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What is the amount of sales taxes owed to taxing agency

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Question 1: Assuming a FICA tax rate of 7.65% on the first $117,000 in wages, 1.45% on amounts in excess of $117,000, and a federal income tax rate of 20% on all wages, what would be an employee's net pay for the year if he earned $180,000 for the year?

Question 2: On January 1, 2019, Mazzeo Company, a calendar-year company, issued $1,600,000 of notes payable, of which $400,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2019, is

Question 3: A retail store does not segregate sales and the amount of sales tax on sales. If the sales tax rate is 5% and the register total amounted to $262,500, what is the amount of the sales taxes owed to the taxing agency?

Reference no: EM132512684

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