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Question - Total payroll was $506,000, of which $112,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $434,000. Income taxes in the amount of $76,700 were withheld, as was $9,100 in union dues. The state unemployment tax is 3.5%, but Crane Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee's wages to $128,400 and 1.45% in excess of $128,400. No employee for Crane makes more than $135,000. The federal unemployment tax rate is 0.8% after state credit. Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.
Determine the missing amounts. (Round answers for Total Interest to 0 decimal places, e.g. 825. Round annual interest rate to 0 decimal places, e.g. 15%.)
The machinery is expected to have a salvage value of $25,000 after 4 years of use. Calculate the after-tax salvage cash flow
the crestar company reported net income of 87400 on 18000 outstanding common shares. preferred dividends total 11800.
Each partner has drawings of $30,000 in the first year. Prepare a schedule solving the ending balance in each of the partner's capital accounts
I) What are the tax consequences of the preferred stock dividend to Fred? (II) What are the tax consequences of the stock redemption to Fred? (III) What are the tax consequences of the stock redemption to Ponce? In a federal consolidated tax return g..
pa limited operates a job costing system. the company standardsale price is predetermined rs. 505 based on cost plus 20
List the nine major hazard classes as outlined by the U.S Department of Transportation (D.O.T.). Research a news article that covers one of the nine major hazard classes. Identify the hazard and explain how the hazard created the dangerous situati..
Produce an adjusted trial balance from the general ledger. Make all the following original entries and corresponding adjusting entries to the general journal
Red Maple Co. uses an interest rate of 6%, which is its incremental borrowing rate. Prepare the journal entry needed on December 31, 2022
What is self-employment tax? What are its components? How does this compare with FICA payments and payroll taxes that an employee pays on earned income?
Handy-Man Services is a repair-service company specializing in small household jobs. Compute the operating income for each of the five customers
Question - How much money is required today to fund a perpetuity earning 5.65% annually that needs to pay out $17,000 at the end of each year
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