69. Jackal Company's (a monthly depositor) tax liability (amount withheld from employees' wages for federal income tax and FICÀ tax plus the company's portion of the FICA tax) for July was $2,780. No deposit was made by the company until August 22, 20-- (7 days late). Determine the following: A. The date by which the deposit should have been made B. The penalty for failure to make timely deposit C. The penalty for failure to fully pay tax when due D. The interest on taxes due and unpaid (assume a 5% interest rate)

69. Jackal Company's (a monthly depositor) tax liability (amount withheld from employees' wages for federal income tax and FICÀ tax plus the company's portion of the FICA tax) for July was $2,780. No deposit was made by the company until August 22, 20-- (7 days late). Determine the following: A. The date by which the deposit should have been made B. The penalty for failure to make timely deposit C. The penalty for failure to fully pay tax when due D. The interest on taxes due and unpaid (assume a 5% interest rate)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Splish Corporation borrowed $58,500 on November 1, 2020, by signing a $60,000, 3-month, zero-interest-bearing note. Prepare Splish's November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record interest) (To pay note)
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6-7A.LO2,3 payroll accounting by Beig and Toland Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: FICA tax-OASDI...........6.2% on first $128,400 FICA tax-HI..........1.45% on total pay Federal income tax....$232.00 per pay SIT.....22%of the federal income tax withholding FUTA.....0.6% on first $7,000 SUTA.....0.05% on first 14,000 Additional payroll deductions include: 401k plan....3%per pay Child support garnishment......$100 Health insurance premium...$95 per pay Record the payroll entry and payroll tax entry for the pay of the week ended June 7 (his year-to-date pay is $31,500)
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Journalize Payroll Tax The payroll register of Wang Engineering Co. indicates $2,700 of social security withheld and $675.00 of Medicare tax withheld on total salaries of $45,000 for the period. Earnings of $12,600 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places. cash/employees federal income tax payable/payroll tax expense/salaries expense/salaries payable/social security tax expense/socail securtiy tax payable/medicare tax expense/medicare tax payable/state umployment tax expense/state unemployment tax payable/federal unemployment tax expense 10 spaces you need to fill in with numbers and which one belongs to which