Calculate the tax amount for fica

Assignment Help Financial Accounting
Reference no: EM132940835

TKSC Company has one employee, Reba Shas. FICA Social Security taxes are 6.2% of the first $117,000 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For TKSC, its FUTA taxes are .6% and SUTA taxes are 2.9% of the first $7,000 paid to its employee.

Problem 1: First, calculate the tax amount for FICA - Social security, FICA - Medicare, FUTA, and SUTA. Use the provided form on the following worksheet. Reminder: Please use the drop-down list (right of the cell) to enter the account name on the worksheet.

Reference no: EM132940835

Questions Cloud

What is cost volume profit analysis : Machine A has a life of two years, costs $1500 initially, and then $400 per year in maintenance costs. What is cost volume profit analysis
Explain the activity-based costing income statement : Explain the activity-based costing income statement and provide a hypothetical example of activity-based costing income statement in a manufacturing enterprise
Calculate the weighted average cost of capital of WWBB : WWBB's cost of equity is 19.00%, and its cost of debt is 9.00%. WWBB face a 31.00% tax rate. Calculate the weighted average cost of capital of WWBB
What the sharpe ratio for this fund : Assume the standard deviation and beta of the investment fund's returns over this period were 5.8% and 1.8, respectively. What the Sharpe ratio for this fund
Calculate the tax amount for fica : Calculate the tax amount for FICA - Social security, FICA - Medicare, FUTA, and SUTA. Use the provided form on the following worksheet.
Prepare the journal entries for Tuecke Concrete : Prepare the journal entries for Tuecke's Concrete for 2012, assuming Tuecke's can exercise significant influence over Drew. (Use the equity method.)
Examine what learnings organizations are and the changes : Examine what learnings organizations are and the changes it would have to undergo to accommodate robotics and Discuss the impact of HRIS and E-learning
Calculate the value of an investment : Assume the annual interest rate is 6%. Calculate the value of an investment that pays $100 every two years, starting two years from now and continuing forever
What must the annual payment be : Question - You have just applied for a 30-year $100,000 mortgage at a rate of 10%. What must the annual payment be

Reviews

Write a Review

Financial Accounting Questions & Answers

  Compute the unit product cost for year one

Haas Company manufactures and sells one product. The following information pertains to each of the company's first three years of operations: Variable costs per unit: Manufacturing:  Compute the unit product cost for year 1, year 2, and year 3. . Pre..

  Briefly explain why cash declined so sharply during the year

Using the indirect method, compute the net cash provided by operating activities for Year 2. Prepare a statement of cash flows for Year 2. Compute the free cash flow for Year 2. Briefly explain why cash declined so sharply during the year.

  Contrast inspector general and corporate internal auditor

Compare / Contrast an Inspector General and a Corporate Internal Auditor. Why the differences. If agencies have an Inspector General, why does the General Accountability Office exists?

  What depreciation expense be used double-declining-balance

Bronson's fiscal year end is June 30. What would the depreciation expense be for 2020 if Bronson Co. used the double-declining-balance method?

  How does the interest accrued on debentures

How does the interest accrued on debentures, ( the debentures have secured interest over floating charge) have priority in the creditors payment

  Century company negotiated a lump

Century Company negotiated a lump-sum purchase of several assets from a contractor who was retiring.

  State the accounting equation and define its components

State the accounting equation, and define its components. Al Mulla Company began operations on October 1, 2020. Calculate retained earnings

  Compute the annual rate of return for the cash

compute the annual rate of return for the cash discountscash discounts roicalculate the appropriate annual rate of

  Should a bank reconciliation take place

In managing company funds, transparency is required regarding the flow incoming funds disbursed funds, In your opinion, should a bank reconciliation take place?

  Company productive capacity is limited

Product A requires 3 machine hours per unit to be produced, Product B requires 5 machine hours per unit, and the company’s productive capacity is limited to 40,000 machine hours. Product A sells for $15 per unit and has variable costs of $6 per unit...

  Preparenbsp a cash receipts and payments schedule based on

preparenbsp a cash receipts and payments schedule based on the details furnished.carter company has projected sales and

  Journalize all september entries using allowance method

What amount of uncollectible account expense would Daisy report on its September income statement under each of the two methods? Which amount better matches expense with revenue? Give your reason.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd