In January, gross earnings in Lugo Company totaled $80,000. All earnings are subject to 7.65% FICA taxes,

Question:

In January, gross earnings in Lugo Company totaled $80,000. All earnings are subject to 7.65% FICA taxes, 5.4% state unemployment taxes, and 0.6% 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:

Related Book For answer-question

Accounting Tools For Business Decision Making

ISBN: 9781119571056

7th Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

See More Books

Question Posted: Feb 03, 2020 04:38 AM

See More 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...
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...
All businesses are subject to various types of legal proceedings. Merck & Co. Inc., a global health care company that manufacturers prescription medicines, has been a defendant in a number of...
NIU Company's budgeted sales and direct materials purchases are as follows: NIU's sales are 40% cash and 60% credit. It collects credit sales 10% in the month of sale, 50% in the month following...
Which solute would provide the sharper end point in a titration with 0.10 M NaOH: (a) 0.10 M nitrous acid or 0.10 M iodic acid? (b) 0.10 M hypochlorous acid or 0.10 M pyruvic acid?
What are some examples of payments people must make for government goods or services based on the ability-to-pay principle?
Using an incremental internal rate of return (IRR) analysis, the decision to replace the "current best" by the "challenger"' is based on what decision rule? a. The internal rate of return of the...
For 2012, Selene Company initiated a sales promotion campaign that included the expenditure of an additional $25,000 for advertising. At the end of the year, Scott Brown, the president, is presented...
Levinn's utility function is expressed as the following: U= C1 C2 0.3 where C1 is his first period consumption and C2 is his second period consumption. His income in the first period is $2500 and...
The Cascades Swim Club has 300 shareholders, each holding one share of stock in the club. A share of club stock allows the shareholders family to use the clubs heated outdoor pool during the summer...
The following payroll liability accounts are included in the ledger of Harmon Company on January 1, 2022. FICA Taxes Payable .......................................$ 760.00 Federal Income Taxes...
For the year ended December 31, 2022, Denkinger Electrical Repair Company reports the following summary payroll data.Gross earnings:Administrative salaries ..................$200,000Electricians?...
a. Some of the problems you outline in your recent e-mail, could be rectified through more stringent purchasing procedures. b. Some of the problems you outline in your recent e-mail could be...
Cooks and Biscuits would share costs of further developing the children's cooking program equally, each paying half directly to the supplier or contractor concerned. Determine whether a partnership...
Ben has requested that the accounts and reports be prepared in a professional manner and presented within one week. Adjustments: Interest owing on loan $4000. Wages owing to employees $10000....
The main point of project management is the concept of an "iron triangle" where you can do trade-off analysis between cost, schedule, and performance. Research this concept online. Then, address the...
Access the data from the file "soil moisture water balance.xls" and calculate average daily precipitation for each month. Also, calculate the unadjusted Heat Index (i) for each month as is done for...
Since 2010, Gary has been a limited partner of XYZ Company, which has not been profitable. He has a $3,500 prior year loss disallowed by the passive activity rules. Gary's status changed to general...
You are a new supervisor (you have been there 2 weeks) at a large organization that develops technology for the military. You are retired military and just finished your Bachelor's Degree in...
Eleni Cabinet Company sold 2,200 cabinets during 2011 at $160 per cabinet. Its beginning inventory on January 1 was 130 cabinets at $56. Purchases made during the year were as follows: February . 225...
Indicate, in the sequence in which they are made, the three required steps in the accounting cycle that involve journalizing.
Identify, in the sequence in which they are prepared, the three trial balances that are required in the accounting cycle.
Explain the terms earnings management and quality of earnings.
Jaeger, Inc. bonds have a 6 . 4 5 % coupon rate with semiannual coupon payments. They have 1 6 years to maturity and a par value of $ 1 , 0 0 0 . What is the current yield of the bond if the bond is...
How do advanced rhetorical techniques, such as epizeuxis or antithesis, enhance the persuasive impact of communication by leveraging linguistic precision and stylistic sophistication?
Writing is one of the essential skills at school. When learners struggle to write, teachers get frustrated. Describe how you can identify learners who experience barriers to writing. Specific...

In January, gross earnings in Lugo Company totaled $80,000. All earnings are subject to 7.65% FICA taxes,

Question:

Step by Step Answer:

Date Account titles and explanation Debit Credi...View the full answer

Accounting Tools For Business Decision Making

Students also viewed these Business questions