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Question - An employee receives an hourly rate of $45, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $950; Social security tax rate, 6.0%; and Medicare tax rate, 1.5%; state unemployment compensation tax, 5.4% on the first $7,000; federal unemployment compensation tax, 0.8% on the first $7,000.
Required - Calculate the employer's payroll tax expense under the following circumstances. Round your answers to two decimal places.
a. This is the first payroll of the year and the employee has no cumulative earnings for the year to date.
b. The employee's cumulative earnings for the year prior to this week equal $6,200.
The firm has conducted significant market research and estimated the following pattern for sales of the new product - product, and selling and administrative expenses are expected to average $50,000 per year, what is the target cost to produce the n..
What did the for deferred rent and other liabilities in January 31, 2009? Where did you find this information and what is the difference between prepaid expenses and deferred rent
Show how each transaction would be handled using the cash basis and the accrual basis. Under each column, give the amount of revenue
Mosso Company applies manufacturing overhead to production using a predetermined overhead based on machine hours each quarter. Because demand for the company's product has been soft, planned production level for the most recent quarter was significan..
Calculate the amount of dividends to be paid to each group of shareholders (i.e. preferred and common), assuming the preferred shares are cumulative
Year 2, wages payable of $49,600 at the end of Year 1, and wages payable of $68,200 at the end of Year 2. What amount of cash was paid for wages during Year 2
The partnership paid $3,000 in interest that was the amount owed for the year and paid $8,000 for a two-year insurance policy on the first day of business. Compute net income for the first year for Tri Fecta.
What is the equivalent cost per unit? Labor is applied at an even rate in the production process and indirect costs are allocated based on labor hours
On January, 2010, P & P Products began construction on a storage facility for Alpha Company. The construction was completed on December 10, 2012. The president of P & P Products has consulted with the controller regarding estimated costs for the proj..
Compute present value and the internal rate or return for the new product line - outlay for working capital will be recovered at the end of six year. Aunt Sally's tax rate is 34% and the firm requires 16% return.
Diaz Company uses process costing in its two processing departments; Assembly and Finishing. If the Assembly Department requisitioned direct materials to be used in production, totaling $80,000, which one of the following journal entries would be mad..
Three objectives of a company's internal control system should be safeguarding assets, checking the accuracy and reliability of accounting data, and promoting operational efficiency. A fourth objective of a company's internal control system should be..
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