In January, the payroll supervisor determines that gross earnings for Carlyle Company are $120,000. All earnings are
Question:
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.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (16 reviews)
Payroll Tax Expense 16620 FICA Tax...View the full answer
Answered By
Branice Buyengo Ajevi
I have been teaching for the last 5 years which has strengthened my interaction with students of different level.
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Accounting questions
-
In January, the payroll supervisor determines that gross earnings for Halo Company are $70,000. All earnings are subject to 7.65% FICA taxes, 5.4% state unemployment taxes, and 0.6% federal...
-
Federal and state taxes are deducted from your gross salary every month along with social security and Medicare taxes at about 22%, as well as other deductions such as retirement contributions,...
-
Gross payroll is taxed by both federal and state governments. Identify these taxes and indicate who bears the cost of the tax, the employer or the employee.
-
The Acme Insurance Company purchased a five-year bond whose interest rate floats with LIBOR. Specifically, the interest rate in a given year is equal to LIBOR plus 200 basis points. At the same time...
-
A solution containing 50.0 mL of 0.100 M EDTA buffered to pH 10.00 was titrated with 50.0 mL of 0.020 0 M Hg(ClO 4 ) 2 in the cell shown in Exercise 14-B: S.C.E. 7 titration solution | Hg(l) From the...
-
IFRS requires that noncash items: a . Be reported in the section to which they relate, that is, a noncash investing activity would be reported in the investing section. b . Be disclosed in the notes...
-
Engineers are often accused of having a narrow view of problems, and are claimed to lack skills to deal with ambiguity. In what ways might an engineering manager differ in this regard?
-
Alteran Corporation purchased a machine for $1.5 million in 2010. The machine is being depreciated over a 10-year life using the sum-of-the-years-digits method. The residual value is expected to be...
-
The rate of discount is given as d = (R-P)/R.n Where R is redemption value, P is initial price and n is time to redemption If the current rate of discount on treasury bills is quoted at 3%: i....
-
Jai is a trader. The following balances appeared in his books on 31 March 208. $ Sales .........................................86,000 Purchases ................................51,500 Bank overdraft...
-
In January, gross earnings in Burrell Company were $80,000. All earnings are subject to 7.65% FICA taxes. Federal income tax withheld was $14,000, and state income tax withheld was $1,600. (a)...
-
C.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...
-
Find the magnitude of each of these vectors. a. 3i + 4j b. 6i 8j c. 5i + 12j d. 2i + 4j e. 3i 5j f. 4i + 7j g. 3i + 5j h. 4i j
-
The statement of cash flows classifies each transaction as an operating activity, an investing activity, or a financing activity. Operating activities are the types of activities the company performs...
-
In the unadjusted trial balance of its worksheet for the year ended December 31, 2025, Kim Company reported Equipment of NT$120,000. The year-end adjusting entries require an adjustment of NT$15,000...
-
Problem 24.25 describes two particles that orbit the earth's magnetic field lines. What is the frequency of the circular orbit for a. An electron with speed \(1.0 \times 10^{6} \mathrm{~m} /...
-
A device called a flip coil can be used to measure the earth's magnetic field. The coil has 100 turns and an area of \(0.010 \mathrm{~m}^{2}\). It is oriented with its plane perpendicular to the...
-
What UM practices does your health insurance company follow to control costs and ensure the provision of medically necessary services? This information may be available in your insurance benefits...
-
Which of the following is not a way to underrecord liabilities? a. Borrowing but not disclosing debt incurred on existing lines of credit. b. Claiming that existing debt has been forgiven by...
-
Chicago Company sold merchandise to a customer for $1,500 cash in a state with a 6% sales tax rate. The total amount of cash collected from the customer was $558. $600. $642. $636. Nevada Company...
-
For a completely transposed three-phase line identical conductors, each with GMR denoted \(\mathrm{D}_{\mathrm{S}}\) with conductor distance \(\mathrm{D}_{12}, \mathrm{D}_{23}\), and...
-
Pargo Company is preparing its budgeted income statement for 2017. Relevant data pertaining to its sales, production, and direct materials budgets can be found in In addition, Pargo budgets 0.3 hours...
-
Zeller Company estimates that 2017 sales will be $40,000 in quarter 1, $48,000 in quarter 2, and $58,000 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending finished...
-
Trusler Company has always done some planning for the future, but the company has never prepared a formal budget. Now that the company is growing larger, it is considering preparing a budget....
-
1. Refer to the graph provided. Price, cost of unit $15- 9 MC ATC MR = P = D a. At what level of output does the firm maximize profit? Explain how you know. b. At the profit-maximizing quantity of...
-
A bond issued 10 years ago had a face value of $2,000; a coupon rate of 5%; and a yield of 6% when it was sold last month in the secondary bond market. At what price did the bond sell in the...
-
What are the assertions affected by the earlier list on what could go wrong in the post to the general journal process? The assertions to use are Completeness Existence/Occurrence Presentation and...
Study smarter with the SolutionInn App