1. What is the actual (direct labor) wage rate per hour paid last month? 2. What is the direct labor rate variance? 3. What is the direct labor efficiency variance?
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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- Marc Associates employs Janet Evanovich at its law firm. Her gross income for June is $7,500. Payroll for the month of June follows: federal income tax of $650, state income tax of $60, local income tax of $30, FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, health-care insurance premium of $300, donations to a charity of $50, and pension plan contribution of $200. The employee is responsible for covering 40% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of June; dated June 30, 2017. B. Record remittance of the employees salary with cash on July 1.Marc & Associates employs Janet Evanovich at its law firm and June is the first pay period for Janet. Her gross income for June is $7,500. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. Payroll for the month of June follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $650, state income tax of $60, local income tax of $30, health-care insurance premium of $300, pension plan contribution of $200, and donations to a charity of $50. The employee is responsible for covering 40% of her health insurance premium. The employer is responsible for 60% of the health insurance premium. The employer matches 50% of employee pension plan contributions.Brenda Sheldon, CPA, pays her new staff accountant, Abby , a salary equivalent to $21 per hour while Brenda receives a salary equivalent to $37 per hour. The firm's predetermined indirect cost allocation rate for the year is $11 per hour. Sheldon bills for the firm's services at 34% over cost. Assume Brenda works 6 hours and Abby works 8 hours preparing a tax return for Mikayla Touchstone. 1. What is the total cost of preparing Touchstone's tax return? 2. How much will Brenda bill Touchstone for the tax work?
- K Alten Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor) time spent on each retum is 2 hours. The direct labor standard wage rate at the firm is $12.50 per hour Last month, 1,190 direct labor hours were used to prepare 600 tax returns Total wages were $17.255 Read the requirements Cuf) Requirement 1. What is the actual (direct labor) wage rate per hour paid last month? (Round your answer to the nearest cent) The actual (direct labor) wage rate per hour paid last month isMarc & Associates employs Janet Evanovich at its law firm and June is the first pay period for Janet. Her gross income for June is $7,500. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. Payroll for the month of June follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $650, state income tax of $60, local income tax of $30, health-care insurance premium of $300, pension plan contribution of $200, and donations to a charity of $50. The employee is responsible for covering 40% of her health insurance premium. The employer is responsible for 60% of the health insurance premium. The employer matches 50% of employee pension plan contributions. Cash Health Insurance Payable Union Dues Payable Benefits Expense State Unemployment Tax Payable Federal Unemployment Tax Payable Salaries Expense FICA Medicare Tax Payable Federal Income Tax Payable 401(k) Retirement Plan Payable Employer Payroll…Sanders Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor) time spent on each return is 4 hours. The direct labor standard wage rate at the firm is $13.50 per hour. Last month, 3,580 direct labor hours were used to prepare 900 tax returns. Total wages were $50,120. Read the requirements. Requirement 1. What is the actual (direct labor) wage rate per hour paid last month? (Round your answer to the nearest cent.) The actual (direct labor) wage rate per hour paid last month is Requirements 1. What is the actual (direct labor) wage rate per hour paid last month? 2. What is the direct labor rate variance? 3. What is the direct labor efficiency variance? 4. How might the direct labor rate variance for the firm last month be causing the direct labor efficiency variance? X
- Marc & Associates employs Janet Evanovich at its law firm and June is the first pay period for Janet. Her gross income for June is $7,500. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. Payroll for the month of June follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $650, state income tax of $60, local income tax of $30, health-care insurance premium of $300, pension plan contribution of $200, and donations to a charity of $50. The employee is responsible for covering 40% of her health insurance premium. The employer is responsible for 60% of the health insurance premium. The employer matches 50% of employee pension plan contributions. Record the two journal entries for the payment in cash of all employer liabilities only on July 1. DR DR DR DR DR DR DR CR DR DR DR CRTopStone Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $6,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $400, state income tax of $75, health-care insurance premium of $200, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. B. Record remittance of the employee's salary with cash on June 1 In 4.1 above, you prepared the journal entries for the employee of TopStone Inc. You have now been given the following additional information: · May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible…Lisa Claussen, CPA, pays her new staff accountant, Gina, a salary equivalent to $27 per hour while Lisa receives a salary equivalent to $39 per hour. The firm's predetermined indirect cost allocation rate for the year is $16 per hour. Claussen bills for the firm's services at 25% over cost. Assume Lisa works 1 hours and Gina works 16 hours preparing a tax return for Mikayla Jones. 1. What is the total cost of preparing Jones's tax return? 2. How much will Lisa bill Jones for the tax work? 1. What is the total cost of preparing Jones's tax return? Enter the direct and indirect costs for preparing Jones's tax return. Direct Cost: Lisa's time Direct Cost: Gina's time Total Direct Cost: Indirect Cost: Total cost of preparing tax return hrs. hrs. hrs.
- Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $16,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $430, state income tax of $95, health-care insurance premium of $220, and union dues of $60. The employee is responsible for covering 30% of his or her health insurance premium. Toren Inc. have the following additional information: • May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,100 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium. A. Record the employer payroll for the month of May, dated May 31, 2017. If an amount box does not require an entry, leave it blank. May 31 To recognize employer payroll for May May 31 To record employer-paid benefits for MayToren Inc. employs one person to run its solar management company. The employee’s gross income for the month of May is $4,708. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2% FICA Medicare tax rate at 1.45% Federal income tax of $400 State income tax of $75 Health-care insurance premium of $152 Union dues of $50 The employee is responsible for covering 23% of his or her health insurance premium What is the net pay of the one employee for the month of May? Round to the nearest penny, two decimals.Deep Mouse Designs has 14 employees within Denver City and County. The employees earned $9.80 per hour and worked 160 hours each during the month. The employer must remit $4.00 per month per employee who earns more than $500 per month. Additionally, employees who earn more than $500 per month must have $5.75 withheld from their pay. Required: What is the employee and employer Occupational Privilege Tax for these employees? (Round your answers to 2 decimal places.)