Compute mri amounts for each of the above four taxes

Assignment Help Accounting Basics
Reference no: EM13137723

MRI Company has one employee. FICA Social Security taxes are 6.2% of the first $106,800 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For MRI, its FUTA taxes are 0.8% and SUTA taxes are 2.9% of the first $7,000 paid to its employee.

Gross Pay through August Gross Pay for September

a. $ 6,400 $800

b. 18,200 2,100

c. 100,500 8,000

a) Compute MRI's amounts for each of the above four taxes as applied to the employee's gross earnings for September under situation (a).

b) Compute MRI's amounts for each of the above four taxes as applied to the employee's gross earnings for September under situation (b).

c) Compute MRI's amounts for each of the above four taxes as applied to the employee's gross earnings for September under situation (c).

Reference no: EM13137723

Questions Cloud

What is randolph basis in the distributed inventory : Randolph's basis in RD is $37,000. What is Randolph's basis in the distributed inventory and land?
Determining the maturity : Mobile Co. issued a $45,000, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At maturity, the borrower will pay:
Elite and the masses for public policy on taxes : Explain the areas of conflict between the elite and the masses for public policy on taxes, international trade, and immigration. Give examples.
Dvd breezy is a retail dvd shop : Peters Dairy is an ice cream business. The following table shows the expected number  of ice-creams to be sold between January and March 2014:
Compute mri amounts for each of the above four taxes : MRI Company has one employee. FICA Social Security taxes are 6.2% of the first $106,800 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For MRI, its FUTA taxes are 0.8% and SUTA taxes are 2.9% of the first $7,000 paid to its ..
How much energy would be obtained : Carbon emits photons at 745 nm when exposed to blackbody radiation. How much energy would be obtained if 44 g of carbon were irradiated?
Find the decision rule if bank loan financially sound : At the 0.01 level, is the bank loan financially sound (should the bank ask for additional collateral)? What is the decision rule?
Conditions and outcomes might support decentralization : Would this be a better way of organizing homeland security or would it just create layer of problematic bureaucracy? What conditions and outcomes might support decentralization?
Estimated annual net income and cash flows : Both the facility and the equipment will be depreciated over 12 years using the straight-line method and are expected to have zero salvage values. His required rate of return is 10%. Estimated annual net income and cash flows are $49,000 and $101,..

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Stockholders equity section problem

The stockholders' equity section of Milroy Corporation as of December 31, 2003, was as follows:

  Declaration and distribution of the stock dividend

Prepare the appropriate entries for the declaration and distribution of the stock dividend.

  Preparing all journal entries

John Smith started a consulting business and completed the following transactions. Prepare all journal entries related to these transactions.

  Could a company lose to a competitor

Could a company lose to a competitor if they do not have real time online perpetual inventory records to provide answers to customers that are trying to place an order?

  Find relation between tolerable misstatement, inherent risk

How do the calculation and comparison to previous years of the gross margin percentage and the ratio of accounts receivable to sales are related to the conformation of accounts receivable and other tests of the accuracy of accounts receivable?

  Finch and cardinal as a result of finchs liquidation

What is the recognized gain or loss to Finch and to Cardinal as a result of Finch's liquidation?

  Accounting engagement for acme company

CPA Smith completed an accounting engagement for the ACME Company on December 20, 20X1, and sent ACME a bill for $5,000 which ACME paid on January 25, 20X2. CPA Smith uses the cash basis of accounting

  Cash flow statement and computing net cash flow

Net cash flow provided (used) by operating activities. Net cash flow provided (used) by investing activities. Net cash flow provided (used) by financing activities.

  What does the journal entry to record the sale include

Merchandise with a sales price of $460 is sold on account with term 2/10, n/30. What does the journal entry to record the sale include?

  Compute the increase in fixed cost

In 2011, Hoffmann Company had a break-even point of $332,000 based on a selling price of $8.00 per unit and fixed costs of $112,880. In 2012, the selling price and the variable cost per unit did not change, but the break-even point increased to $4..

  What are tax loopholes

What are tax loopholes? How do loopholes arise? Do you think it is ethical to take advantage of tax loopholes? - Answer in 150-200 words.

  Differences between managerial and financial accounting

The characteristics noted above are indeed true. What are some of the other differences between Managerial and Financial Accounting? Also, as for the numbers used in financial versus managerial accounting, are they different (what is their source)..

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