Define the fica tax payable and suta tax payable, Accounting Basics

Assignment Help:

DEFINE THE FICA TAX PAYABLE AND SUTA TAX PAYABLE

FICA TAX PAYABLE-OASDI. Same account is used to record both employees' and the employer's share. Credited to record taxes imposed, and debited when taxes are sent in.

FICA TAX PAYABLE-HI. Same account is used for employee and employer.

FUTA TAX PAYABLE. Used to record employer's obligation for federal unemployment taxes.

SUTA TAX PAYABLE. Current liability account to record employer's obligation for state unemployment taxes.

Related Discussions:- Define the fica tax payable and suta tax payable

Depreciation, basic methods for calculating depreciation

basic methods for calculating depreciation

Accounting , Jim owns and manages a small business, which provides an offic...

Jim owns and manages a small business, which provides an office design service, as well as buying and selling office furniture. Jim is a sole trader who manages all aspects of the

A physical inventory on december 31 shows 2, a physical inventory on decemb...

a physical inventory on december 31 shows 2,000 units on hand. holliday sells the units for $12 each. the company has an effective tax rate of 20%. holliday uses the periodic inv

Explain vertical analysis, Q. Explain Vertical analysis? Vertical analy...

Q. Explain Vertical analysis? Vertical analysis demonstrates the percentage that each item in a financial statement is of some significant total such as total assets or sales.

Setting Accounting Standards, Mission statement for PCAOB and AICPA and how...

Mission statement for PCAOB and AICPA and how it contributed to GAAP 2-3 pages APA style

Uses of the profit and loss account, Uses of the Profit and Loss Account ...

Uses of the Profit and Loss Account 1) The key utilize is to monitor and calculate profit. This suppose that the informat ion recording is correct. Significant harms can arise

Determine the specific citation for accounting, Determine the specific cita...

Determine the specific citation for accounting for each of the following items: 1. Accounts receivables from related parties should be shown separately from trade receivables. 2. T

How to prepare the worksheet, How to prepare the worksheet Look carefu...

How to prepare the worksheet Look carefully at worksheet in the text. Remember that it is an informal working paper used to prepare financial statements. Place transparenci

Forecast cash requirements, We are here left along with statement (d) that ...

We are here left along with statement (d) that defines an accountant as a professional and emphasize his pre-occupation within management of information for internal utilization as

Assignment, need help for 1 question

need help for 1 question

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages