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Oates Company's payroll for the week ending January 15 amounted to $50,000 for Office Salaries and $100,000 for Store Wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. The following deductions were withheld from employees' salaries and wages:
Federal Income Tax $30,300State Income Tax 6,600FICA Taxes 12,000Union Dues 1,800United Fund 1,200
Federal unemployment tax (FUTA) rate is 6.2% less a credit equal to the rate paid for state unemployment taxes. The state unemployment tax (SUTA) rate is 5.4%.
Prepare the journal entries to record the weekly payroll ending January 15 and also the employer's payroll tax expense on the payroll.
On January 1, 2003, ABC co. purchased a building and machinery that have the following useful lives, salvage value, and costs-Prepare the journal entry necessary to record the depreciation expense on the building in 2008
Recognize the industries of your six selected securities. (including BONDS)
Calculate the marginal tax rate and the effective tax rate for each of the C corporations. Explain why the marginal tax rate for a C corporation can exceed 35%, but the effective tax rate cannot.
Discuss the major weakness of performance report. Describe clearly why all the variances for variable expenses are unfavourable (U).
Risk aversion implies which some securities will go unpurchased in market even if a large risk premium is paid to investors.
In the current year, David and Debbie Wayland, both successful physicians, made cash investment for a limited partnership interest in a California berry farm. In addition to the cash obtained from the investors-Identify the tax issues facing the W..
What technique of accounting should Web-Browser use to account for its investment in Internet Access at 31 st December, 1998, and June 30, 1999 (i.e., cost or equity method)?
Brian purchased 500 shares of the substantially identical stock for $3,000. What is the tax effect fir Brian as well as what will be the basis of each of four batches of new stock?
aesar and Junius orally agreed to become partners in a food testing business. one-half of $80,000, the reasonable value of Caesar’s services during the operation of the partnership. Who will prevail and why?
Choose an article on Private Business Competition from a professional, economic, or management journal published in the last ten years such as The Freeman: Ideas On Liberty, The Economist, Forbes, The Cato Journal, Harvard Business Review, or Sloa..
What are the two methods of accounting for treasury stock? Prepare the journal entry to record the purchase of treasury stock by the cost method.
Compute the equivalent units of production for the first department for April, assuming the company uses the weighted-average method of accounting for units and costs.
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