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Joe works 40 hours per week and earns $13 per hour. He has$125 take out for Federal Income Taxes (FIT) and the FICA rate is.0765 (.062 for Social Security and .0145 for Medicare). Noother deductions are taken from him. The employers SUTA rateon the first $7,000 of wages is .06 . The FUTA rate onthe first $7,000 of wages is .008 . Year-to-date wages prior tothis week are $6,800. The work week runs from Monday toFriday and is paid the following Friday. Payroll is recordedon Tuesday for the week prior and Paid on Friday. Answer the following (hint, check out my voice lecture power pointfile on Payroll):
1. What journal entry is needed to record the payroll from the week prior (week ending 05/22, payroll computation happening on Tuesday 05/26).
2. What journal entry is needed torecord the employer payroll taxes from the week ending 05/22.
3. What journal entry is needed on 05/29to pay the payroll to be distributed on 05/29.
4. What journal entry is needed on 05/29to pay the 941 taxes assuming that we pay 941 taxes weekly on Friday.
What is XBRL? How will it effect financial reporting? Please Explain. What are the main types of accounting software used in a restaurant setting or organization? What are the benefits and limitations of this software? Please Explain.
Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500.
In 2010, Emily invests $100,000 in a limited partnership that is not a passive activity. During 2010, her share of the partnership loss is $70,000. In 2011, her share of the partnership loss is $50,000. How much can Emily deduct in 2010 and 2011?
Airplanes flying between Germany and the Middle East have both a physical volume capacity and a weight capacity. A cubic foot of letters weighs more than a cubic foot of packages.
Describe in your own words what "segregation of duties" is in an AIS context. Explain how MYOB can assist in the implementation of separation of duties
Which of the following is not an expense recognition approach recognized by the FASB as an expense recognition principle to properly match expenses against revenues?
Also during 2006 regional sells all the inventory pruchased in 2005 and 2006 to unrelated entities. What is the adjustment to cost of goods sold in the 2006 worksheet elimination?
Under the equity method, a parent company that has guaranteed all of its subsidiary's debt would:
Retained earnings at 1/1/10 was $150,000 and at 12/31/10 it was $200,000. During 2010 cash dividends of $60,000 were paid and a stock dividend of $40,000 was issued.
What is the amount of interest income that should be recognized by Jacobs in 2010, using the effective-interest method?
Which of the following assets would be considered 1231 property?
Evaluate the inventory turnover ratio for 2010 by using the LIFO and FIFO cost-flow assumption methods.
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