Exercise 3.18 Frida's Tax Practice has two departments, tax and audit. The tax department has two product lines, business returns and individual returns. A list of costs and three cost objects from Frida's Tax Practice follow. Required For each cost, identify whether it is direct (D) or indirect (I) for each cost object. Cost object Mr Gruper's Tax Personal personal tax Cost department returns return (a) Subscription to personal tax law updates publication (b) Ink supplies for tax department photocopy machine (c) Portion of total rent for tax department office space (d) Wages for tax department administrative assistant (e) Tax partner's salary (f) Charges for long distance call to Mr Gruper about personal tax return questions (g) Tax partner lunch with Mr Gruper (the tax partner has lunch with each client at least once

Exercise 3.18 Frida's Tax Practice has two departments, tax and audit. The tax department has two product lines, business returns and individual returns. A list of costs and three cost objects from Frida's Tax Practice follow. Required For each cost, identify whether it is direct (D) or indirect (I) for each cost object. Cost object Mr Gruper's Tax Personal personal tax Cost department returns return (a) Subscription to personal tax law updates publication (b) Ink supplies for tax department photocopy machine (c) Portion of total rent for tax department office space (d) Wages for tax department administrative assistant (e) Tax partner's salary (f) Charges for long distance call to Mr Gruper about personal tax return questions (g) Tax partner lunch with Mr Gruper (the tax partner has lunch with each client at least once

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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DIRECTIONS 1 Journalize the entry to RECORD the payroll 2 Journalize the entry to RECORD the employer's payroll taxes (SUTA rate is 3.7%) 3 Journalize the entry to deposit the FICA and FIT taxes 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 1 JOURNAL DATE DESCRIPTION DEBIT CREDIT 2 JOURNAL DATE DESCRIPTION DEBIT CREDIT…
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Waterway and Crede, CPAS, are preparing their service revenue (sales) budget for the coming year (2022). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided below. Department Quarter 1 Auditing Tax Consulting 3,040 3,840 1,920 Quarter 2 2,000 2,720 1,920 Quarter 3 Quarter 4 2,560 2,560 1,920 3,120 3,200 1,920 Average hourly billing rates are auditing $70, tax $80, and consulting $100. Prepare the service revenue (sales) budget for 2022 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue.
QUESTION 17 A sales tax taxes your Oa. consumption financed by income. O b. income based on ability to pay. O. non-discretionary purchases only. Od.discretionary purchases only. Oe. food, clothing, and shelter.
Question 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.
Plz answer sub parts and with explanation please no plagiarism
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Sales Cost of goods sold Gross profit Sales commissions Advertising Salaries Payroll taxes Employee benefits Rent Depreciation Supplies Utilities Legal and accounting Miscellaneous Interest expense Net income before taxes Income taxes Net income UDEN SUPPLY COMPANY Comparative Income Statements Years Ended December 20X1, 20X2, and 20X3 Expected misstatement (Thousands) 20X1 Audited 20X2 Audited 20X3 Audited 9,800 10,600 6,770 7,340 3,030 3,260 690 740 200 210 1,088 1,110 190 195 172 176 63 65 65 69 30 33 24 26 39 43 15 17 240 252 214 324 48 73 166 251 9,000 6,210 2,790 630 180 1,066 185 168 61 61 27 22 35 13 222 120 27 93 20X4 Expected c. Uden's unaudited financial statements for the current year show a 30.75 percent gross profit rate. Assuming that this represents a misstatement from the amount that you developed as an expectation, calculate the estimated effect of this misstatement on net income before taxes for 20X4. (Enter your answers in thousands.)
PSb 3-4 Calculate Federal Income Tax Withholding Using the Percentage Method (pre-2020 Form W-4) For each employee listed. use the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4 to the Federal Tax Tables in Appendix A of your textbook. Note: For simplicity. all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1. Juan Hoffman (single; 2 federal withholding allowances) earned weekly gross pay of $445. Federal income tax withholding=$
Exercise 6-6A (Static) Which form(s) should be prepared and filed by companies with employees and payroll tax liabilities exceeding $50,000 as of December 31, 20XX? (You may select more than one answer. Single click the box with the question mark to produce a check mam for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) W F2 ?Form W-2 ? Form 941 ?Form W-4 ?Form 940 # 3 E JUL 15 80 F3 $ 4 R Q F4 % 5 * 8 DII F8 1 ( 9 A F9 0 ) 0 2 J F10 J K L P 4 F11 A + { 4) ( F12
PSb 3-4 Calculate Federal Income Tax Withholding Using the Percentage Method (pre-2020 Form W-4) For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to the Federal Tax Tables in Appendix A of your textbook. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Publication 15-T (2020) 1: Juan Hoffman (single; 2 federal withholding allowances) earned weekly gross pay of $445. Federal income tax withholding = $ 2: William Harrison (single; 1 federal withholding allowance) earned biweekly gross pay of $990. He contributes $75 to a flexible spending account during the period. Federal income tax withholding = $ 3: Loretta Goulet (married; 3 federal withholding allowances) earned monthly gross pay of $2,800. For each period, she makes a 401(k) contribution of 14% of gross pay. Federal…