QuikCo’s FUTA tax liability at the end of first quarter is $480, at the end of...
QuikCo’s FUTA tax liability at the end of first quarter is $480, at the end of the second quarter, $100. What is the latest date that first-quarter taxes can be paid without incurring a late penalty? April 30 April 15 July 15 December 31 July 31
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QuikCo’s FUTA tax liability at the end of first quarter is $480,
at the end of...
Da Vinci Ltd. has $82,000 of first quarter taxable FUTA wages, second quarter taxable FUTA wages...
Da Vinci Ltd. has $82,000 of first quarter taxable FUTA wages, second quarter taxable FUTA wages of $14,300, and no third or fourth quarter taxable FUTA wages in the current year. They get the full SUTA credit reduction. How much must Da Vinci deposit by April 30 of the current year? a.$492.00 b.$281.00 c.$577.80 d.$0
4. At the end of the first quarter of 201X, you are asked to determine the...
4. At the end of the first quarter of 201X, you are asked to determine the FUTA tax liability for Ali Company. The FUTA tax rate is 0.8% on the first $7,000 each employee earns during the year (assuming 13 weeks for the first quarter and each employee earned the same gross weekly pay for all 13 weeks). Employee Gross Pay Per Week $650 770 T. Bork G. Jill L. Steven Q. Watson 590 420
Garden Landscapers is a monthly depositor whose 4th quarter FUTA taxes and 4th quarter voluntary deductions...
Garden Landscapers is a monthly depositor whose 4th quarter FUTA taxes and 4th quarter voluntary deductions are displayed below. Record one journal entry to account for the payment of federal unemployment taxes and one journal entry to account for the payment of the voluntary deductions. Assume that each voluntary deduction is remitted to the respective organization on a quarterly basis, on the last day of the first month after the end of the quarter. All tax payments are made in...
I need to figure out the September earnings subject to tax for FUTA & SUTA. And...
I need to figure out the September earnings subject to tax for
FUTA & SUTA. And also the general journal.
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7.000 paid to its employee. Gross Pay through August 31 $ 5,600 2,550 123,200 Gross Pay for...
salaries Federal income taxes to be withheld Federal unemployment tax rate (FUTA) State unemployment tax rate...
salaries Federal income taxes to be withheld Federal unemployment tax rate (FUTA) State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $ 80,000 16,000 0.80% 5.40% 6.29% 1.45% The journal entry to record payroll for the January 2021 pay period should be Debit Credit 25) Panther Co. had a quality assurance warranty liability of $350.000 at the beginning of 2021 and $310.000 at the end of 2021. Warranty expense is based on 4% of sales,...
At the end of the second quarter of 20X1, Malta Corporation assembled the following information: 1....
At the end of the second quarter of 20X1, Malta Corporation assembled the following information: 1. The first quarter resulted in a $130,000 loss before taxes. During the second quarter, sales were $1.240,000: purchases were $690.000: and operating expenses were $360,000. 2. Cost of goods sold is determined using the FIFO method. The inventory at the end of the first quarter was reduced by $44.000 to a lower-of-cost-or-market figure of $118.000. During the second quarter, replacement costs recovered, and by...
At the end of the second quarter of 20X1, Malta Corporation assembled the following information: The...
At the end of the second quarter of 20X1, Malta Corporation
assembled the following information:
The first quarter resulted in a $106,000 loss before taxes.
During the second quarter, sales were $1,216,000; purchases were
$666,000; and operating expenses were $336,000.
Cost of goods sold is determined using the FIFO method. The
inventory at the end of the first quarter was reduced by $20,000 to
a lower-of-cost-or-market figure of $94,000. During the second
quarter, replacement costs recovered, and by the end...
Lyttle is a C corporation that has a tax year end of October 31. When is...
Lyttle is a C corporation that has a tax year end of October 31. When is the due date of Lyttle corp’s tax return? Can the due date be extended? If yes, how (be specific, what form)? If the Lyttle eventually has a tax liability per the return of $100,000 and had paid $80,000 by the time of the original due date what choices does Lyttle have as to payment of the taxes?
If annual major repairs made in the first quarter and paid for in the second quarter...
If annual major repairs made in the first quarter and paid for in the second quarter clearly benefit the entire year, when should they be expensed? An allocated portion in each of the last three quarters 1. a. An allocated portion in each quarter of the year In full in the first quarter In full in the second quarter b. c. d. During the second quarter of 2011, Dodge Company sold a 2. piece of equipment at a gain of...
a. Complete Part 2 of Form 940 based on the following information: (Round your answers to...
a. Complete Part 2 of Form 940 based on the following information: (Round your answers to two decimal places, if necessary.) Total payroll for the year $913,590 $421,930 Payroll to employees in excess of $7,000 Employer contributions into employees' 401(k) plans $23,710 Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. Total payments to all employees Payments exempt from FUTA tax Select: Total of payments made to each employee in excess of...
4. At the end of the first quarter of 201X, you are asked to determine the FUTA tax liability for Ali Company. The FUTA tax rate is 0.8% on the first $7,000 each employee earns during the year (assuming 13 weeks for the first quarter and each employee earned the same gross weekly pay for all 13 weeks). Employee Gross Pay Per Week $650 770 T. Bork G. Jill L. Steven Q. Watson 590 420
I need to figure out the September earnings subject to tax for
FUTA & SUTA. And also the general journal.
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7.000 paid to its employee. Gross Pay through August 31 $ 5,600 2,550 123,200 Gross Pay for...
salaries Federal income taxes to be withheld Federal unemployment tax rate (FUTA) State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $ 80,000 16,000 0.80% 5.40% 6.29% 1.45% The journal entry to record payroll for the January 2021 pay period should be Debit Credit 25) Panther Co. had a quality assurance warranty liability of $350.000 at the beginning of 2021 and $310.000 at the end of 2021. Warranty expense is based on 4% of sales,...
At the end of the second quarter of 20X1, Malta Corporation assembled the following information: 1. The first quarter resulted in a $130,000 loss before taxes. During the second quarter, sales were $1.240,000: purchases were $690.000: and operating expenses were $360,000. 2. Cost of goods sold is determined using the FIFO method. The inventory at the end of the first quarter was reduced by $44.000 to a lower-of-cost-or-market figure of $118.000. During the second quarter, replacement costs recovered, and by...
At the end of the second quarter of 20X1, Malta Corporation
assembled the following information:
The first quarter resulted in a $106,000 loss before taxes.
During the second quarter, sales were $1,216,000; purchases were
$666,000; and operating expenses were $336,000.
Cost of goods sold is determined using the FIFO method. The
inventory at the end of the first quarter was reduced by $20,000 to
a lower-of-cost-or-market figure of $94,000. During the second
quarter, replacement costs recovered, and by the end...
If annual major repairs made in the first quarter and paid for in the second quarter clearly benefit the entire year, when should they be expensed? An allocated portion in each of the last three quarters 1. a. An allocated portion in each quarter of the year In full in the first quarter In full in the second quarter b. c. d. During the second quarter of 2011, Dodge Company sold a 2. piece of equipment at a gain of...
a. Complete Part 2 of Form 940 based on the following information: (Round your answers to two decimal places, if necessary.) Total payroll for the year $913,590 $421,930 Payroll to employees in excess of $7,000 Employer contributions into employees' 401(k) plans $23,710 Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. Total payments to all employees Payments exempt from FUTA tax Select: Total of payments made to each employee in excess of...
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