You have a sole proprietorship. What is the name of your business? TDJ Cleaning Services What...

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You have a sole proprietorship. What is the name of your business? TDJ Cleaning Services What are you doing to make an income? We clean houses, apartments and storage spaces. Name one item you use in your business: a fixed asset. This asset will be depreciated with a straight-line method. Salvage Value: $225.00 Fixed Asset: Carpet Cleaner What is the historical cost? $450.00 What is the useful life of your fixed asset above? 6 years What is the depreciable value (cost) of the item? $75.00 What is the depreciation for this item for the first three years if you bought it on January 1, 2019? 2019-$450.00 2020-$375.00 2021-$300.00 What is the total accumulated depreciation for this item after three years? $225.00 What is the book value of your asset after three years? $225.00 Your business will sell this item at the end of 2021. How much did you sell it for? $250.00 What is the gain or loss on the sale of this item? $25.00 Gain Name another fixed asset in your business that you will depreciate with the units of activity method. Company Vehicle- 2011 Chevy Express What is the historical cost? $28,000 What is the unit of activity? Mileage (miles) How many units are estimated for the life of the asset? 40,000 What is the amount of depreciation for each unit? $0.70 How many units were used in 2019-2,700 2020-5,350 2021-1,950 What is the depreciation for this item for the first three years if you bought it on January 1, 2019? 2019-1,850 2020-3,745 2021-1,365 What is the total accumulated depreciation for this item after three years? 7000 Your business has two hourly employees. Give their names and their hourly rate below: Name: Victoria Name: Helga Hourly Rate: $12.50 Hourly Rate: $13.50 Give each employee a different hourly rate. Have one employee with overtime hours. Each employee will have 12% federal tax withheld. Each Employee will have a different donation and savings account amount withheld (unlike the other employee). Each employee will have a flat $.40 withheld for State Unemployment Tax (SUTA) Complete the register below for each employee (Make sure to look up the same table in your text and use the same method for the table values) Name Victoria Helga Total Hours Regular Pay Overtime Total 40 $500.00 $0.00 $500.00 50 $540.00 $202.80 $742.50 Soc Sec Fed Inc State Inc Local Inc State UE Savings Total Name Victoria Tax Med Tax Tax Tax Tax Tax Donations Acct Helga $31.00 $46.03 $7.25 $60.00 $16.00 $6.50 $0.40 $0.00 $0.00 $121.15 Deductions Net Pay $378.85 $10.77 $89.00 $20.00 $9.65 $0.40 $15.00 $25.00 $215.85 $526.65 List the four types of Business Payroll Tax and the Amounts for one pay period below for the above two employees that will be paid as a business expense: FUTA SUTA Medicare Tax Social Security Tax Create an Income Statement for your business that you prepared some values in the previous sections. You are an LLC partnership, and your time period is one year ending December 31, 2021. You should have revenues aligned with your choice of business. I If you chose a retail business, you must have COGS and Gross Profit lines in your income statement. FUTA is applied to the first $7000 of gross income for each employee. SUTA in PA is applied to the first $10,000 of gross income for each employee. You should have at least 6 business expenses and they must include: 1) The total depreciation that you have calculated for your two fixed assets. 2) The estimated wage expense that you will pay all employees for the total year. Show how you calculated your wage expense. 3) The estimated payroll tax expense that you will pay on the wages earned for the total year. Make sure that your payroll tax expense aligns with your wage expense. All your choices and values should be logical and a best judgement estimate for the business that you are operating. You must use proper Accounting Format. You have a sole proprietorship. What is the name of your business? TDJ Cleaning Services What are you doing to make an income? We clean houses, apartments and storage spaces. Name one item you use in your business: a fixed asset. This asset will be depreciated with a straight-line method. Salvage Value: $225.00 Fixed Asset: Carpet Cleaner What is the historical cost? $450.00 What is the useful life of your fixed asset above? 6 years What is the depreciable value (cost) of the item? $75.00 What is the depreciation for this item for the first three years if you bought it on January 1, 2019? 2019-$450.00 2020-$375.00 2021-$300.00 What is the total accumulated depreciation for this item after three years? $225.00 What is the book value of your asset after three years? $225.00 Your business will sell this item at the end of 2021. How much did you sell it for? $250.00 What is the gain or loss on the sale of this item? $25.00 Gain Name another fixed asset in your business that you will depreciate with the units of activity method. Company Vehicle- 2011 Chevy Express What is the historical cost? $28,000 What is the unit of activity? Mileage (miles) How many units are estimated for the life of the asset? 40,000 What is the amount of depreciation for each unit? $0.70 How many units were used in 2019-2,700 2020-5,350 2021-1,950 What is the depreciation for this item for the first three years if you bought it on January 1, 2019? 2019-1,850 2020-3,745 2021-1,365 What is the total accumulated depreciation for this item after three years? 7000 Your business has two hourly employees. Give their names and their hourly rate below: Name: Victoria Name: Helga Hourly Rate: $12.50 Hourly Rate: $13.50 Give each employee a different hourly rate. Have one employee with overtime hours. Each employee will have 12% federal tax withheld. Each Employee will have a different donation and savings account amount withheld (unlike the other employee). Each employee will have a flat $.40 withheld for State Unemployment Tax (SUTA) Complete the register below for each employee (Make sure to look up the same table in your text and use the same method for the table values) Name Victoria Helga Total Hours Regular Pay Overtime Total 40 $500.00 $0.00 $500.00 50 $540.00 $202.80 $742.50 Soc Sec Fed Inc State Inc Local Inc State UE Savings Total Name Victoria Tax Med Tax Tax Tax Tax Tax Donations Acct Helga $31.00 $46.03 $7.25 $60.00 $16.00 $6.50 $0.40 $0.00 $0.00 $121.15 Deductions Net Pay $378.85 $10.77 $89.00 $20.00 $9.65 $0.40 $15.00 $25.00 $215.85 $526.65 List the four types of Business Payroll Tax and the Amounts for one pay period below for the above two employees that will be paid as a business expense: FUTA SUTA Medicare Tax Social Security Tax Create an Income Statement for your business that you prepared some values in the previous sections. You are an LLC partnership, and your time period is one year ending December 31, 2021. You should have revenues aligned with your choice of business. I If you chose a retail business, you must have COGS and Gross Profit lines in your income statement. FUTA is applied to the first $7000 of gross income for each employee. SUTA in PA is applied to the first $10,000 of gross income for each employee. You should have at least 6 business expenses and they must include: 1) The total depreciation that you have calculated for your two fixed assets. 2) The estimated wage expense that you will pay all employees for the total year. Show how you calculated your wage expense. 3) The estimated payroll tax expense that you will pay on the wages earned for the total year. Make sure that your payroll tax expense aligns with your wage expense. All your choices and values should be logical and a best judgement estimate for the business that you are operating. You must use proper Accounting Format.