Homework Answers
The correct answers are
10.False
15.Federal Income Taxes
2. Payment of the compensation is probable
Workings
10. Unemployment taxes are paid by employers not employees.
11. Federal income taxes are tax which the employees are liable for. Hence, an employer does not include it as a part of his payroll expense.
2.When accuring cost of compensated balances the employer needs to account for all amounts for which services have been rendered and the balance needs to be accumulated. It does not matter if the payment will be made with certainity or not.
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Question 10 2 pts State and federal unemployment taxes are imposed on both employers and employees....
5. The federal unemployment tax is levied on a. employees and employers. b. employers and is...
5. The federal unemployment tax is levied on a. employees and employers. b. employers and is deducted from employees' earnings. c. employees and is deducted from customer payments. d. employers and is not deducted from employees' earnings. 6. A self-employment tax is required of an individual who owns his or her own business and makes a. $400 or more. b. $1 or more. c. $1,000 or more. d. $200 or more. 7. Which of the following tax programs often has...
answers for E11-12 please y is subject to 54% state unemployment taxes and 0.8% federal on...
answers for E11-12 please
y is subject to 54% state unemployment taxes and 0.8% federal on the first $7,000 of gross earnings. A taxes are 7.65% on the first $117,000 of gross earnings. Tate for all hours worked in excess of Ramirez unemployment Instructions /a) Prepare the payroll register for the weekly payroll. (b) Prepare the journal entries to record the payroll and Ramirez's payroll tax expense. E11-12 Selected data from a February payroll register for Sutton Company are present...
Please answer the whole question. Francisco Company has 10 employees, each of whom earns $2,900 per...
Please answer the whole question.Francisco Company has 10 employees, each of whom earns $2,900
per month and is paid on the last day of each month. All 10 have
been employed continuously at this amount since January 1. On March
1, the following accounts and balances exist in its general
ledger:FICA—Social Security Taxes Payable, $3,596; FICA—Medicare Taxes
Payable, $842. (The balances of these accounts represent total
liabilities for both the employer's and employees' FICA
taxes for the February payroll only.)Employees'...
Here is the whole question, someone please help im stuck Entries for Payroll and Payroll Taxes...
Here is the whole question, someone please help im stuck
Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions Salsslaries Warehouse salaries Office salaries $249,000 137,000 127,000 Income tax withheld Social security tax withheld Medicare tax withheld $90,288 30,780 7,695 11,286 9,234 $149,283 $513,000 Retirement savings Group insurance Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4%...
Question 2 1 pts The approximate percent P of average income used to pay federal, state,...
Question 2 1 pts The approximate percent P of average income used to pay federal, state, and local taxes is given by P 0.24627t 25.96473, where t is the number of years after 1950. Which t- value represents the year 1985? O 35 O 20 O 30 O 25 O 40
Question 70 2.5 pts In the unemployment rate, part-time workers are: not included in the labor...
Question 70 2.5 pts In the unemployment rate, part-time workers are: not included in the labor force. included in the labor force, but counted as unemployed. treated the same way as discouraged workers. included in the labor force and counted as employed. Question 69 2.5 pts Which of the following would be officially classified as unemployed? O a school administrator who has been working as a substitute teacher one day per week while looking for a full-time job in administration...
Data Table Accounts Payable $ 116.000 Interes: Payable 0 Salaries Payable 0 0 0 Employee Income...
Data Table Accounts Payable $ 116.000 Interes: Payable 0 Salaries Payable 0 0 0 Employee Income Taxes Payable FICE-OASD! Taxes Payao e FICA-Medicare Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable 0 0 Unearned Ren: Revenue Long-Term Note: :yacle Pont Done i More Info a. b. The long-term debt is payable in annual installments of $54,000, with the next installment due on July 31. On that date. Quick Ship will also pay one year's interest at 8%. Interest...
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...
answers for E11-12 please
y is subject to 54% state unemployment taxes and 0.8% federal on the first $7,000 of gross earnings. A taxes are 7.65% on the first $117,000 of gross earnings. Tate for all hours worked in excess of Ramirez unemployment Instructions /a) Prepare the payroll register for the weekly payroll. (b) Prepare the journal entries to record the payroll and Ramirez's payroll tax expense. E11-12 Selected data from a February payroll register for Sutton Company are present...
Please answer the whole question.Francisco Company has 10 employees, each of whom earns $2,900
per month and is paid on the last day of each month. All 10 have
been employed continuously at this amount since January 1. On March
1, the following accounts and balances exist in its general
ledger:FICA—Social Security Taxes Payable, $3,596; FICA—Medicare Taxes
Payable, $842. (The balances of these accounts represent total
liabilities for both the employer's and employees' FICA
taxes for the February payroll only.)Employees'...
Here is the whole question, someone please help im stuck
Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions Salsslaries Warehouse salaries Office salaries $249,000 137,000 127,000 Income tax withheld Social security tax withheld Medicare tax withheld $90,288 30,780 7,695 11,286 9,234 $149,283 $513,000 Retirement savings Group insurance Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4%...
Question 2 1 pts The approximate percent P of average income used to pay federal, state, and local taxes is given by P 0.24627t 25.96473, where t is the number of years after 1950. Which t- value represents the year 1985? O 35 O 20 O 30 O 25 O 40
Question 70 2.5 pts In the unemployment rate, part-time workers are: not included in the labor force. included in the labor force, but counted as unemployed. treated the same way as discouraged workers. included in the labor force and counted as employed. Question 69 2.5 pts Which of the following would be officially classified as unemployed? O a school administrator who has been working as a substitute teacher one day per week while looking for a full-time job in administration...
Data Table Accounts Payable $ 116.000 Interes: Payable 0 Salaries Payable 0 0 0 Employee Income Taxes Payable FICE-OASD! Taxes Payao e FICA-Medicare Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable 0 0 Unearned Ren: Revenue Long-Term Note: :yacle Pont Done i More Info a. b. The long-term debt is payable in annual installments of $54,000, with the next installment due on July 31. On that date. Quick Ship will also pay one year's interest at 8%. Interest...
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...
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