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The payroll of Grich Company for September 2014 is as follows. Total payroll was $960,000, of which $220,000 is exempt from Social Security tax because it represented amounts paid in excess of $102,000 to certain employees. The amount paid to employees in excess of $7,000 was $800,000. Income taxes in the amount of $180,000 were withheld, as was $18,000 in union dues. The state unemployment tax is 3.5%, but Grich Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current F.I.C.A. tax is 7.65% on an employee's wages to $102,000 and 1.45% in excess of $102,000. No employee for
Grich makes more than $250,000. The federal unemployment tax rate is 0.8% after state credit.
Instructions
Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.
1. what is a periodic inventory system? what is a perpetual inventory system? why might an organization choose
Cendant Corporation's results for the year ended December 31, 2011, include the following material items: Cendant Corporation's income from continuing operations before income taxes for 2011 is:
business scenario you have been hired as cio for a small independent auto-parts store - northwest georgia auto parts.
The components of postretirement benefit expense are similar to the components of pension expense. How does the service cost component differ between the two expenses?
Write the appropriate audit report, assuming you believe the departure from GAAP is material but not enough to cause you to give an adverse opinion.
Vertical analysis for both companies- you may use your calculations from the checkpoint ratio, vertical, and horizontal analysis, providing you show your work. horizontal analysis for both companies you may use your calculations from the checkpoin..
Assuming that the trend of sales indicated in part (1) is to continue in 2009, compute the unit sales volume to be used for preparing the sales budget for the year ending December 31, 2009. Place your answer in a columnar table similar to that in ..
However, Tropical Sweets will know the level of demand and will implement the project only if it adds value to the company. Perform a qualitative assessment of the investment timing option's value.
What are the major factors that both constrain and influence a legislative body's budgetary deliberations? How do agencies attempt to influence a state legislature or Congress on behalf of their programs?
Analysis of Transactions
According to the textbook author, potential investors need information that is: a) relevant and reliable. b) fair and future-oriented. c) accurate and truthful. d) audited and complete.
Prepare general journal entries for the following transaction of a new business called Pose for Pics. (please use Excel)
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