User Account

All Pages

Calculate the employer payroll taxes

Assignment Help Accounting Basics
Reference no: EM131624644

Problem - According to a summary of the payroll of Sinclair Company, $505,000 was subject to the 6.0% social security tax and $545,000 was subject to the 1.5% Medicare tax. Also, $10,000 was subject to state and federal unemployment taxes.

Required:

(a) Calculate the employer's payroll taxes using the following rates: State unemployment, 4.2%; Federal unemployment, 0.8%.

(b) Journalize the entry to record the accrual of the employer's payroll taxes. Refer to the Chart of Accounts for exact wording of account titles.

First Question: Calculate the employer's payroll taxes using the following rates: State unemployment, 4.2%; Federal unemployment, 0.8%.

Employer's payroll taxes$

Journalize the entry to record the accrual of the employer's payroll taxes on December 31. Refer to the Chart of Accounts for exact wording of account titles.

Reference no: EM131624644

Questions Cloud

Record the journal entries required by these events : Required: Record the journal entries required by these events. Refer to the Chart of Accounts for exact wording of account titles
Review the introduction to the given chapter : Review the introduction to this chapter and consider each of the three assigned reading selections. How does each work exhibit theme of the physical migration?
What is the pretax cost of debt : Shanken Corp. issued a 10-year, 8 percent semiannual bond 3 years ago. The bond currently sells for 96 percent of its face value.
Address the effectiveness of current treatment strategies : Explain ways of determining whether loved ones have a problem with drugs using the current DSM characteristics of substance use disorders.
Calculate the employer payroll taxes : Calculate the employer's payroll taxes using the following rates: State unemployment, 4.2%; Federal unemployment, 0.8%
What is the annual payment amount : what is the annual payment amount? Note that the future value of the loan is zero dollars.
What is the difference between the two types of assets : Real estate is property, which can be either a tangible or an intangible asset. What is the difference between the two types of assets?
Does the writer use a compelling introduction : Does the writer use a compelling introduction? Does it set an historical stage and lead with an attention-grabbing example from the chosen text, for instance?
What are dorian industries total cash receipts : What are Dorian Industries total cash receipts for April 2016?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the difference between roi and roce ratios

What are some ways you can express the accounting equation? What is Agency theory and what is it primarily concerned with? What is the difference between ROI and ROCE ratios?

  Cash spent on plant asset additions during the year

Canwest Global Communications Corp. reported cash used by operating activities of $104,539,000 and revenues of $2,867,459,000 during 2009.

  Describe the programmed input validation checks

Describe the programmed input validation checks that you find that prevent or detect the incorrect data input.

  Pid 318000 cash plus 12720 in sales tax and 1900 in

clarion contractors completed the following transactions and events involving the purchase and operation of equipment

  Financial statements for the current year

Jiang Ltd has recently produced its financial statements for the current year. The directors are concerned that the return on capital employed

  The following monthly data are taken from ramirez

The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $300,000;

  Capital budgeting analysis for proposed project

Using a spreadsheet, conduct a capital budgeting analysis for the proposed project assuming that Blades does not renew the agreement with Entertainment Products. Should Blades establish a subsidiary in Thailand under these conditions? Should Blade..

  What other factors does the company need to consider

What other factors does the company need to consider - wants to reduce the selling price of his company"s products by 15% to increase market share

  Airvalue airways strategic planning

Airvalue Airways is a regional carrier whose strategy is to expand gradually as they can identify routes that offer an attractive return on the investment necessary to support successful coverage of the route

  Prepare journal entry and financial statements

During the year they paid $8,000 in rent (rent is $1,000 per month), Prepare journal entry and financial statements for the year 2016

  Prepare a statement of retained earnings

How much will each partner receive before paying liabilities and distributing the remaining assets - Prepare a statement of retained earnings in proper form for White Corporation for the year ended December

  The ceo of a telephone company has been under public

the ceo of a telephone company has been under public pressure from city officials to fix the large number of of public

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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