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Total payroll of Walnut Co. was $1840,00 of which $320,000 represented amounts paid in excess of $106,800 to certain employees. The amount paid to employees in excess of $7000 was $1,440,00. Income taxes withheld were $450,000. The state unemployment tax is 1.2%, the federal unemployment tax is .8%, and the F.I.C.A tax is 7.65% on an employee's salaries and wages to $106,800 and 1.45% in excess of $106,800.
a) Prepare a journal entry for the salaries and wages paid
b) Prepare the entry to record the employer payroll taxes
Prepare an analysis that shows whether or not the 20,000 units of Product A should be processed further and prepare an analysis to determine whether Varto should sell the products as is or rework them and then sell them
Prepare the slides and notes for your presentation the format below. Your presentation should be limited to a maximum of five slides.
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You're trying to save to buy a new $170,000 Ferrari. You have $40,000 today that can be invested at your bank. The bank pays 5.3 percent interest on its accounts. how long will it be before you have enough to the buy the car?
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