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Legal Stars has four employees. FICA Social Security taxes are 6.2% of the first $106,800 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, its FUTA taxes are 0.8% and SUTA taxes are 2.15% of the first $7,000 paid to each employee. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company's four employees. Current Week - Name Gross Pay through 8/18 Gross Pay Income Tax Withholding Dale $ 105,300 $ 2,000 $ 252 Ted 36,650 900 99 Kate 6,750 450 54 Chas 1,050 400 36 -
In addition to gross pay, the company must pay one-half of the $32 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 8% of each employee's gross pay to a pension fund. Required: Compute the following for the week ended August 25. 1. Each employee's FICA withholdings for Social Security. $ $ $ $ 2. Each employee's FICA withholdings for Medicare. 3. Employer's FICA taxes for Social Security. 4. Employer's FICA taxes for Medicare. 5. Employer's FUTA taxes. 6. Employer's SUTA taxes. 7. Employee's net pay. 8. Employer's total payroll-related expense for each employee.
Cleopatra Cosmetics Company is planning a one-month campaign forMay to promote sales of one of its two cosmetics products. Atotal of $110,000 has been budgeted for advertising, contestsredeemable coupons
On January 1, 2009, Riley Corp. acquired some of the outstanding bonds of one of its subsidiaries. The bonds had a carrying value of $421,620 and Riley paid $401,937 for them. How should you account for the difference between the carrying value an..
Carlos owes Gord Motors 20k and in default. Rick pays Gord Motors the entire amount. In the absence of an agreement to the contrary, Rick can recover from peter.
3. Determine the appropriate journal entries to account for the two hedging relationships for the year ended December 31, 2009. Use the details below to aid in entry determination, and assume that both hedging relationships are perfectly effective..
Now that you understand what an AIS is, let's discuss the difference between data and information? Which one, in your opinion is more useful?
implementing a new ais system could prove to be beneficial or detrimental to an organizations it infrastructure. assess
1. what are the low risk auditing ares for the home depots 2. If management of the Home Depot faced tremendous pressure regarding the entity's financial performance, what opportunities might exist for them to engage in fraudulent financial reporti..
Assume variable manufacturing overhead is allocated using machine-hours. Give three possible reasons for a favorable overhead efficiency variance. Which reason is most persuasive? Why?
Compare the reporting of this transaction on the tax
in 1999 a seattle mannbsptook a popular soft-drink company seriously when one of its commercials made an offer of a
Prepare journal entries for each of these transactions assuming Fuente records sales using the gross method.
What are the main approaches for setting transfer prices? How can the problems that these approaches create be reconciled between the selling and buying divisions?
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