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- S eBook Ask Print eferences Mc Graw Hill :: -WKCTC_....txt FI 2 W S KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2021, the payroll taxes (employee and employer share combined) were as follows: X Social Security tax: $5,056.78 Medicare tax: $1,182.63 Employee Federal income tax: $3,960.00 Required: Create the General Journal entry for the remittance of the taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list A Journal entry worksheet 4² Record the remittance of August payroll taxes. Note: Enter debits before credits. # 3 1 E D Data C 8.0 F3 $ 4 JUL 22 R F a F4 V General Inurnal % 5 T F5 G 8 DII FB M 1 ( 9 K ران DD F9 O ) O A F10 L P Ⓡ command C F11 - 9 F12 optionuipnatonege.aans.net:5056/moodle/mod/quiz/attempt.php?attempt%3D855098&cmid%3D27053&page%=D1 E Apps M Gmail O YouTube Maps E-Alpha My Courses Whitney is paid with straight commission of 6.55 %, and her expected annual sale is $2,150,000.00. What is his total tax Na based on the following rate (round to the nearest cent)? Ma Taxable Income Tax Rate $0 to $12,000.00 0.00% $12,001.00 to $56,000.00 6.70% $56,001.00 to $100,000.00 10.30% $100,001.00 and more 15.25% O a. $21,475.81 O b. $14,504.98 Oc. $13,705.81 d. $19,645.81 Queston Not yet an Miranda works 25 hours a week and her monthly salary is $2,750. What is her annual salary (round to the nearest cent)? IIMC Qu. 10-86 Zorn Inc. makes a sale for... Zorn Inc. makes a sale for $400. The company is required to collect sales taxes amounting to 9%. What is the amount that will be credited to the Sales Tax Payable account? Multiple Cholce $36 $33 $200 $39 ype here to search. W Trop storm warning DELL
- ewe # Prolem Solving. Dtrectiona: Analyze arved solve the probleYs presented 2 79oblenn Servieer Tax is an indireea tax pasct bsy a service recerver to the wermment on or before 5 day of the month follawing the quarter for whach Vce tax in peytale with the exemption for the quarter ending march to be od on or before ehe 31 ar March The rate o sterest for delayed payment f service tax 1s 13 Szeppose vou failed to pay your service tax of 15, 000 00 far the month oof Jane to pv only on the 30th of July? What iss your innterest Iiabalty if you re member Michael have rgualar savinggs accournt wath an available balance of P 5, 000 00. month of the prevailing bank's interest rate 1s O.5%% per annum and the withholdeag fax is 20 7 Mow mauch net terest is earned by this deposit account for Kovs is an employee of MIKOY company and placed his money amounting to P100, O00.00 in a ume deposit account for 90 days with an interest rate of IS%. Considering 20% withholding tax. How much will be the net…nment Required information Problem 6-4A & 6-5A (Algo) [The following information applies to the questions displayed below.] Problem 6-4A (Algo) F2 Federal income tax withholding Social Security tax Medicare tax State income tax withholding Gerald Utsey earned $48,700 in 2021 for a company in Kentucky. He is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2021 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix Cand the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. 3 Required: Compute the following employee share of the taxes. (Do not round intermediate calculation. Round your final answers to 2 decimal places.) JUL 15 80 F3 $ 4 E R Q F4 % 5 DII F8 ( 9 A F9 U I O Help ) 0 Save & Exit F10 P Check my wom 4 F11 Sub { + [ F1. 2. 3. 4. 5. 6. 7. search Swifty's cash register showed the following totals at the end of the day on March 17: pre-tax sales $56,000, GST $2,800, and PST $3,920. Swifty remitted $49,000 of sales taxes owing from March to the government on April 30. Swifty received its property tax bill for the calendar year for $55,200 on March 31, payable May 31. Swifty recorded no entries pertaining to property tax during the current year prior to the receipt of this bill. Swifty paid its employees for the week of August 15 on August 20. The gross pay was $83,000. The company deducted $4,128 for CPP, $1,312 for El, $6,400 for pension, and $16,020 for income tax from the employees' pay. Swifty recorded the employer portions of CPP and El for the week of August 15 on August 20 for $4,128 and $1,837, respectively. On September 15, all amounts owing for employee income taxes, CPP, and El pertaining to the payroll transactions above were paid. On December 31, Swifty's legal counsel believes that the…
- Tess3false Merchandise is sold for cash. The selling price of the merchandise is $2,000 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include a credit to Oa. Sales for $1,860 Ob. Cash for $2,000 O c. Sales Tax Payable for $140 Od. Sales for $2,140 Previous Submit Test f Email Instructor All work saved. 64°F ^ E I 99+249.acellus.com/StudentFunctions/Interface/acellus_engine.html?ClasslID=362492186 le * Menu Read180/Sys44 © Schoology Bb SKUSD GW G-W Online Textbo... O NHA https://my.hrw.com... Readine Installment Loan How much of the first payment for the installment loan 18% shown in the table will Principal $2000.00 Term Length 2 years Interest Rate go towards principal? Monthly Payment $100.00 B. $70.00 A. $88.00 D. $30.00 C. $111.00 1:59 AM 10/18/2021 AD) ENGQuestion text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
- Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Amount Amount Medicare Before Current Current Year-to-Date Soc. Sec. Over Max. Subject to Soc. Sec. Tах Тax Weekly Payroll Gross Pay Earnings Maximum Soc. Sec. Soc. Sec. Withheld Withheld $ 21,600 $1,720 $128,400 2$ $ 54,600 4,180 128,400 127,600 3,985 128,400 127,900 4,700 128,400eBook Show Me How Print Item Example 4-11 GROSSING-UP. Cotter Company wants to award a $4,000 bonus to Donna D'Amico. In addition, it wants the net bonus payment to equal $4,000. Assuming D'Amico is still under the OASDI/FICA limit, the calculation would be: A. $4,000 1 – 0.22 (supplemental W/H rate) – 0.062 (OASDI) – 0.0145 (HI) B. $4,000 = $5,685.86 grossed-up bonus 0.7035 C. Gross bonus amount $5,685.85* Federal Income Tax withheld 1,250.89 OASDI tax withheld 352.52 HI tax withheld 82.44 Take-home bonus check $4,000.00 If state or local taxes apply, they must also be included in the formula. *Need to subtract $0.01 from $5,685.86 in order to arrive at $4,000.00 (due to rounding). Mattola Company is giving each of its employees a holiday bonus of $900 on December 13, 20-- (a nonpayday). The company wants each employee's check to be $900. The supplemental tax percent is used. Nobody has capped for OASDI prior to the bonus check. As we go…Transactions for you to complete 1) Create A Supplier Account. Supplier: Ink Inspector Address: Oakville, ON Terms: N30 Exp acct: 5250 Licenses Tax Code: HI (HST @ 13%, included) 2) Create A Customer Account. Client: Noya Modeling Agency Terms: 1/15, N30 Address: Hamilton, ON Tax Code: H (HST @13%) Rev acct: 4050 Rev from services Credit Limit: $10,000 Change the Session Date to April 8, 2022 3) Enter the following transactions into Sage. Purchase Invoice #GB-806 Dated April 4 from Germ Busters; $3,750, plus HST for new sterilization equipment (add freight charges of $225 + HST). (Pay attention to the words! This is not sterilized needles; this is for sterilization equipment. You need to change the account number.) Sales Invoice Dated April 4 to Noya Modeling Agency $8,000, plus HST for laser treatments to remove tattoos on new models hired in the agency. Credit Card Sales Invoice Dated April 4 to One-Time walk-in clients. Sales Summary: $1,420, plus HST for laser treatments. Payment…