From page 8-3 of the VLN, what amountdid the employer incur for Unemploymenttaxes for Greg?_____ Accruedinterest (interestincurred/earned-butnotpaid/received yet)-current liability (if payments are made periodically and interestis due within the year)-non-current liability (if interest is added to the liability and theliability is non-current)PracticeOn December 1, Casino Cruise Lines borrows $1,000,000 fromBank of America signing a 6 month, 5% note. Principal andinterest is payable at maturity.Record the entry for Casino Cruise Lines on December 1:Record the adjusting entry for Casino Cruise Lines at year-endDecember 31:How would Casino Cruise Lines treat the note on their BalanceSheet?What affect does the note have on Casino Cruise Line's IncomeStatement?Record the entry for Casino Cruise Lines on May 31 when thenote matures:Line of Credit-an arrangement with a lending institution thatallows the company to continuously borrow up to prearrangedlimit.Commercial Paper-is when a company borrows from anothercompany; it usually matures from 30 – 270 days. It's a currentliability for the issuer.Accounts Payable (A/P) trade accounts payablearise throughthe normal course of business (purchase inventory, goods orservices on credit)PAYROLL LIABILITIES–examples include: salaries andwages, taxes, and fringe benefits.Federal Income taxes-amount withheld depends on incomeand exemptions FICA Taxes--Social security: 6.2% up to a maximum amount (amountincreases each year)--Medicare: 1.45%Employee portion–7.65%Employer matching portion-7.65% à Self-employed-15.3%FUTA/SUTA(Federal/State Unemploymenttaxes-onlyemployer pays)-6.2%-assessed on the first $7,000 of earnings per employee per yearFringe Benefits-Health/Dental/Vision insurance premiums-Life insurance premiums-Retirement/savings programsPracticeGreg works at D Ski Resorts working 40 hours per week earning$20 per hour. Greg gets paid every two weeks. The companypays $250 per pay for health insurance and Greg pays $50. 15%of Greg's income is withheld for federal income taxes and 1%for state taxes.Calculate the amount Greg expects to get direct deposited intohis account for his first paycheck:WagesLess: WithholdingsFederal Income Taxes SState Income TaxesFICA TaxesHealth insuranceTotal WithholdingsActual Direct DepositCalculate the total cost to D Ski Resort for Greg's paycheckbeing depositedWagesPlus taxesFICA TaxesUnemployment taxes (FUTA)Total taxesHealth InsuranceActual Payroll costs

Payroll Taxes: The significance of payroll tax is that it is a duty that is paid by an organization,…

Answered: Calculate the total cost to D Ski…

Calculate the total cost to D Ski Resort for Greg's paycheck being deposited Wages Plus taxes FICA Taxes Unemployment taxes (FUTA) Total taxes Health Insurance Actual Payroll costs

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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Question

From page 8-3 of the VLN, what amount did the employer incur for Unemployment taxes for Greg?_____

Accrued
interest (interest
incurred/earned-but
not
paid/received yet)
-current liability (if payments are made periodically and interest
is due within the year)
-non-current liability (if interest is added to the liability and the
liability is non-current)
Practice
On December 1, Casino Cruise Lines borrows $1,000,000 from
Bank of America signing a 6 month, 5% note. Principal and
interest is payable at maturity.
Record the entry for Casino Cruise Lines on December 1:
Record the adjusting entry for Casino Cruise Lines at year-end
December 31:
How would Casino Cruise Lines treat the note on their Balance
Sheet?
What affect does the note have on Casino Cruise Line's Income
Statement?
Record the entry for Casino Cruise Lines on May 31 when the
note matures:
Line of Credit-an arrangement with a lending institution that
allows the company to continuously borrow up to prearranged
limit.
Commercial Paper-is when a company borrows from another
company; it usually matures from 30 – 270 days. It's a current
liability for the issuer.
Accounts Payable (A/P) trade accounts payablearise through
the normal course of business (purchase inventory, goods or
services on credit)
PAYROLL LIABILITIES–examples include: salaries and
wages, taxes, and fringe benefits.
Federal Income taxes-amount withheld depends on income
and exemptions

FICA Taxes
--Social security: 6.2% up to a maximum amount (amount
increases each year)
--Medicare: 1.45%
Employee portion–7.65%
Employer matching portion-7.65% à Self-employed-15.3%
FUTA/SUTA
(Federal/State Unemployment
taxes-only
employer pays)
-6.2%
-assessed on the first $7,000 of earnings per employee per year
Fringe Benefits
-Health/Dental/Vision insurance premiums
-Life insurance premiums
-Retirement/savings programs
Practice
Greg works at D Ski Resorts working 40 hours per week earning
$20 per hour. Greg gets paid every two weeks. The company
pays $250 per pay for health insurance and Greg pays $50. 15%
of Greg's income is withheld for federal income taxes and 1%
for state taxes.
Calculate the amount Greg expects to get direct deposited into
his account for his first paycheck:
Wages
Less: Withholdings
Federal Income Taxes S
State Income Taxes
FICA Taxes
Health insurance
Total Withholdings
Actual Direct Deposit
Calculate the total cost to D Ski Resort for Greg's paycheck
being deposited
Wages
Plus taxes
FICA Taxes
Unemployment taxes (FUTA)
Total taxes
Health Insurance
Actual Payroll costs

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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