According to a summary of the payroll of Mountain Streaming Co., $120,000 was subject to the 6.0%
Question:
According to a summary of the payroll of Mountain Streaming Co., $120,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $45,000 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, 0.8%.
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 Employers Payroll Taxes Amount Subject to Tax Tax Rate Social securit...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Managerial Accounting questions
-
According to a summary of the payroll of Bailik Co., $880,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $40,000 was subject to state and federal unemployment taxes....
-
According to a summary of the payroll of Murtagh Co., $750,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $50,000 was subject to state and federa unemployment taxes....
-
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...
-
Describe how price variances create incentives to build inventories.
-
Where can authoritative IFRS be found related to dilutive securities, stockbased compensation, and earnings per share?
-
1. What types of analytics are applied in the injury analysis? 2. How do visualizations aid in understanding the data and delivering insights into the data? 3. What is a classification problem? 4....
-
Figure 2.86 shows a scatterplot illustrating three different variables from the dataset HappyPlanetIndex. The variable Happiness is a measure of the well-being of a country, with larger numbers...
-
Messer Company purchased equipment for $24,000. The company is considering whether t o determine annual depreciation using the straight-line method or the declining-balance method at 150 percent of...
-
Less: Cost of goods sold Gross margin Less: SG&A expenses Operating profit margin EXHIBIT 1 Financial Data for Tiffany and TJX (in thousands) Net sales TIFFANY & CO. Income Statement TJX (YEAR...
-
Presented below are the 2021 income statement and comparative balance sheets for Santana Industries. Additional information for the 2021 fiscal year ($ in thousands):1. Cash dividends of $1,000 were...
-
At the end of the current year, the accounts receivable account has a debit balance of $2,950,000 and sales for the year total $27,400,000. Determine the amount of the adjusting entry to provide for...
-
On January 1 of Year 1, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The note requires annual payments of $43,620, beginning on December 31 of Year 1. a....
-
What will be the kinetic energy of the ram of a pile driver when it suddenly undergoes a 10-kJ decrease in potential energy?
-
Why do you think investigating a sample is more efficient for statistical control than investigating an entire population?
-
What are the various components required for determining the sample size for the mean? Explain in detail the meaning and relevance of the concept of acceptable sampling error. How is sampling error...
-
Comment on the variability of the mean of more observations from the population instead of one observation.
-
What do you understand by the terms deductive reasoning and inductive reasoning? How do you think they are interrelated?
-
Use the data in Table 1.11 to determine the percentage increase in the CPI between 2007 and 2008. Date Introduced First-Class Postage Rates ($) CPI (2008-100) 7/1/1885 11/3/1917 0.02 4.3 0.03 6.0...
-
Pendulum motion is analyzed to estimate simple harmonic motion. A plot is generated with the position of the pendulum over time.The graph is used to find a sinusoidal curve of the form y = A cos[B(x...
-
What mass of H2 will be produced when 122 g of Zn are reacted? Zn(s) + 2HCl(aq) ( ZnCl2(aq) + H2(g)
-
Identify the following costs as direct materials (DM), direct labor (DL), or factory overhead (FO) for an automobile manufacture. a. Paper used in the magazine b. Maintenance on printing machines c....
-
Identify the following costs as direct materials (DM), direct labor (DL), or factory overhead (FO) for an automobile manufacture. a. Paper used in the magazine b. Maintenance on printing machines c....
-
Identify the following costs as direct materials (DM), direct labor (DL), or factory overhead (FO) for an automobile manufacture. a. Paper used in the magazine b. Maintenance on printing machines c....
-
Your GST bill has arrived. You need to pay GST on $153,890. How much do you need to pay in GST? Explain.
-
Given the fact that the telecom industry is extremely competitive, is it likely that Empire will find willing benchmarking partners among it's competitors?
-
Moxie Inc., a company that produces typewriter replicas, has fixed costs of $20,000 and variable costs of $18 per unit of output. Their expected unit sales is 10,000 units. What is the unit cost of...
Study smarter with the SolutionInn App