Solution-Gross earnings subject to fica taxes total

Gross earnings subject to fica taxes total

Reference no: EM131129335

For the year ended December 31, 2010, L. Ullman Company reports the following summary payroll data.

1. Ullman Company's payroll taxes are: FICA 8%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to FICA taxes total $370,000, and gross earnings subject to unemployment taxes total $90,000.

Instructions

(a) Prepare a summary journal entry at December 31 for the full year's payroll.

(b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes.

Reference no: EM131129335

Questions Cloud

What controls should have been in place : Wendy is an accountant for a local service company. Without prior authorization or knowledge by anyone else. What controls should have been in place and therefore might have prevented this fraudulent activity from occurring?

Study questions onenhancing value through ongoing management : An investor purchased a property with an equity investment of $100,000 and an $800,000 mortgage. She has held the property for five years, and the mortgage now has a balance of $750,000. The market value of her property is estimated to be $950,000. W..

Legalization of marijuana in the united states : You need to prepare a persuasive essay on the topic of the legalization of marijuana in the united states including recreational and medical use.

How would you define auto zone industry : In a narrative format, discuss these firms from a strategic perspective. Information concerning recent changes in the firms is readily available online and should be accessed. Strategic issues should be discussed in "real time."

Gross earnings subject to fica taxes total : Ullman Company's payroll taxes are: FICA 8%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to FICA taxes total $370,000, and gross earnings subject to unemployment taxes total $90,0..

Calculate the expected ph-value of a tris buffer solution : Calculate the expected pH-value of a TRIS buffer solution (at 23oC), which is prepared by mixing 25.0 ml of 0.100M hydrochloric acid with 25.0 ml of a 0.200M TRIS solution and then adding water up to 100 ml

Will the company stay in business : Given the estimates of duration in Table, what will happen to the Friendly Finance Company's net worth if interest rates rise by 3 percentage points? Will the company stay in business? Why or whynot?

What internal controls should be implemented to reduce risk : What internal controls should be implemented to reduce the risk of theft or error related to the correct handling of cash, credit card payments, and coupons?

Explain how the researchers implemented the design : Evaluate the research questions using the Research Questions and Hypotheses Checklist as a guide and Identify the type of qualitative research approach used and explain how the researchers implemented the design.

User Account

All Pages

Gross earnings subject to fica taxes total

Reference no: EM131129335

Reference no: EM131129335

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

Nielson corp sells its product for 8800 per unit variable

The investment in bike company stock has a market value

How many of each type of computer game should be

Specific type of probability

Replenished the petty cash fund based on the following

For each item following determine the differential amount

How do internal reports differ from external reports?

Fredonia inc had a bad year in 2013 for the first time in

You have just been hired as a consultant to tangier

Cost flow assumptions under ifrs

What is a virus

What are the principle advantages of a subchapter

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT