### Flip earns a salary of 7500 per month during the year fica

Assignment Help Accounting Basics
##### Reference no: EM13612278

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.

Instructions

(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.

#### Questions Cloud

 The mass of the piston is such that it takes 03mpa of : consider a piston-cylinder device that contains 0.5m3 of saturated water vapor at 0.2mpa and where the piston initially After the rcs thruster is turned off find a the magnitude : a space vehicle is coasting at a constant velocity of 15.7 ms in the y direction relative to a space station. the pilot Determine a the quality of steam in the tank at the initial : a rigid tank contains 7.5 kg of saturated water mixture at 400 kpa. a valve at the bottom of the tank is now opened and Partners flip and flop have capital balances in a : partners flip and flop have capital balances in a partnership of 80000 and 120000 respectively. they agree to share Flip earns a salary of 7500 per month during the year fica : flip earns a salary of 7500 per month during the year. fica taxes are 8 on the first 100000 of gross earnings. federal When the input is 100 kpa the output is 5 mv and when the : a pressure sensing device has an electrical output and is approximately linear. when the input is 100 kpa the output is Prepare the journal entry on august 31 to record the final : the red white amp blue partnership was begun with investments by the partners as follows red 175000 white 220000 and It rises to its maximum height and then falls down to the : a golfer hits a shot to a green that is elevated 3.20 m above the point where the ball is struck. the ball leaves the Fit a logistic regression model to these data is the model : a study was performed to investigate the relationship betwee family income and ownership of a luxury car. 16 households

### Write a Review

#### Lease liability and balance sheet

Assuming the present value of an annuity due of 1 for 6 years at 10 percent is 4.7908 and the present value of an annuity due of 1 for 6 years at 12 percent is 4.6048, what is the lease liability that Stockton should report on the balance sheet at..

#### Rate of return for division using the return on investment

Compute the rate of return for each division using the return on investment (ROI) formula stated in terms of margin and turnover.

#### Debit memo for an nsf check

Accompanying the bank statement was a debit memo for an NSF check received from a customer. What entry is required in the company's accounts?

#### On january 1 2011 harrison inc acquired 90 percent of starr

on january 1 2011 harrison inc. acquired 90 percent of starr company in exchange for 1125000 fair-value consideration.

#### Determined de depletion rate

Solare company acquired mineral rights for 60,000,000. The diamond deposit is estimated at 6,000,000 tons. During the current year , 2,300,000 were mined and sold.. A-determined de depletion rate.

#### The towson manufacturing corporation applies overhead on

the towson manufacturing corporation applies overhead on the basis of machine hours. the following divisional

#### Brief report for the strategic management committee

Prepare a brief report for the Strategic Management Committee outlining the key points of your findings and calculate and discuss the likely impact of the changes

#### Should every company adopt a set of ethical standards

Do you agree with Pat's decision? Why or why not? How important do you think Pat's assessment of his personal risk was in decision? Should it be a factor?

#### Assume the companys budgeted activity level was 8000 units

x company has the following cost driversdirect

#### This information relates to alexis co for the year 2012

this information relates to alexis co. for the year 2012. retained earnings january 1 2012 91147 advertising expense

#### Matching principle because of depreciation expense

Matching principle because the cash was paid in 2010 and should be expensed in 2010. Matching principle because depreciation expense should be \$8,000.

#### The manufacturer has advised the company to expect warranty

on october 29 2010 lue co. began operations by purchasing razors for resale. lue uses the perpetual inventory method.