Reference no: EM131292241
Mark Dailey's filing status is married filing jointly, and he has earned gross pay of $3,550. Each period he makes a 403(b) contribution of 7% of gross pay and contributes $170 to a cafeteria plan. His current year taxable earnings for Medicare tax, to date, are $331,800. Kurt Blain's filing status is single, and he has earned gross pay of $1,750. Each period he makes a 401(k) contribution of 11% of gross pay and contributes 6% of gross pay to a dependent care flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $199,040 Adam Webster's filing status is head of household, and he has earned gross pay of $820. Each period he contributes $30 to a flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $81,900. Adam Webster's filing status is head of household, and he has earned gross pay of $820. Each period he contributes $30 to a flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $81,900. Keith Davidson's filing status is married filing separately, and he has earned gross pay of $2,160. Each period he makes a 403(b) contribution of 11% of gross pay and contributes $115 to a cafeteria plan. His current year taxable earnings for Medicare tax, to date, are $198,500 For each of the following employees, calculate the Medicare tax for the weekly pay period described:
An earth-moving company is contemplating an investment
: An earth-moving company is contemplating an investment of $35,000 in equipment that will have a useful life of five years with a $5,000 salvage value at that time. The firm's income from cut and fill contracts due to the investment will total $10,600..
|
What would be recorded as gain on transfer of receivables
: Sun Inc. factors $6,000,000 of its accounts receivables WITH recourse for a finance charge of 3%. The finance company retains an amount equal to 10% of the accounts receivable for possible adjustments. Sun estimates the fair value of the recourse lia..
|
Holding period determined for stock and other property
: How are a transferor’s holding period determined for stock and other property (boot) received in a Sec. 351 exchange? The transferor’s (shareholder’s) holding period for the stock received in exchange for non-capital assets (e.g., inventory), capital..
|
What is the reconciled cash amount
: How much are the total (additions and subtractions) to the Balance (per bank and book) amount and what is the reconciled cash amount that will be reported on the Balance Sheet?
|
His current year taxable earnings for medicare tax
: Mark Dailey's filing status is married filing jointly, and he has earned gross pay of $3,550. Each period he makes a 403(b) contribution of 7% of gross pay and contributes $170 to a cafeteria plan. His current year taxable earnings for Medicare tax, ..
|
Complete the percent of sales column of income statement
: Lembro, Inc., a manufacturer of auto accessories, currently produces two product lines of universal car mats at its Poughkeepsie Plant:(1) rubber all-weather car mats and (2) carpeted car mats. Complete the percent of sales column of following income..
|
Restricted to individuals involved in public accounting
: Express your personal opinion as to whether ownership of public accounting firms should be restricted to individuals involved in public accounting.
|
Companys contribution margin income statement
: During its most recent fiscal year, Raphael Enterprises sold 230,000 electric screwdrivers at a price of $15.90 each. Fixed costs amounted to $529,000 and pretax income was $759,000. What amount should have been reported as variable costs in the comp..
|