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A company's payroll for the week ended May 15 included earned salaries of $20,000. All of that week's pay is subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45%. In addition, the company withholds the following amounts for this weekly pay period: $900 for medical insurance, $3,400 for federal income taxes, and $180 for union dues.
a. Prepare the general journal entry to accrue the payroll.
b. The company is subject to state unemployment taxes at the rate of 2% and federal unemployment taxes at the rate of 0.8%. By May 15, some employees had earned over $7,000, so only $9,000 of the $20,000 weekly gross pay was subject to unemployment tax. Prepare the general journal entry to accrue the employer's payroll tax expense.
Calculate the preliminary sample size using a 100% average misstatement assumption.
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a) prepare the journal entries for Myers Co. for 12/31/2010 b) Prepared the required journal entries for for Myers for 2011.
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overhead costs applied to direct costs are 30%. a total of 3,500 meters were maintained. a private firm offers to do your PM for $10 a meter. Given the following information, should you contract out?
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