User Account

All Pages

Calculate the employer payroll taxes

Assignment Help Accounting Basics
Reference no: EM132628723

Problem - Payroll tax entries

According to a summary of the payroll of Brooks Industries Co., $1,100,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $50,000 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 payroll taxes.

Reference no: EM132628723

Questions Cloud

Prepare journal entries for transactions for ryan hope : Prepare journal entries for these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
CPCCBC4003A Select and prepare a construction contract : CPCCBC4003A Select and prepare a construction contract Assignment Help and Solution, Oceania Polytechnic Institute of Education - Assessment Writing Service
Journalize the entry to record the payroll tax expense : The payroll register for Robinson Company for the week ended November 18 - Journalize the entry to record the payroll tax expense incurred for the week
Record the adjusting entry related to the company insurance : The total premium for each policy was paid in full (for all months) at the purchase date, Record the adjusting entry related to the company's insurance
Calculate the employer payroll taxes : Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.8%
How use afn equation to forecast broussard additional fund : Broussard is already at full capacity, Use the AFN equation to forecast Broussard's additional funds needed for the coming year.
Which shows the general journal entry required : Cole Company acquired $2,000 cash from the issue of common stock. Which of the following shows the general journal entry required to recognize this event?
Determine the gross pay for the week : An employee earns $60 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Determine the gross pay for the week
What is amount of interest revenue recognized in formatted : On January 1, 2016, Formatted Company sold tract of land,What is the amount of interest revenue recognized in Formatted's profit and loss for 2016 and for 2017?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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