How much should Lean credit salaries and wages payable

Assignment Help Accounting Basics
Reference no: EM132593560

Question - Corp has $600,000 in gross payroll for the month ended November 2018. Of the $600,000, $360,000 exceeds the social security limit of $130,000 and $410,000 exceeds the FUTA and SUTA limits of $7,000. Lean has a total of $155,000 in federal income tax and $55,000 in state income tax. Tax rates are as follows: Social security 6.2%, Medicare 1.45%, FUTA .8%, and SUTA 1.4%. How much should Lean credit salaries and wages payable in the entry to record the EMPLOYEE's portion of the payroll for November?

Reference no: EM132593560

Questions Cloud

Time-talent and treasure-strategies to identify stakeholders : As a public health educator, a large part of your job is finding people with resources who support your inspired vision to influence health
What type of mobile device policy would develop : What type of mobile device policy would you develop? What restrictions would you include to ensure safety of data and safety of information being shared?
What is the total dollar amount credited to additional paid : The par value of all common stock is $10. What is the total dollar amount credited to additional paid in capital - common stock on August 1, 2018
Elderly relative had clinical depression : How would one know if an elderly relative had clinical depression or was sad because of specific life changes and losses?
How much should Lean credit salaries and wages payable : How much should Lean credit salaries and wages payable in the entry to record the EMPLOYEE's portion of the payroll for November
Decision tree algorithm : Decision tree algorithm used extensively in every filed for instance Computer science (artificial intelligence and data mining), business case studies
What information should be collected to track : What information should be collected to track and evaluate the effectiveness of your recommendations. How can this data be collected?
What is the amount of depreciation that must be recorded : A delivery truck was purchased on June 1, 2008, for $80,000. For the year 2010, what is the amount of depreciation that must be recorded for the delivery truck
Which of the entries should Co debit to record Asset : Assuming the current discount rate is 6%, which of the entries should Co debit in 2018 to record this Asset Retirement Obligation

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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