In January, gross earnings in Vega Company totaled $70,000. All earnings are subject to 8% FICA taxes,
Question:
In January, gross earnings in Vega Company totaled $70,000. All earnings are subject to 8% FICA taxes, 5.4% state unemployment taxes, and 0.8% federal unemployment taxes.
Prepare the entry to record January payroll tax expense.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (7 reviews)
Jan 31 Payroll Tax Expense 9940 FIC...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
Prepare the entry to record income taxes on December 31, 2011, assuming that Jason Corporations income tax expense is $120,000 and that it owes $80,000 in income taxes to the government. Prepare the...
-
Cullumber Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 12% and has a carrying value of $15,000. At year-end,...
-
All forecasts are subject to error. Do you think top managers would be concerned about the effects on the firm it sales revenues or unit costs, for example, turned out to be different from the...
-
Drag and drop the protocols from the bank to their respective layer on the OSI and TCP/IP Model. Not every layer will have protocols associated with it. Protocols TCP/IP Model OSI Model Application...
-
In the article, "Reasons for Non-uptake of Measles, Mumps, and Rubella Catch Up Immunisation in a Measles Epidemic and Side Effects of the Vaccine" (British Medical Journal, Vol. 310, pp. 1629-1632),...
-
Sonny Rice is the partner in charge of the Houston office of the audit firm. He is responsible for the practice in all areas of audit, tax, and consulting, but he does not serve as a field audit...
-
Use the NBA PER data introduced in Problem 8.21 and consider the model found in part $\mathrm{c}$ of that problem. There are some potential outliers in the data (the first observation is an obvious...
-
Ralph Henwood was paid a salary of $64,600 during 20-- by Odesto Company. In addition, during the year Henwood started his own business as a public accountant and reported a net business income of...
-
Minor, Incorporated, had revenue of $ 5 7 2 , 0 0 0 and expenses ( other than income taxes ) of $ 2 8 2 , 0 0 0 for the current year. The company is subject to a 3 5 percent income tax rate. In...
-
Suppose that Tang and Wilson must split a fixed 400 pounds of food between them. Tangs utility function is UT = sqrt (F1) and Wilsons utility function is UW = sqrt (F2 ), where F1 and F2 are pounds...
-
Data for Cindy Neuer are presented in BE11-7. Prepare the journal entries to record (a) Cindys pay for the period and (b) The payment of Cindys wages. Use January 15 for the end of the pay period and...
-
Rodriquez Company has the following payroll procedures. (a) Supervisor approves overtime work. (b) The human resources department prepares hiring authorization forms for new hires. (c) A second...
-
For the following exercises, refer to Table 9. Use a graphing calculator to create a scatter diagram of the data. x 1 f(x) 5.1 2 6.3 3 7.3 Table 9 4 7.7 5 8.1 6 8.6
-
Who are shoplifters? What is a common way to classify shoplifters?
-
Is the demand for tickets to a festival elastic or inelastic? What about the demand for furniture? Briefly explain.
-
David Ricardo was the first economist to suggest that two countries can benefit from trade even if one was less productive in all sectors of the economy. Explain the reasoning behind this suggestion...
-
Why is data standardization important? How is it useful?
-
Next time you walk through a store, identify some places or areas that may benefit from situational crime prevention.
-
The are used to identify the less visible abstractions and objects in the problem domain. (a) frameworks (b) design principles (c) discovery and invention (d) design patterns
-
Describe basic managerial approaches to implementing controls and how these are implemented.
-
Find the area of the shaded region in Figures 1619. y=x - 2x +10 -2 y 2 y=3x + 4x - 10 X
-
As the controller of Breathless Perfume Company, you discover a misstatement that overstated net income in the prior years financial statements. The misleading financial statements appear in the...
-
Describe the parts of a T account.
-
Describe the parts of a T account.
-
Sunland Corp. designs and builds custom harvesting equipment for logging companies across Canada. The company, which is publicly traded, has a May 31 year end. On February 18, 2024, Sunland signed a...
-
Kubin Company's relevant range of production is 18,000 to 22,000 units. When it produces and sells 20,000 units, its average costs per unit are as follows: Average Cost per Unit Fixed administrative...
-
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At...
Study smarter with the SolutionInn App