Which of the following accounts would appear on the income statement?
A.) Social Security Tax Payable
B.) Payroll Tax Expense
C.) 401(K) Contributions Payable
D.) 401(K) Employer Contributions Expense
B.) Payroll Tax Expense
Payroll tax is the employees compensation. It is shown in income statement when the firm pays wages and salaries to its employees.
Which of the following accounts would appear on the income statement? A.) Social Security Tax Payable...
Which of the following is not a current liability? Sales tax payable; Payroll taxes payable; c. Unearned revenues; D. Allowance for doubtful accounts. B. Which of the following is not a current liability? Discount on Bonds Payable due in 7 years; Wages Payable; Estimated Warranty Payable for items sold with a one year warranty: Out of court litigation settlement liability due to be paid next month. B. Page 2 of 6 Which of the following is not a payroll tax...
Which of the following taxes would not be included in payroll tax expense of an employer? A. Federal unemployment taxes B. Employer FICA-Social Security taxes C. Income tax withholdings D. State unemployment taxes E. Employer FICA-Medicare taxes
1) Howard company paid salaries of $116,000. All of it was taxable for social security, federal unemployment, state unemployment (3.25%). Income taxes withheld were $45,000. A) Write the payroll journal entry. Hint: This entry will include income tax payable, social security tax payable Medicare tax payable and salaries payable B) Write the payroll tax journal entry. Hint: This entry will incl social security tax payable, Medicare tax payable and salaries payable 2) Howard company paid salaries of $60,000. All of...
Which of the following taxes would NOT be included in the total payroll tax expense the employer is responsible for paying? Employer Social Security taxes Employer Medicare taxes Federal and state income tax State unemployment taxes Federal unemployment taxes
Payroll Accounts and Year-End Entries The following accounts, with the balances indicated, appear in the ledger of Codigo Co. on December 1 of the current year: 101 Salaries Payable 102 Social Security Tax Payable $2,913 103 Medicare Tax Payable 728 104 Employees Federal Income Tax Payable 4,490 105 Employees State Income Tax Payable 4,078 106 State Unemployment Tax Payable 1,260 107 Federal Unemployment Tax Payable 360 108 U.S. Saving Bond Deductions Payable 2,300 109 Medical Insurance Payable 2,520 201 Sales...
QUESTION 3 Which tax does NOT have maximum amount per employee? Suite Unemployment O federal unemployment social security O medicare QUESTION 4 Who pays the employee's income tax? O emplyce only employer only O both the emplyee and the employer O the IRS e expense Match the words with the You QUESTION 5 The following are accounts that will appear in the entry to record the journal entry for w Wages Payable A Wages Expense income Tax payable B o...
Which of the following accounts would not appear on the Income Statement? Multiple Choice Interest Revenue Insurance Expense Unearned Revenue Fees Revenue
Assume the following payroll information for Jane Smith: Gross Pay $10,000 Income tax $2,500 FICA Social Security $620 FICA Medicare $145 What is included in the journal entry to record the employer amounts of the payroll? Assume gross salary maximums have not been reached. FICA Medicare taxes payable $620 FICA Medicare taxes payable of $290 Employer portion of income tax $2,500 None of the above
A,B
and C only
I dyTUI need A. wing is a tax borne by the employer but not the employee? Which of the following is a tax bor a. State income tax b. FUTA tax c. Medicare tax Social security tax d. nas gross earnings of $600 and withholdings of $45.90 for social security and Media for income taxes. The employer pays $45.90 for social security and Medicare An employee has gross earnings o care taxes and $60 for income...
7. a) Paige's payroll included social security tax withholding of $139.75 for the pay period. The journal entry to record this includes a credit to social security tax payable salaries expense cash social security tax expense Burns Inc. purchased a mining site for $2,000,000 on January 1, 2019. The company expects to mine coal for the next 10 years and anticipates that a total of 1,000,000 tons will be recovered. During 2019, the company extracted 100,000 tons of coal. The...