According to a summary of the payroll of Brooks Industries Co., $1,100,000 was subject to the 6.0%
Question:
According to a summary of the payroll of Brooks Industries Co., $1,100,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $50,000 was subject to state and federal unemployment taxes.
a. Calculate the employer’s payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.8%.
b. Journalize the entry to record the accrual of payroll taxes.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
a Social security tax 6 1100000 66000 Medicare tax 15 1100000 16500 State unem...View the full answer
Answered By
Ajeet Singh
Professional, Experienced, and Expert tutor who will provide speedy and to-the-point solutions.
I have been teaching students for 5 years now in different subjects and it's truly been one of the most rewarding experiences of my life.
I have also done one-to-one tutoring with 100+ students and help them achieve great subject knowledge.
I have expertise in computer subjects like C++, C, Java, and Python programming and other computer Science related fields.
Many of my student's parents message me that your lessons improved their children's grades and this is the best only thing you want as a teacher. I have done plenty of studying and lots of learning on many exciting and challenging topics. All these experiences have influenced my decision to take on the teaching role in various capacities. As a tutor, I am looking forward to getting to understand your needs and helping you achieve your academic goals. I'm highly flexible and contactable. I am available to work on short notice since I only prefer to work with very small and select groups of students.
4.90+
7+ Reviews
15+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
According to a summary of the payroll of Pendant Publishing Co., $800,000 of payroll was subject to the 7.5% FICA tax. Also, $17,500 was subject to state and federal unemployment taxes. a. Calculate...
-
According to a summary of the payroll of Glitz Publishing Co., $350,000 was subject to the 6.0% social security tax and $420,000 was subject to the 1.5% Medicare tax. Also, $14,000 was subject to...
-
According to a summary of the payroll of Newman Publishing Co., $600,000 was subject to the 7.5% FICA tax. Also, $50,000 was subject to state and federal unemployment taxes. a. Calculate the...
-
DAT, Inc., needs to develop an aggregate plan for its product line. Relevant data are The forecast for next year is Management prefers to keep a constant workforce and production level, absorbing...
-
In early 2012, General Electric (GE) had a book value of equity of $116 billion, 10.6 billion shares outstanding, and a market price of $17 per share. GE also had cash of $84 billion, and total debt...
-
Determine the minimum tension in the rope at points A and B which is necessary to maintain equilibrium. The coefficient of static friction between the rope and the fixed post D is s = 0.3. The rope...
-
An oil company is offered a lease of a group of oil wells on which the primary reserves are close to exhaustion. The major condition of the purchase is that the oil company must agree to undertake a...
-
Multiple-Choice questions: a. A companys current ratio is 2.2 to 1 and quick (acid-test) ratio is 1.0 to 1 at the beginning of the year. At the end of the year, the company has a current ratio of 2.5...
-
CASE STUDY: PROFITS AND THE EVOLUTION OF THE COMPUTER INDUSTRY. When profits in a given industry are higher than in other industries, new firms will attempt to enter that industry. CASE STUDY:...
-
The tables below give area?elevation data for a drainage basin and the average annual pre-cipitation measured at six gauges in the basin. The basin has an area of 269 km2, a mini-mum elevation of 311...
-
In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ....... ? 2. At overtime rate .. $135,000 3. Total earnings ....... ?...
-
The payroll register for Robinson Company for the week ended November 18 indicated the following: Salaries .......... $1,300,000 Social security tax withheld ... 61,100 Medicare tax withheld .........
-
What information is contained in the income statement? a. Revenues and expenses for a period of time b. Assets, liabilities, and owners equity for a period of time c. Revenue and expenses on a...
-
Consider an economy with the following data: Consumption expenditure = $271,650.0 million Planned investment = $218,972.0 million Government expenditure = $58,666.0 million Export expenditure =...
-
The Modern Arts Ltd requires 50,00,000 for a new project. This project is expected to yield earnings before interest and taxes of 7,50,000. While deciding about the financial plan, the company...
-
Your supervisor has been given a quote from a consultant to cover the risk of an increase in interest rates, as your company is looking to borrow money in the future. Your supervisor is complaining...
-
(a) Im HClO connecting the atoms with single bonds and chlorine as central atom, one structure we get D 1.. :0 -&-o-H Electrons octet rule is obeyed. Formal charges using resonance. and equalised...
-
21. Delores frequently interacts with and watches over other children who are visiting the Reddings' children in the Reddings' home. Are Benjamin and Sarah adequately pro- tected against a possible...
-
How can an REA model help an organization improve the level of data integration it achieves across multiple business processes?
-
[a] Two foam blocks, each with a charge of 19 micro coulombs (1 C = 10-6 C), are both held in place 19 cm apart in the east-west direction. A foam ball with a charge 49 C is placed 55 cm north of the...
-
Draw a Venn diagram showing people in a classroom wearing some black, people wearing some blue, and people wearing some brown.
-
What is the basic accounting equation?
-
(a) Define the terms assets, liabilities, and stockholders equity. (b) What items affect stockholders equity?
-
(a) Define the terms assets, liabilities, and stockholders equity. (b) What items affect stockholders equity?
-
Suppose a male member currently aged 35, entered service at his age of 25, has a current salary of $75, 000 and total past salary of $650, 000. Assume that salaries increase at the beginning of each...
-
The Acme Rocket Car Company has a $9000 note due in 5 years. How much should be deposited at the end of each quarter in a sinking fund to pay off the note if the interest rate is 6.3%.
-
If you put $100 per month in account earning 3% annual interest, compounded monthly for 10 years, how much can you withdraw from that account each month for the next year?
Study smarter with the SolutionInn App