Merger Co. has ten employees, each of whom earns $ 2,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $ 110,100 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.8% and SUTA taxes are 5.4% of the first $ 7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expenses. (Round amounts to cents.)
Answer to relevant QuestionsNoura Company offers an annual bonus to employees if the company meets certain net income goals. Prepare the journal entry to record a $ 15,000 bonus owed to its workers (to be shared equally) at calendar year- end.Sera Corporation has made and recorded its quarterly income tax payments. After a final review of taxes for the year, the company identifies an additional $ 40,000 of income tax expense that should be recorded. A portion of ...For the year ended December 31, 2013, Lopez Company has implemented an employee bonus program equal to 3% of Lopez’s net income, which employees will share equally. Lopez’s net income (prebonus) is expected to be $ ...Volvo Group reports the following information for its product warranty costs as of December 31, 2011, along with provisions and utilizations of warranty liabilities for the year ended December 31, 2011 (SEK in millions). ...Tavella Company’s first weekly pay period of the year ends on January 8. On that date, the column totals in Tavella’s payroll register indicate its sales employees earned $34,745, its office employees earned $21,225, and ...
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