Peterson withholds income taxes at 10% of his gross pay. As of July 31, Jackson had $29,400 of cumulative earnings. (Click the icon to view payroll tax rate information.) Journalize the accrual of salary expense for Peterson Company related to the employment of Jackson Phillips for the month of August. (Record debits first, then credits....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT