Withdrawal Penalty

Read the following information to answer questions 2.1 - 2.2. LA Fashion has credit sales of $6,400,000 for the financial year ending June 30, 2021, and estimates at the end of the financial year that five per cent of accounts receivable will not be received. Accounts receivable total $3,100,000. The corporation uses the allowance method to account for bad debts, based on the percentage of receivables approach.

Problem 9-7 The FICA Tax (LO 9.3) (No COVID-19 provisions) Lamden Company paid its employee, Trudy, wages of $61,500 in 2021. Calculate the FICA tax: Round your answers to two decimal places. Withheld from Trudy's wages: Social Security Medicare Paid by Lamden: Social Security Medicare Total FICA Tax

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 { + [ F

Problem 9-9The FICA Tax (LO 9.3) Thuy worked as the assistant manager at Burger Crown through August 2019 and received wages of $79,000. Thuy then worked at Up and Down Burger starting in September of 2019 and received wages of $61,500. Calculate the amount of Thuy's overpayment of Social Security taxes that she should report on her 2019 Form 1040. Round your answer to two decimal places.$

Date: Name: Exercise 9.2 A. Find the employer's FICA deductions for each of the following employees. B. Find the amounts of the FUTA taxes for the current pay period for each of the following employees. FUTA Employee Year-to-Date Current Social Security Medicare Subject to FUTA Gross F. Todd $6,959.28 $1,088.64 T. Stanley $7,882.51 $827.44 R. Manley $7,136.44 $1,528.99 F. Chastain $6,485.47 $952.38

Brief Exercise 8-4 (Part Level Submission) At the end of 2019, Sheffield Corp. has accounts receivable of $739,200 and an allowance for doubtful accounts of $67,900. On January 24, 2020, the company learns that its receivable from Megan Gray is not collectible, and managernent authorizes a write-off of $6,500. > (a) v (b) X Your answer is incorrect. Try again. What is the cash realizable value of the accounts receivable (1) before the write-off and (2) after the write-off? Before Write-Off After WWrite-Off Cash realizable value 671100 671100 SHOW LIST OF ACCOUNTS

GL0701 (Algo) - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Nguyen Company. Year 1 December 16 Accepted a $16,800, 60-day, 12% note in granting Sarah Walker a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Walker note. Year 2 February 14 Received Walker's payment of principal and interest on the note dated December 16. March 2 Accepted a $10,000, 6%, 90-day note in March 17 Accepted a $19,800, 30-day, 8% note in April 16 Stone dishonored her note. 31 Perez Company dishonored its note. August 7 Accepted a $22,000, 90-day, 8% note in granting a time extension on the past-due account receivable of Allen Company September 3 Accepted a $5,400, 60-day, 10 % note in granting Melanie Duerr a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Duerr for the September 3 note. November 5 Received payment of principal plus…

Question 6: Form 941 shares the same due date as Answer: А. Form 940 В. FUTA payments С. Form W-2 D. SUTA payments

EXHIBIT 8-11 2021 Earned Income Credit Table (4) (1) (3) Maximum Earned Credit Phase-Out for AGI (or earned income Income Eligible Maximum Credit Qualifying Children (2) if greater) Over This Amount for Credit Credit % (1) × (2) Married taxpayers filing joint returns 01100 11 LIS 0 $9,820 15.3% $1.502 $14,820 1 10,640 34 3,618 25,470 15.98 2 14,950 40 5,980 25,470 21.06 3+ 14.950 45 6.728 25,470 21.06 All taxpayers except married taxpayers filing joint returns ORD CHIT EL 0 $9,820 15.3% $ 11,610 $1.502 3,618 1 10,640 34 19,520 2 14.950 40 5,980 19,520 3+ 14,950 45 6,728 19.520 Source: Internal Revenue Code. "Rev. Proc. 2020-45. " www.irs.gov. SI DU નવીura વ (5) Phase-Out Percentage 15.3% 15.3% 15.98 21.06 21.06 No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] $24,637 48,108 53,865 57,414 $21,427 42,158 47,915 51.464

! Required information [The following information applies to the questions displayed below.] In 2021, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary and he does not have any for AGI deductions. What is his earned income credit in 2021 in the following alternative scenarios? Use Exhibit 8-11. (Round your intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) d. Zach is 17 years old and his AGI is $5,000. Earned income credit

gageNOWv2 | Online teachin x Grade Calculator akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3false 2 Pearson Sign In WP WileyPLUS Cengage еВook Tax Drill - Self-Employment Tax In 2020, Miranda records net earnings from self-employment of $158,500. She has no other income. Determine the amount of Miranda's self-employment tax and her for AGI income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is $ 21,320 V and she has a $ 12,125 X deduction for AGI. Feedback Check My Work The tax on self-employment income is levied to provide Social Security and Medicare benefits (old age, survivors, and disability insurance and hospital insurance) for self-employed individuals.