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Mester Company has 9 employees. Fica Social Security taxes are 6.2% of the first $110,100 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.8% and SUTA taxes are 5.4% of the first $7,000 paid to each emploee. Cumulative pay for the current year for each of its employees follows.Steve S. $6,000Tim V. $60,000Brent G. $87,000Christina S. $156,600Kathleen K. $106,900Michelle H. $110,100Lori K. $116,600Matt B. $36,800Sankha B. $4,0001. Prepare a table with the following column headings: Employee, Cumulative Pay, Pay subject to FICA Social Security Taxes, Pay subject to FICA Medicare Taxes, Pay subject to FUTA taxes, Pay subject to SUTA taxes. Compute the amounts in this table for each employee and total the columns. (Please show all work done to get each number)2. For the company, compute each total for FICA social security taxes, FICA medicare taxes, FUTA taxes, and SUTA taxes. (remember to inclue in those totals any employee share of taxes that the company must collect)
Preparing a standard cost summary and making journal entires. The normal capacity of Albany Adhesives Inc. is 40,000 direct labor hours and 20,000 units per month. A finished unit requires 6lbs of materials at an estimated cost of $2 per pound. Prepa..
A lender requires that monthly mortgage payments be no more than 25% of gross monthly income with a maximum term of 30 years. If you can make only a 15% down payment, what is the minimum monthly income needed to purchase a $300,000 house when the ..
Edwin Co. owned 70% of the voting common stock of Frank Co. During 2010, Frank made frequent sales of inventory to Edwin. There were unrealized gains of $40,000 in the beginning inventory and $25,000 of unrealized gains at the end of the year. Frank ..
Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2012. Indicate where each of the cash inflows or outflows identified in would be classified on the statement of cash flows.
Explain the difference between gross margin and a gain and what is the difference between a multistep income statement and a single-step income statement?
What was the labor efficiency variance for the month and prepare a journal entry to record direct labor costs during the month, including the direct labor variances.
Journalize the activities from job cost sheets in the general journal. Also journalize the other costs that occurred during this period of time.
A king in ancient times agreed to award the inventor of chess with one grain of wheat on the first of the 64 squares on a chess board. On the second square the king placed two grains, on the third square he placed 4 grains and on the fourth square..
Which one of the following is LEAST likely to be involved in the process that results in the Concurrent Budget Resolution?
If Korral charges interest of 24% per year, compounded monthly, what should Korral record as sales revenue on the Pinto?
Sinclair Company manufactures a line of lightweight running shoes. CEO Andrew Sinclair estimated that the company would incur $3,198,890 in manufacturing overhead during the coming year. Using direct labor hours as the application base was manufactur..
Recording Journal Entries - Lightning Fast Computer Company recently began operations and had the following transactions related to common stock. Prepare journal entries for each transaction.
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