Question

Burtin Book Memorabilia is a semiweekly depositor. Following the success of a special project, Kelly Burton, the owner, pays each of the 250 employees a $29,000 bonus on July 18, 2017. Assuming a 25 percent income tax rate, when will Kelly need to deposit the payroll taxes?The taxes will need to be deposited on

0 0
Add a comment Improve this question Transcribed image text
Answer #1

If a employer has liability of withheld taxes over $50,000 , the same need to be paid on semi weekly Basis. If the payment which is subject to taxes is made on Saturday, Sunday ,Monday & Tuesday the liability need to be discharged by coming Friday. So the liability need to be discharged by 21st July 2017 i e coming Friday.

Add a comment
Know the answer?
Add Answer to:
Burtin Book Memorabilia is a semiweekly depositor. Following the success of a special project, Kelly Burton,...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

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
  • Burtin Book Memorabilia is a semiweekly depositor. Following the success of a special project, Kelly Burton,...

    Burtin Book Memorabilia is a semiweekly depositor. Following the success of a special project, Kelly Burton, the owner, pays each of the 250 employees a $20,000 bonus on August 16, 2017. Assuming a 25 percent income tax rate, when will Kelly need to deposit the payroll taxes? Please explain.

  • Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly....

    Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 2 WITHHOLDINGS EMPLOYER'S Wages FIT HI НІ $1,248.46 April $9,650 $1,248.45 $86,100 92,500 May OASDI $5,338.20 5,735.00 4,550.80 $15,624.00 10,005 OASDI $5,338.20 5,735.00 4,550.80 $15,624.00 1,341.26 1,064.30 1,341.25 June 73,400 8,995 1,064.30 Totals $252,000 $3,654.02 $28,650 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form...

  • Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly....

    Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 20--. WITHHOLDINGS EMPLOYER'S Wages OASDI HI FIT OASDI HI April $86,100 $5,338.20 $1,248.46 $9,650 $5,338.20 $1,248.45 May 92,500 5,735.00 1,341.26 10,005 5,735.00 1,341.25 June 73,400 4,550.80 1,064.30 8,995 4,550.80 1,064.30 Totals $252,000 $15,624.00 $3,654.02 $28,650 $15,624.00 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form...

  • Section A—DIRECTIONS: Each of the following statements is either true or false. Unless directed otherwise by...

    Section A—DIRECTIONS: Each of the following statements is either true or false. Unless directed otherwise by your instructor, indicate your choice in the Answers column by writing “T” for a true answer or “F” for a false answer. (1 point for each correct answer) For Answers Scoring 1. A child working for his father’s corporation is not exempt from coverage under FICA................. 1. 2. Under FICA, each partner in a partnership is defined as an employee of that organization............ 2....

  • How do you a)prepare journal entries to record the June transactions b)post the transactions to existing...

    How do you a)prepare journal entries to record the June transactions b)post the transactions to existing general ledger accounts c)prepare unadjusted trial balance d)prepare adjusting journal entries e) post adjusting entires to the ledger Junge Transactions for June 2018 1-Jum-18 After opening the mal, secretary 2-sun-18 The Accounts Payable staff 5-Jun-18 The Payrolil department distributed pay checks to all scaff that had wages due to them as of May 31 6 Jun-18 Junge delivered Morton Software to 2iom for web...

  • Need help with comprehensive project (PLEASE MAKE SURE CHECK TOTALS ARE CORRECT) TIA!!! T- Accounts Adjusted...

    Need help with comprehensive project (PLEASE MAKE SURE CHECK TOTALS ARE CORRECT) TIA!!! T- Accounts Adjusted Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Closing Entries Post-closing trial balance Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2016. Given on the first two tabs are ABC's 12/31/16 Unadjusted Trial Balance and a list of needed adjustments. 1. Make all 12 adjustments on the...

  • Problem: Rockford Corporation is a wholesale plumbing supply distributor. The corporation was organized in 1981, under...

    Problem: Rockford Corporation is a wholesale plumbing supply distributor. The corporation was organized in 1981, under the laws of the State of Illinois, with an authorized capitalization of 10,000 shares of no-par common stock with a stated value of $30 per share. The common stock is sold over the counter in the local area. You have been hired as of Friday, December 26, 2014, to replace the controller, who has resigned. As controller, you are responsible for the corporation’s accounting...

  • Comprehensive Problem 6-52 (LO 6-1, LO 6-2, LO 6-3) [The following information applies to the questions...

    Comprehensive Problem 6-52 (LO 6-1, LO 6-2, LO 6-3) [The following information applies to the questions displayed below.] Read the following letter and help Shady Slim with his tax situation. Please assume that his gross income is $172,900 (which consists only of salary) for purposes of this problem. December 31, 2019 To the friendly student tax preparer: Hi, it’s Shady Slim again. I just got back from my 55th birthday party, and I’m told that you need some more information...

  • Hi, i just need the highlighted ones. Thank you! CHAPTER 1 Understanding Personal Finance 33 LET'S...

    Hi, i just need the highlighted ones. Thank you! CHAPTER 1 Understanding Personal Finance 33 LET'S TALK ABOUT IT 1. Economic Growth. What tpes of federal government Federal Reserve. Describe some economic circumstances that might persuade the Federal Reserve to lower short-term inter- ctfoets to help stimulate economic growth affect 2 The Business Cycle. Where is the United States in the economic cycle now, and where does it seem to be heading? List some indicators that suggest in which direction...

  • 1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed...

    1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed to the buyer. A) True B) False 2) 2) An advantage of FIFO is that it assigns the most recent costs to cost of goods sold, and does a better job of matching current costs with revenues on the income statement. A) True B) False 3) 3) Errors in the period-end inventory balance only affect the current period's records and financial statements. A) True...

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