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Question - On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $23,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $12,860 of federal income taxes, $1,380 of medical insurance deductions, and $820 of union dues. No employee earned more than $7,000 in this first period.
Required - Calculate the amounts for each of these four taxes of Regis Company. Regis's merit rating reduces its state unemployment tax rate to 5% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%.
1. FICA-Social Security
2. FICA-Medicare
3. FUTA
4. SUTA
Record the 20X1 entries for the purchase of the machine and the lease to Sunshine Engineering Company on the books of Grande Machinery Company. Provide elimination entries that would be made on the 20X1 consolidated worksheet.
Managers give you the following information: sales = $67 million, total debt = $27 million, debt ratio = 43%, ROE = 12.7%. Using this information, what is PJ's
A Ltd is a 51 % shareholder in C Ltd and currently has two out of five board. Advise A Ltd whether it is required to prepare consolidated financial statements.
A project that will generate annual net operating income of $12,950. Would it be in the best interests of the company to make this investment?
you were hired as a financial consultant to defense electronics inc dei a large publicly traded firm that is the market
Prepare the entry to record the absorption of Quaney's capital deficiency by the other partners and the distribution of cash to the partners with credit balances.
Whole a production cost report for the Motor Department of Sun Appliance for March. Leave no cells blank - be certain to enter "0" wherever needed.
John is planning to open a do-it- yourself dog bathing center. The bathing equipment will cost $ 160,000. What is the project NPV
What is the effective interest rate if interest is compounded quarterly? If a credit card company runs an ad quoting a nominal interest rate of 14.7 percent.
During that period the stock paid dividends of $3.60 per share. What is your annualized holding period return (annual percentage rate)?
On January 1, 2004, Digital, Inc. leased heavy machinery from Young Leasing Company. The terms of the lease require annual payments of $100,000 for nine years beginning on December 31, 2004. The interest rate on the lease is 10%. Assume the lease qua..
If the discount rate is 11.5%, what would be the present value of the expected dividend stream (aka the expected price of the firm's stock)?
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