State income taxes of gross earnings

Assignment Help Accounting Basics

Reference no: EM132501725

Selected data from a February payroll register for Concord Company are presented below. Some amounts are intentionally omitted.

Gross earnings: State income taxes $(3)

Regular $4,500 Union dues 270

Overtime (1) Total deductions (4)

Total (2) Net pay $6,565

Deductions Account debited:

FICA taxes $ 765 Salaries and wages expense (5)

Federal income taxes2,000

Question 1: The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. State income taxes are 4% of gross earnings.

Reference no: EM132501725

Questions Cloud

Determine the scope and plan for the engagement : Develop an audit plan for a company that files a sustainability report. (as if you are going to audit the company sustainability project)

Evaluate the desirability of the investment in the new pizza : Evaluate the desirability of the $650,000 investment in the new pizza parlors by computing the internal rate of return and the net present value

Probability of drawing balls with the same colors : A box contains 3 yellow balls, 7 purple balls and 5 red balls. If 2 balls are chosen at random from the bag without replacement, find the probability of drawing

What would be the null and alternative hypotheses : We would like to test if the proportion of Tulane undergraduate students who are studying for their doctorate is 0.25. Suppose we take a sample

State income taxes of gross earnings : 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. State income taxes are 4% of gross earnings

Complete the basement has a standard deviation : A large construction company wants to know the mean time required to complete a house's basement. How many houses must be randomly selected to

Find the probability that during the next 2 years : On one tropical island, hurricanes occur with a mean of 2.41 per year. Assuming that the number of hurricanes can be modeled by a Poisson distribution

Customer satisfaction in banks in new zealand : Customer Satisfaction in Banks in New Zealand- ( by using applied research methodology)

Construct a confidence interval on the mean height : Construct a 95% confidence interval on the mean height of this plant. 25.9, 27.7, 27.8, 25.2, 27.4, 27.7, 27.4, 27.3, 26.1, 27.0

User Account

All Pages