Question: In January the payroll supervisor determines that gross earnings for
In January, the payroll supervisor determines that gross earnings for Carlyle Company are $120,000. All earnings are subject to 7.65% FICA taxes, 5.4% state unemployment taxes, and 0.8% federal unemployment taxes. Record the employer’s payroll taxes.
Answer to relevant QuestionsC.S. Lewis Company had the following transactions involving notes payable.July 1, 2014 Borrows $50,000 from First National Bank by signing a 9-month, 8% note.Nov. 1, 2014 Borrows $60,000 from Lyon County State Bank by ...Gallardo Co. is involved in a lawsuit as a result of an accident that took place September 5, 2014. The lawsuit was filed on November 1, 2014, and claims damages of $1,000,000.Instructions(a) At December 31, 2014, ...Selected data from a February payroll register for Sutton Company are presented below. Some amounts are intentionally omitted.FICA taxes are 7.65%. State income taxes are 4% of gross earnings.Instructions(a) Fill in the ...For the year ended December 31, 2014, Denkinger Electrical Repair Company reports the following summary payroll data.Gross earnings:Administrative salaries ............ $200,000Electricians’ wages .............. ...Cunningham Processing Company performs word-processing services for business clients and students in a university community. The work for business clients is fairly steady throughout the year. The work for students peaks ...
Post your question