During 2016, an individual was paid a bi-monthly salary of $5,000. Compute the amount of FICA taxes that should be withheld.
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- During 2019, Matti Conner, president of Maggert Company, was paid a semimonthly salary of 6,000. Compute the amount of FICA taxes that should be withheld from her:During 2021, Robert has the following cash receipts: Wages: $50,000 Interest from City of Jackson Bonds: $500 Worker's compensation: $2,000 What is Robert’s 2021 Gross Income?On January 1, 2023, Mr. Packard receives a $135,000 loan from his employer to assist him in purchasing a home. The loan requires annual interest at a rate of 3.1%, which he pays on December 31, 2023. Assume that the relevant prescribed rate is 5% during the first quarter of 2023, 6% during the second quarter, and 4%. What is the amount that Mr. Packard's is required to add to his 2023 employment income as a result of the employee loan?
- Jim Pharoah, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Pharoah collected $380000 from his patients. At December 31, 2020, Dr. Pharoah had accounts receivable of $39500. At December 31, 2021, Dr. Pharoah had accounts receivable of $69000 and unearned revenue of $9000. On the accrual basis, how much was Dr. Pharoah's patient service revenue for 2021? $400500. $409500. $340500. $418500.uses the calendar year and the cash method of accounting. On December 29, 2018, Brillo made the following cash payment. To what extent can Brillo deduct the payment in 2018? $50,000 for a two-year office lease beginning on February 1, 2019? $79,000 of inventory items held for sale to customers? $1,800 to purchase a new refrigerator for the employees’ lounge. The refrigerator was delivered on January 8, 2019? $4,800 retainer to a consultant who spent three weeks in January 2019 analyzing Brillo’s internal control system? $22,300 property tax to the local government for the first six months of 2019?Mr. Pitt has relented and agrees to provide you with the information necessary to converthis cash basis financial statements to accrual basis statements. He provides you with the following transactioninformation for the fiscal year ending December 31, 2018:1. A new comprehensive insurance policy requires an annual payment of $12,000 for the upcoming year. Coverage began on September 1, 2018, at which time the first payment was made.2. Mr. Pitt allows customers to pay using a credit card. At the end of the current year, various credit card companies owed Mr. Pitt $6,500. At the end of last year, customer credit card charges outstanding were $5,000.3. Employees are paid once a month, on the 10th of the month following the work period. Cash disbursementsto employees were $8,200 and $7,200 for January 10, 2019, and January 10, 2018, respectively.4. Utility bills outstanding totaled $1,200 at the end of 2018 and $900 at the end of 2017.5. A physical count of inventory is always taken at the…
- Madison’s nail salon had a revenue totaling $151,500 in 2019. That amount includes materials plus sales tax rate is 4.5% , what amount of money must Madison’s firm submit to the state for 2019’s sales.The accountant for Eastern Appliances manages the “no money down” arrangements offered to its customers. A customer purchased a refrigerator normally priced at $1,284.53 with all taxes included. Using a required rate of return of 9% compounded quarterly, the accountant determined that, after a deferral period, the customer should make 12 monthly payments of $119.16, with the first payment due on November 1, 2020. On what date was the refrigerator purchased?On December 31, 2019, Reuter Company has a balance of $98.75 in the FUTA taxes payable account. This representsthe employer’s liability for the fourth quarter taxes. Journalize the entry Reuter Company should make in January2020 to record the last transfer (payment) of FUTA taxes for 2019.
- On January 1, 2021, Horton pays Damian a refundable deposit of $100,000 and agrees to four installment payments of $375,000. The installment payments are due on March 31, 2021, June 30, 2021, September 30, 2021, and December 31, 2021. When should Damian Company record revenue? List the amount of revenue that should be recorded at the appropriate date. Also, explain your rationale using principles of accrual accounting. What additional information would be helpful in arguing your client’s case? Explain. Present a persuasive argument for your client, the taxing authority. The taxing authority’s objective is to have Damian Company record revenue as soon as possible based on the revenue recognition principle of accrual accounting.Steve Grayson, is self-employed age 43. He has established a SEP-IRA for himself several years ago. In 2019, Steve had a $1,000 excess contribution to his SEP-IRA. In 2020. his net earnings from the business are $80,000. He uses the maximum contribution rate for his SEP-IRA account. What amount would Steve's contribution be for 2020. a.) $14,870 b.) $0 c.) $13,870 d.) $57,000On April 1, 2020, Sheridan Industries receives its annual property tax bill in the amount of $7,320 relating to its annual property taxes for the year ending December 31, 2020. The bill is to be paid by June 30, 2020 and the company's year-end is December 31, 2020. Prepare all the appropriate journal entries for the year (that is, for April 1, June 30 and December 31, 2020). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date June 30 Account Titles and Explanation Debit Credit
