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Flip earns a salary of $7,500 per month during the year. FICA taxes are 8% on the first $100,000 of gross earnings. Federal unemployment insurance taxes are 6.2% of the first $7,000; however, a credit is allowed equal to the state unemployment insurance taxes of 5.4% on the $7,000. During the year, $25,600 was withheld for federal income taxes and $5,700 was withheld for state income taxes.
(a) Prepare a journal entry summarizing the payment of Flip's total salary during the year.
(b) Prepare a journal entry summarizing the employer payroll tax expense on Flip's salary for the year.
(c.) Determine the cost of employing Flip for the year in journal entry format.
There are two stocks, stock A and stock B. The price of stock A today is $70. The price of stock A next year will be $50 if the economy is in recession, $80 if the economy is normal and $95 if the economy is expanding.
bronze corporation sold machinery for $27,000 on december 31, 2011. The machinery had been purchased on january 2, 2008 for $40,000 and had an adjusted basis of $21,000 at the date of the sale. For 2011, what should Bronze Corporation report?
which cost flow assumption give lower taxes during inflation lifo or
The company's required rate of return is 13%. (Ignore income taxes.)What is the net present value of the investment of the machine?
An art dealer sold two artworks at $1520 thereby making a profit of 25% on the first work and 10% on the second, where as if he had approached any exhibition he would have sold them together for $1535 with a profit of 10% on the first and 25% on t..
Member P has an outside basis in his interest in Bing LLC of $10,000 and in 2007, the flowing transactions take place.
abc earned a net profit margin of 5 last year and had an equity multiplier of 3.5. if its total assets are 93 million
The annual net operating income from the project would be $135,000, which includes depreciation of $37,000. The scrap value of the project's assets at the end of the project would be $25,000. The payback period of the project is closest to:
Carolina Mills purchased $270,000 in supplies this year. The supplies account increased by $10,000 during the year to an ending balance of $66,000. What was supplies expense for Carolina Mills during the year?
Identify the important structural cost drivers for the company and the related strategic issues that it should address to be competitive.
Donald received this refund later in the same month. Is the California refund a taxable income for 2011? Can you describe the tax benefit rule in your own words?
paints-r-us company provides painting services to commercial clients. by tracking overhead costs in an activity-based
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