Swifty Corporation, which has a taxable payroll of $1300000, is subject to FUTA tax of 6.2% that includes a state contribution rate of 5.4%. However, because of stable employment experience, the company's state rate has been reduced to 2%. What is the total amount of federal and state unemployment tax for Swifty Corporation? O $106600 $36400 O$150800
Q: Yashito was leading producer of battery operated fans where it offers two types of fans Fan 1: units…
A: Contribution per unit: = Selling price - Variable cost Number of units sold for fan 1=4,150 Number…
Q: 4/2 Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: ABC Company uses the retail inventory method to estimate its inventory for interim financial…
A: Ending inventory refers to the stock value which remains at the end of the fiscal year or the year…
Q: 7 Bought motor vehicle by cheque for RM4,300
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: ccountants for Morston, Inc. have assembled the following data for the year ended December 31, 2024:…
A: Cash flow statement is the statement which shows transaction related to cash in operating, Investing…
Q: Shays' Rebellion demonstrated the immense power of the federal government under the Articles…
A: Shays' Rebellion was the series which is of armed protests staged in the year 1786 through farmers…
Q: What amount would a person with actual cash value (ACV) coverage receive for three-year- old…
A: Depreciation represents the reduction in the value of an asset over a useful life of the asset. It…
Q: 5) Suppose that P5,000,000 is allocated for sales department, marketing department and advertising…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: The following were selected from among the transactions completed by Home Sentry Company during…
A: Journal entry: It is the first step of recording transactions of a company. Before this, no other…
Q: QUESTION 1 dentify each of the costs listed below. Straight-line depreciation on factory equipment…
A: The costs incurred can be classified as fixed and variable costs. The fixed costs remains constant…
Q: The Collins Company uses a job-order costing system and applies manufacturing overhead cost to jobs…
A: Predetermined overhead rate =200000/160,000 = 1.25 General Journal entries: a. Raw materials…
Q: Melissa Corporation is domiciled in Germany and is listed on both the Frankfurt and New York Stock…
A: Deferred Tax Asset The term deferred tax asset (DTA) refers to assets resulting from tax…
Q: What is difference between general ledger and balance sheet. If possible, can you give me an…
A: The accounting is a process to record the financial transactions on regular basis and prepare the…
Q: A cash budget, by quarters, is given below for a retail company (000 omitted). The company requires…
A: The cash budget is prepared to record the cash receipts and cash disbursements incurred during the…
Q: Capital projects funds account for construction expenditures, not for the assets that are being…
A: Statement of Revenue Expenditure & Changes in Fund Balance is a statement which shows the flow…
Q: Idaho Corp. has fixed costs of $20,000 and a contribution margin ratio of 50%. Currently, sales are…
A: Margin of Safety: The margin of safety is a notion in investing that states that investor should…
Q: Tommy specks makers has two variety of specks has provided with rele Speck 1: Selling price-50 Speck…
A: Contribution margin is the difference between selling cost and variable cost without giving…
Q: Question 4: Company prepares a certain product. All materials are added at the beginning of the…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: 1- How efficiently are we using our time? 2- Will we be ahead or behind schedule? 3- How efficiently…
A: Efficiently usage of time means that the project or even any work which has been taken by the…
Q: a. Using the "2020 Quarterly Revenue" worksheet provide the relevant formulas to complete the…
A: The quarterly income means the income that is earned in a quarter. The sales revenue is the revenue…
Q: 20,000 when it sells 40,000 units. If total fixed costs are $40,000,
A: A variable cost is an expense that changes depending on how much product is produced or sold.…
Q: Journal en topes! 21- 23 Sent a bill to R. Hernandez, P2, 500 for car service rendered at his…
A: Journal entries is primary reporting of the business transactions in the books of accounts.
Q: 4/2 Purchased three computers and a printer from Best Buy for $2,000
A: Introduction: Journal: All the business transactions are to be recorded in Journals. Journals are…
Q: 4/3 how to solve this problem? with puting into general journal as debit and credit side Paid the…
A: The journal entries are prepared to record the transactions of the business on regular basis. The…
Q: 7. A sports equipment company issued a $6 cumulative preferred stock issue. In 2010 the firm's board…
A: Preferred stock is the stock which is issued by the company for the purpose of raising long term…
Q: the closing entries for the Oakville Journal. Use the year-end date December 31, 2 Oakville Journal…
A: The closing entries are prepared to close the temporary accounts of the business including revenue…
Q: Instructions The following selected transactions were completed by Amsterdam Supply Co., which sells…
A:
Q: On June 30, 2020, Blossom Limited issued $2 million of 20-year, 13% bonds for $2,320,916, which…
A: The bonds payable are issued at premium when market rate is less than the coupon rate of bonds…
Q: List Price (LP) P580 P6200 (5) (7) (9) Rate of Trade Discount (D₁) (1) (3) (6) 85% 2.8% Trade…
A: List Price (LP) Rate of Trade Discount Trade Discount Net Price 580.00 7.5%…
Q: On September 1, Delta Company had 30,000 units in process, which were 30% completed. Direct…
A: The first in first out is an inventory valuation and management method. under the FIFO method, the…
Q: The company sells on terms 2/10, net 30. Total sales for the year are P1,000,000, of which P100,000…
A: Total sales is the combination of cash sales and credit sales. Accounts receivables is the amount to…
Q: eBook Print tem Current Liabilities By the Month Inc. sold 15,000 annual magazine subscriptions for…
A: Current liabilities are the liabilities which are to be paid within a year. The working for current…
Q: Which of the following statement is true about "Cumulative Stock Dividends in Arrears? Select all…
A: Cumulative stock dividend in arrears is dividend payable but not yet paid to preferred stock…
Q: Service revenue 110,500 Salary expense 44,850 12.
A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…
Q: Mary Canfield purchased the All-Canadian Compound bond fund. While this fund doesn't charge a…
A: Deferred revenue is hat kind of revenue wherein money received is in kind of advance manner for the…
Q: ABC Corp uses the straight line method to depreciate a machine purchased on Jan 1, 20X1 for P20,000.…
A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…
Q: it issued 2,500 of its share for cash at P17.50 per share. On another day, it issued additional…
A: Dividends are declared by the Board of Directors (BOD) out of income remaining after setting aside…
Q: Magnolia, Inc. manufactures bedding sets. The budgeted production is for 24,200 comforters this…
A: Formula: Total required materials = Budgeted production units x Yards required for materials
Q: Use the above information to prepare a December statement of retained earnings for Help Today. The…
A: Retained earnings is the earnings of the company out from the net profits earned by the company…
Q: Gross receipts from sales $ 670,000 Cost of goods sold (460,000) Operating expenses (96,800)…
A: Introduction: Ordinary income is defined as earned on a regular basis that is taxed at ordinary…
Q: Roman Destinations issues bonds due in 10 years with a stated interest rate of 5% and a face value…
A: The bonds are the financial instruments of the business that are used to raise the money from the…
Q: The payroll register of Clapton Co. indicates $11,340 of social security withheld and $2,835 of…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Find the cost of good sold and other operating expense 2019:
A: Cost goods sold represents the amount incurred by the entity for making the sales for a particular…
Q: Expected sales Variable costs 10,000 units @ £8 £5 per unit £21,000 Fixed costs Assume Sales volume…
A: The Break even point is the point of No profit no loss as at this point the firm is earning a zero…
Q: A company had net sales of $570,000, total sales of $720,000, and average accounts receivable, net…
A: Accounts receivable ratio is calculated to know how efficiently the company collects its debts…
Q: 11. Jean and Dan both work. Each earns a salary of $48,500, but only Jean is a member of a…
A: Introduction: A Registered Retirement Savings Plan (RRSP) is a Canadian federal…
Q: Explain how factoring works. Of what benefit is factoring to a firm that sells its receivables?
A: This kind of the financial transaction helps the business in raising quick amount of cash through…
Q: Accounts payable Income tax payable Other liabilities Total liabilities Common stock Retained…
A: >Financial Statements are prepared at the end of accounting period, and these include: #1:…
Q: Question 3: What is the current multifactor productivity?
A: Companies check the productivity level so that to determine what is the productivity of the company…
Q: How much is the issuance price for the Preference Share Capital? How much is the issuance price for…
A: Contributed Capital is the total amount contributed by the owners and also includes shares premium.…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Davis, Inc. paid wages to its employees during the year as follows: a. How much of the total payroll is exempt from the FICA rate of 8%? b. How much of the total payroll is exempt from federal and state unemployment taxes? c. How much of the total payroll is exempt from federal income tax withholding?Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $11,300. What is the amount of total unemployment taxes the employer must pay on this employee's wages? Multiple Choice О $610.20. О $678.00. О $420.00. О $67.80. О $0.00. 18
- According to a summary of the payroll of Guthrie Co., $560,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $60,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%.$fill in the blank 56eb93018fa2006_1 b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.Since the SUTA rates change at the end of each year, the available 2023 rates were used for FUTA and SUTA. Note: For this textbook edition the rate 0.6% was used for the net FUTA tax rate for employers. Example 5-6 Park Company has a $70,000 federal and state taxable payroll and has earned a reduced state tax rate timely, the FUTA tax calculation is as follows: Gross FUTA tax ($70,000 x 0.060) Less 90% credit for state taxes paid late ($70,000 x 0.04 x 90%) $2,520 Less additional credit for state tax if rate were 5.4% [$70,000 x (0.054 - 0.04)] 980 Total credit Net FUTA tax If Park Company had made its SUTA payments before the due date of Form 940, the credit for the paym would have provided a total credit of $3,780 and a FUTA tax savings of $280. Peroni Company paid wages of $170,900 this year. Of this amount, $114,000 was taxable for net FUTA and SUTA purposes. The state's contribution tax rate is 3.1% for Peroni Company. Due to cash flow problems, the company did not make any SUTA…P12.4 (LO 1)Excel (Payroll Tax Entries) The following is a payroll sheet for Otis Imports for the month of September 2025. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $142,800. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $142,800 per employee. Name B.D. Williams D. Raye K. Baker F. Lopez A. Daniels B. Kingston Instructions Earnings to Aug. 31 $ 6,800 6,500 7,600 13,600 131,300 136,300 September Earnings $ 800 700 1,100 1,900 13,000 16,000 Income Tax Withholding FICA Unemployment Tax Federal State a. Complete the payroll sheet and make the necessary entry to record the payment of the payroll. b. Make the entry to record the payroll tax expenses of Otis Imports. c. Make the entry to record the payment of the payroll…
- compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $142,800. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $142,800 per employee. (a) Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.) Name B. D. Williams D. Raye K. Baker F. Lopez A. Daniels B. Kingston Earnings to Aug. 31 $6,700 6,500 7,500 13,700 131,700 136,200 September Earnings $900 800 1,200 2,100 14,200 17,400 $ Income Tax Withholding 100 $The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $11900. What is the amount of total unemployment taxes the employer must pay on this employee's wages? Multiple Choice $420.00. $71.40. $642.60. $0.00. $714.00.! a) Tax Required information [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.) FUTA SUTA b) Tax a. b. C. FICA-Social Security FICA-Medicare Gross Pay through August $ 6,700 18,500 112,500 FUTA SUTA c) Tax FICA-Social Security FICA-Medicare FUTA SUTA FICA-Social Security FICA-Medicare Gross Pay for September $ 400 2,400 8,300 September Earnings Subject to Tax 400.00 400.00 $ September Earnings Subject to Tax September Earnings Subject to Tax Tax Rate 6.20% 1.45% 0.60% 2.90% Tax Rate Tax Rate Tax Amount $…
- According to a summary of the payroll of Sinclair Company, $505,000 was subject to the 6.0% social security tax and $545,000 was subject to the 1.5% Medicare tax. Also, $10,000 was subject to state and federal unemployment taxes. Question Content Area Required: a. Compute the employer's payroll taxes using the following rates: State unemployment, 4.2%; Federal unemployment, 0.8%.$ fill in the blank bdfee804ffc2f82_1 Question Content Area b. Journalize the entry for the employer's payroll tax expense. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $3,060 in the current period and had cumulative pay for prior periods of $6,120. What is the amount of unemployment taxes the employer must pay on this employee's wages for the current period? Multiple Choice $420.00. $367.20. $52.80. O $183.60. $0.00.In 2020, Willow Corporation had three employees. Two of the employees worked full-time and earned salaries of $25,000 each. The third employee worked only part-time and earned $4,000. The employer timely paid state unemployment tax equal to 5.4 percent of each employee's wages up to $7,000. How much FUTA tax is due from Willow Corporation for 2020, after the credit for state unemployment taxes? a.$0 b.$102 c.$108 d.$918 e.$1,134