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The Payroll Tax Expense and the SUTA Taxes payable. The payroll of YellowCard Company for September 2013 is as follows. Total payroll was $464,800, of which $133,900 is exempt from Social Security tax because it represented amounts paid in excess of $106,800 to certain employees. The amount paid to employees in excess of $7,000 was $405,700. Income taxes in the amount of $81,270 were withheld, as was $8,690 in union dues. The state unemployment tax is 3.5%, but YellowCard Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee's wages to $106,800 and 1.45% in excess of $106,800. No employee for YellowCard makes more than $125,000. The federal unemployment tax rate is 0.8% after state credit. Prepare the necessary journal entries if (a) the wages and salaries paid and (b) the employer payroll taxes are recorded separately. (Round answers to 0 decimal places
Jason borrows $50000 from his father and promises to pay it back over the next 10 yrs making equal annual end of the year payment .Calculate the amount of each payment if the annual interest rate is 9%.
X-Beams Inc. owned 70% of the voting common stock of Kent Corp. During 2006, Kent made several sales of inventory to X-Beams. The total selling price was $180,000 and the cost was $100,000. At the end of the year, 20% of the goods were still in X-..
A company purchased $4,000 worth of merchandise. Transportation costs were an additional $400. The company later returned $445 worth of merchandise and paid the invoice within the 3% cash discount period. The total amount paid for this merchandise..
The Big Corporation expects next year's net income to be $20 million. The firm's debt ratio is currently 30%. Big has $18 million of profitable investment opportunities, and it wishes to maintain its existing debt ratio.
nortons outstanding stock consists of a 13000 shares of noncumulative 8 preferred stock with a 10 par value and b 32500
stamford office supply company reported the following selected financial statement data cashdec 31 201230000dec 31
Prior to payment for the goods, the seller issues a credit memo for $750 to the customer for merchandise costing $425 that is returned. The correct amount is received within the discount period.
you recently joined the internal auditing department of marcus clothing corporation. as one of your first assignments
Wasserman uses the straight-line method to amortize bond issue costs. Prepare the December 31, 2011, entry to record 2011 bond issue cost amortization
1. a summary of the time tickets for august followsdescription amount description amountjob no. 321 11000 job no. 342
You are an employee of a Wealth Management consultancy. As your first accounting assignment for the consultancy, you are auditing the chart of accounts for a client.
condit corporation manufactures a variety of products. variable costing net operating income was 75600 last year and
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