Calculate the withholding taxes and the gross amount

Assignment Help Accounting Basics
Reference no: EM13913684

Damerly Company (a California employer) wants to give a holiday bonus check of $250 to each employee. Since it wants the check amount to be$250, it will need to gross-up the amount of the bonus.

Calculate the withholding taxes and the gross amount of the bonus to be made to John Rolen if his cumulative earnings for the year are $46,910. Besides being subject to social security taxes and federal income tax (supplemental rate), a 7% California income tax must be withheld on supplemental payments.

Reference no: EM13913684

Questions Cloud

Declaration of two or more directors erifying : Declaration of two or more directors erifying the particulars of all members/partners;
As the accountant for monroe trucking company : As the accountant for Monroe Trucking Company, you are preparing the company's annual return, Form 940 and Schedule A.
Osha''s air contaminant standards : Discuss whether you think OSHA's air contaminant standards are important, and why. Do you think they are adequate to protect employees in the workplace from airborne contaminant hazards? Explain.
What are the best-case and worst-case scenarios : You are considering a new product launch. The project will cost $1,700,000, have a four-year life, and have no salvage value; depreciation is straight-line to zero. Based on your experience, you think the unit sales, variable cost, and fixed cost pro..
Calculate the withholding taxes and the gross amount : Calculate the withholding taxes and the gross amount of the bonus to be made to John Rolen if his cumulative earnings for the year are $46,910. Besides being subject to social security taxes and federal income tax (supplemental rate), a 7% California..
About the projects payback : Assume a project has the following expected cash flows: What is the project’s payback (payback period)?
Summarize the main findings of the paper : Summarize the main findings of the paper (you do not need to read the theoretical model section of the paper. In addition, you do not need to read the material contained in the paper's appendix.).
Analysis of a proposed ambulatory surgery : Assume that your organization's chief financial officer (CFO) has just completed a presentation to the board of trustees concerning the analysis of a proposed ambulatory surgery center costing $2 million. During the presentation, the CFO indicated th..
Customer purchase : On December 24 WSS received a check for $9,165. and a customer purchase order from ANDU for a cash sale

Reviews

Write a Review

Accounting Basics Questions & Answers

  On janurary 1 2010 bukner steel co issued a 300000 3 year 6

on janurary 1 2010 bukner steel co. issued a 300000 3 year 6 installment note payable with payments of 100000 principle

  A government''s unassigned fund balance in the general fund

A government's unassigned fund balance in the general fund at year-end should be indicative of the amount that the government has available for appropriation in future years. Explain and provide an example to support your answer.

  Prepare the journal entry to record sale

Columbia Corp held 1,500 of Vianco common stock with a cpst of $74,387. These shares were classified as a long term available-for-sale investment. It sold the shares on December 31st for $55,275. Prepare the journal entry to record this sale.

  How much of the 305000 purchase price is for section 197

derek purchases a small business from arton september 1 2008. he paid the following amounts for the business.fixed

  Joes automobile which was used only for business purposes

joes automobile which was used only for business purposes was damaged in an accident. at the date of the accident the

  Master grill sells free-standing gas grills plus

master grill sells free-standing gas grills plus installation to a customers gas line for a total price of 700. the

  What is consolidated net income

Without regard for this investment, Keefe earns $300,000 in net income during 2006. What is consolidated net income for 2006?

  Assume that the real risk-free rate is 25 and that the

assume that the real risk-free rate is 2.5 and that the maturity risk premium is zero. also assume that the 1-year

  Analyze the types of risks and rewards

Speculate which regulatory changes will be the top priority for management. Then, suggest a timetable in which management should start getting ready for the change.

  Prepare the cash flows from operating activities section of

the income statement and a schedule reconciling cash flows from operating activities to net income are provided below

  Bank reconciliation with journal entries

The following information pertains to Family Video Company. Prepare a bank reconciliation at July 31. (Round answers to 2 decimal places, e.g. 10.50.)

  Lance lawn services reports bad debt expense using the

lance lawn services reports bad debt expense using the allowance method. for tax purposes the expense is deducted when

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd