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"During 2012 worthington worked for the company all year end bonus equal to 10% of his salary. Worthigtons federal income tax withheld during 2012 was 840$ per month plus 926$ on his bonus check. State income taxes withheld came to 90$ per month, plus 40$ on bonus. The FICA tax withheld was 7.65% on the first 106,800 of annual earnings. Worthington authorized the following payroll deductions: charity fund contribution of 1% of total earnings and life insurance of 30$ per month. United incurred payroll tax expense on worthington for FICA tax of 7.65% of the first 106,800 in annual earnings. The company also paid state unemployment tax of 5.4 % and federal unemployment tax of 0.8% on the first $7,000 of annual earnings. In addition, United provides Worthington with health insurance at a cost of 110$ per month. During 2012, united paid $6,000 into worthington retirement plan. 1- Compute Worthigton's gross pay, payroll deductions and net pay for the full year 2012. Round all amounts to the nearest dollar
2- Compute united's total 2012 payroll expense for worth often
3-Make the journal entry to record the united expense for worthingtons total earnings for the year, his payroll deductions and net pay. Debit salary expense and bonus expense as appropriate. Credit liability accounts for the payroll deductions and cash for net pay.
Evaluate subsequent income and expenses
Explain the differences and similarities between PBO and ABO. Describe how the 'Projected benefit obligation in excess of plan asset' is shown in the financial statement.
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This discussion should add the reasons why the investor might want to invest in these amounts of ownership, and nuances of the different methods for accounting for these two levels of ownership
Evaluate the total number of dinner cruises that Luxury Cruiseline must sell to break even and determine the number of regular cruises and executive cruises company must sell to breakeven.
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Preparation of financial statements
Evaluate the price and usage variances for direct labor and direct material and compute the material variances
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The subsequent accounts are denominated in pesos as of 31st December, 2013. For reporting purposes, these amounts need to be stated in U.S. dollars.
Explain the federal gift and estate taxes. What is the purpose of the federal gift tax? What is the reason of the estate tax? When are the taxes applied?
evaluated that the total estimated life should be 10 years with a salvage value of $5,490 at end of that time. Consider straight-line depreciation.
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