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Recording Payroll and Payroll Taxes
Express Company paid one week's wages of $21,200 in cash (net pay after all withholdings and deductions) to its employees. Income tax withholdings were equal to 17% of the gross payroll, and the only other deductions were 7.65% for FICA tax and $160 for union dues. Give the entries that should be made on the company's books to record the payroll and the tax accruals to be recognized by the employer, assuming that the company is subject to unemployment taxes of 5.4% (state) and 0.8% (federal). Assume that all wages for the week are subject to FICA and unemployment taxes.
Suzie applies for and obtains a $30,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6% annu..
Fees related to the lodgment of Leighton's income tax return ($300) and the advice regarding the sale ($400). Advise Leighton as to whether the $700 paid to his accountant is deductible for income tax purposes.
imagine that you have always wanted to own a business and have now created a new start-up company.write an eight 8 page
Mr. B’s 19-year-old son receives a $6,000 scholarship to X University. In the same year, Mr. B provides $4,500 to his son as the only other support. The other dependency tests are met. Is Mr. B entitled to claim his son as a dependent on his current-..
On the basis of the facts as presented, answer the following questions. (You need not be familiar with all the specific tax forms used when actually filing the return.)
Determine which forms are necessary for Jackie O. Parks tax return - Go to the IRS Web site and download the fill-in tax forms that you will need to complete: Form 1040 and the appropriate schedules.
Compute the target selling price assuming a 40 percent markup on total per unit cost.
Evaluate allowing married individuals with dual incomes to choose to file a joint tax return or to file as two single individuals as a remedy for the marriage penalty.
In each of the following independent situations, determine the taxpayer's filing status and the number of personal and dependency exemptions the taxpayer is allowed to claim.
Identify the tax issues that are raised and the relevant sections of the legislation and identify any cases and other sources of law or information that apply.
According to Australian tax actions, Question Explain using examples and relevant sections of the act, what the differences between Ordinary Income and Statutory income are. Use your own examples (not from MTG or Barkoczy text)
You are required to write a report to evaluate whether the introduction of a new additional rate of tax actually raised as much tax as was estimated by the Government ; and whether theory of tax supports the concept of increasing the rate of tax f..
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