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Question - Total gross payroll for the 450 employees of Abacus Corp for the first pay period in January was $940,000, none of which exceeded the annual limit for FICA, FUTA or SUTA. Federal income taxes withheld were $137,000. Abacus operates in a state with no individual income tax. The state unemployment tax is 1.2%, the federal unemployment tax is .8%, and the F.I.C.A./Medicare tax is 7.65% on an employee's wages. Each employee has $10 per pay period withheld from their paycheck for union dues which Abacus subsequently pays to the union.
Required -
a. Prepare the Payroll journal entry for the wages paid.
b. Prepare the entry to record the Employer Payroll Taxes.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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Simple Interest, Compound interest, discount rate, force of interest, AV, PV
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