Federal unemployment tax rate

Assignment Help Accounting Basics
Reference no: EM13871995

Wallace Corporation summarizes the following information from its weekly payroll records during April 

1296_268-B-A-L (3053).png

Prepare the two journal entries to record the payment of the payroll and the accrual of its payroll taxes for April. Assume an 8% F.I.C.A. rate for both employees and the employer. Also assume a 5.4% state unemployment tax rate and a 0.8% federal unemployment tax rate, and that all wages are subject to all payroll taxes. Round to the nearestdollar. 

Reference no: EM13871995

Questions Cloud

How globalization in worlds good market affected world trade : How has globalization in the world's goods markets affected world trade? How has globalization in the world's financial markets affected world trade?
Read persepolis by marjane satrapi : Read Persepolis by Marjane Satrapi and answer the following question: Why was the Islamic regime able to gain control of Iran after the 1979 Revolution?
List one or more trade pacts in which your country involved : List one or more trade pacts in which your country is involved. Do these trade pacts affect all residents of your country in the same way? On balance, are these trade pacts good or bad for residents of your country?
Steady flow without friction : A siphon is used to drain water from a tank, as illustrated in Figure. The siphon has a uniform diameter. Assume steady flow without friction. (a) If the distance h = 1.00 m, find the speed of outflow at the end of the siphon.
Federal unemployment tax rate : Wallace Corporation summarizes the following information from its weekly payroll records during April
Analyse and report on management decision making : Describe the main issues facing managers for example with, organisational structures authority delegation, control and any other issues that can be identified.
Ethnic identity to be primordial or instrumental in nature : 1.Do you consider ethnic identity to be primordial or instrumental in nature? 2.Choose any African ethnic group and write something basic about their history and culture, posting your findings.
What is the closing spot rate in dollars per yen : What is the closing spot rate in dollars per yen S1$/¥? By what percentage does the dollar depreciate against the yen?
What were the similarities between germany : What were the similarities between Germany, Italy, and Japan in the years following world war 1?

Reviews

Write a Review

Accounting Basics Questions & Answers

  The store had 3000 of ski boots in inventory at the

a sporting goods store purchased 7000 of ski boots in october. the store had 3000 of ski boots in inventory at the

  Rainey company wrote checks totaling 8540 during october

rainey company wrote checks totaling 8540 during october and 9325 during november. 8120 of these checks cleared the

  Stine company applies manufacturing overhead to jobs at an

stine company uses a job order cost system. on may 1 the company has a balance in work in process inventory of 3980 and

  What are the average total cost

What are the average total cost, average variable cost, and marginal cost for these output levels?

  What are basic and diluted earnings per share

What components of stockholders' equity do each of the companies disclose and do the companies have preferred stock shares outstanding? If so, what special features do these shares contain?

  Sales 50000 units 1000000 direct materials and direct labor

sales 50000 units 1000000 direct materials and direct labor 500000 other variable costs 50000 and fixed costs 180000.

  Basics of cash flows from financing activities

Which of the following would be included in cash flows from financing activities?

  In recent years the idea of statistical sampling has been

while sampling is often used to measure a population there are some instances where an entire population is still

  Expense account equals the amount

The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2009 fiscal year. The $230 accrued interest for June has not yet been paid or recorded.

  In an essay of 1250-1500 words comprehensively describe

in an essay of 1250-1500 words comprehensively discuss causal factors the implications and possible mitigation

  Journalize prouncer march payroll-related liabilities

Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned during March will be paid during April and prepare the entry to record the company's payroll tax expense.

  Interest revenue would be an example of a

Which account would not appear on a post-closing trial balance?

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!

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