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COST OF A FIXED ASSET
Laurel Cleaners purchased an automatic dry cleaning machine for $135,000 from TGF Corporation on April 1, 2009. Laurel paid $35,000 in cash and signed a five-year, 10 percent note for $100,000. Laurel will pay interest on the note each year on March 31, beginning in 2010. Transportation charges of $3,500 for the machine were paid by Laurel. Laurel also paid $2,400 for the living expenses of the TGF installation crew. Solvent, necessary to operate the machine, was acquired for $1,000. Of this amount, $500 of the solvent was used to test and adjust the machine.
Required:
1. Compute the cost of the new dry cleaning machine.
2. Explain why you excluded any expenditures from the cost of the dry cleaning machine.
Harry has two jobs. He earns $117,700 from his first job and $10,000 from his second job. How much total FICA withholding will Harry have withheld from his wages from working two jobs?
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