In 2022, Ava, an employee, who files single, has AGE of $26,600 and incurred the following miscellaneous itemized deductions the year: Union dues and work uniforms: $1,020 Home office expenses: $3,060 Unreimbursed employee expenses: $1,428 Gambling losses to the extent of gambling winnings: $1,625 What is Ava's total itemized deduction related to these tem
Q: sing the information below, calculate gross profit for the period: Beginning Raw Materials…
A: Gross profit is calculated from the sales and the cost of goods sold. It tells the business's…
Q: Using the following information and prepare a bank reconciliation.
A: Bank reconciliation refers to the method used by the company to match the bank statement as well as…
Q: ch pay. The company pays 100% of group term life insurance y period. Mary is a member of the…
A: Deductions from Taxable Income: The tax is levied by the government on the income of the individuals…
Q: [The following information applies to the questions displayed below.] Forten Company's current year…
A: A cash flow statement is a type of financial statement that gives total information about all of the…
Q: Prepare a vertical analysis of the 2022 income statement data for Sandhill Company and Wildhorse…
A: Vertical Analysis of income statement :— It is an analysis of income statement in which all items of…
Q: On January 1, 2024, Cat Company purchased the following investments: 1) 20,000 shares (representing…
A: Introduction: If an investor company makes an investment between 20 to 50% in the investee company…
Q: Clay Inc. has two divisions, Myrtle and Laurel. Following is the income statement for the previous…
A: Since Fixed cost are unavoidable we cannot avoid those costs even Laurel division is discontinued.
Q: The following information is noted on the year end payroll register for an employee employed with a…
A: Payroll Register: It is the slip or register in which the pay and allowances of the employees are…
Q: Question 4 Garland limited makes four components. A, B, C, and D, for which costs in the forthcoming…
A: Making the decision to manufacture a product internally versus buying it from a third-party provider…
Q: Indicate the COSO component that matches with each of the following internal control activities.…
A: Internal control activities COSO components a. Reporting of control effectiveness Information and…
Q: Chillmax Company plans to sell 3,500 pairs of shoes at $60 each in the coming year. Variablecost is…
A: The break even sales are the sales where business earns no profit no loss during the period. The…
Q: Prepare the journal entry to record North Company's January 15 salaries expense and related…
A: FICA Social Security Tax Payable = $32,000 x 6.2% = $1,984FICA Medicare Tax Payable = $32,000 x…
Q: [The following information applies to the questions displayed below.] Gerald Utsey earned $49,100 in…
A:
Q: ate 2 differences between stocks and bonds. You bought 2000 shares of Canadian Tire at $215 ach on…
A: Difference between Stock and Binds. Stock : In stock we will get divided on the face value of the…
Q: every month to manufacture one of its products. The unit costs incurred to manufacture the component…
A: The question is related to make or buy product. In this the company should compare the variable cost…
Q: What is the retained earnings after these Transactions? 1. The begining balance of retained…
A: Lets understand the basics. Retained earning statement is a statement which shows how much amount of…
Q: Equipment expense Indirect labor $ 102,000 $ 7,500 Distribution of Resource Consumption Across…
A: Hi student Since there are multiple questions, we will answer only first question. Activity based…
Q: What is the amount of Oriole company's inventory?
A: Valuation of Inventory: When a company is compiling its financial accounts, one of the accounting…
Q: Given a monthly rate of 1%, the Annual Percentage Rate (APR) is ______ and the Effective Annual Rate…
A: Annual Percentage Rate (APR) - It is the rate that charged annually to the Investment. It is same…
Q: Here are the relevant estimates for the budget preparation of Marvel Corporation for the fourth…
A: Cash Budget - Cash Budget is the estimation made by the company on the basis of past performance. It…
Q: ! Required information [The following information applies to the questions displayed below.] Gerald…
A: Individuals, corporations, and other legal organisations are all subject to the federal income tax.…
Q: Fool Proof Kitchens manufacturers custom made self-cleaning professional grade food processors. The…
A: The product costs comprises of direct and indirect costs. The direct costs are direct materials and…
Q: Wright Company's cash account shows a $27,700 debit balance and its bank statement shows $26,000 on…
A: A bank reconciliation statement is prepared to match the cash book balance with the bank balance at…
Q: California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $18 per share.…
A: Treasury stocks are repurchased owned shares by the company. The firm has the power to reissue these…
Q: The following are the credit sales transactions of Jaden Sales for the month of July: July 5 Jaden…
A: 1. Journal entry: Entry is made to record a transaction. In double entry system of booking one…
Q: b. What is Coy's ending basis in his partnership intere
A: Introduction:- A partnership means two or more persons joint together and carrying out a business…
Q: Assume that a continuing audit client has recorded Accounts Receivable and Equipment both in the…
A: There is need of company auditing so that accuracy and transparency is maintained in the accounts…
Q: Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible…
A: Allowance for doubtful accounts is considered as a contra asset account. It is prepared against the…
Q: At the beginning of the current year Paolo Co reported fair value of plan assets at P7,000,000 and…
A: Employee benefits expense are those expenses which involve the short term employee benefits like…
Q: Martin Tartans Inc. is considering the purchase of a new argyle sock knitting machine to replace a…
A: MACRS means the modified accelerated cost recovery system is depreciation system. MARCS is allow the…
Q: Espresso Express operates a number of espresso coffee stands in busy suburban malls. The fixed…
A: Fixed Costs - Fixed Costs are the cost that remain same irrespective of change in output. Variable…
Q: Horgen Corporation manufactures two products: Product M68B and Product H27T. The company is…
A: Given that, Total cost and total activity Machining = $299,000 and 13,000 machine hours Machine…
Q: Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses…
A: Journal entry is the act of keeping records of any transaction either economic or non economic.…
Q: Calculate the annual depreciation and book value of the construction equipment using declining b…
A: Depreciation- Depreciation is the term used in accounting to describe how an asset's value…
Q: Martinez Company's ending inventory includes the following items. Product Units Cost per Unit Market…
A: The lower cost or market method indicates that businesses should recognize the inventory in the…
Q: Palmona Company establishes a $160 petty cash fund on January 1. On January 8, the fund shows $61 in…
A: Given that, On January 1, Petty cash fund = $160 On January 8, Fund shows cash = $61 Expenditures…
Q: Tman Corporation uses a job-order costing system with a single plantwide predetermined overhead rate…
A: The question is related to Job Costing. In the given question the predetermined overhead rate is…
Q: The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermin…
A: Job Order Costing Job order costing is a system that takes place when customers order small, unique…
Q: Matilda Trader buys and sells its inventory on credit. It uses FIFO method to calculate cost of…
A: * As per Bartleby policy, in case multiple subparts are asked then answer first three only. 1. FIFO…
Q: Weighted Average Method, Journal EntriesSeacrest Company uses a process-costing system. The company…
A: Journal A general journal entry is used to visualize the business transactions of any organization.…
Q: Define a “liability” by listing its essential characteristics (not types of) as provided by our…
A: Liability :— It is a Financial obligation that is to be settled in the future date. Suppose an…
Q: The following information applies to the questions displayed below.] ulie paid a day care center to…
A: Child and Dependant Care Credit : It is the relief given by the Government to the taxpayer who spent…
Q: Required information [The following information applies to the questions displayed below.] On…
A: The journal keeps the record for day to day transactions of the business on regular basis. The…
Q: Problem 7 A company manufactures vacuum cleaners. Although the company buys many of the components…
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: At the date of acquisition, Zelda’s net assets are understated while its liabilities are fairly…
A: In the context of the given question, we are required to compute the consolidated assets and…
Q: erates a number of coffee stands in busy suburban malls. The fixed weekly expense of a coffee stand…
A:
Q: 2 1 The gross payroll total for all employees this month is $30,000. Assume that all employees'…
A: Payroll : It is the list of employee's monthly pay which showed their salary and other allowances…
Q: Following is information from Jesper Company for its first month of business. Credit Purchases Jan.…
A: 1. ACCOUNTS PAYABLE LEDGER Bailey Company Date Debit Credit Balance Jan. 9 $17,200…
Q: Smith & Co. Pty. Ltd. recently purchased a new factory. The factory was very run down having been…
A: In the context of the given question, we are required to find the expenses allowances as a specific…
Q: The Cash account of Safety First Security Systems reported a balance of $2,540 at December 31, 2024.…
A: Bank reconciliation refers to the method used by the company to match the bank statement as well as…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Exercise 9-20 (Algorithmic) (LO. 8) In 2022, Ava, an employee, who files single, has AGI of $20,000 and incurred the following miscellaneous itemized deductions this year: • Union dues and work uniforms: $1,080 • Home office expenses: $3,240 • Unreimbursed employee expenses: $1,512 Gambling losses to the extent of gambling winnings: $2,700. What is Ava's total itemized deduction related to these items?Fil in the blanks Mr. Pluto had the following income during the year: Gross compensation income including P25,000 13th month pay P325,000 Less tardiness or absences 10.000 Net compensation income P315,000 SSS deductions 12,000 Philhealth deductions 9,000 Pag-ibig deductions 10,000 Union dues 5,000 Withholding tax 40,000 Net pay P239.000 Answer the following. Be sure to follow the correct format (see SAMPLE below) to get credit for your answers. Peso sign are not required. Centavos are not required. If your computation is with centavo, round your answer to nearest peso. CORRECT > 1000 INCORRECT --> 1,000 INCORRECT ---> 1,000.00 INCORRECT ---> 1000.00 1). Total exclusion from gross income is 2). Taxable net income is 3). Income tax due is 4). Total inclusion to gross income isColyong, a government employee, receives a full 13rth month pay of 20,000 exclusive of 14,000 other benefits. He was deducted 18,000 during the year for premium for his SSS, PHIC, and HDMF contributions. Compute Colyong's taxable compensation income * 222,000 226,000 240,000 254,000
- Karen Kaled received the following income from her employment in 2021: Gross salaries P400,000 Deductions for: SSS 10,000 PhilHealth 8,000 Pag-Ibig 7,000 Union dues 2,000 Withholding tax 67,400 Loans repayment 50,000 Tardiness and absences 15,000 Net pay: P 240,600 Compute Karen Kaled's taxable compensation income. a. 240,600 b. 290,600 c. 358,000d. 400,00028. Yvonne i s an employee of Goldfish Company which closed its business during the year Yvonne's last paycheck shows the following details: Unpaid salary in the last two months P 30,000 Current month salary Separation pay Total pay 15,000 100,000 P 145,000 Which of the following will be included in the gross income subject to regular income tax a. P 145,000 О Б.Р45,000 О с.Р 100,000 O d. P 30,000_____1. Employees FICA tax rates A. Severance pay _____2. Form SS-4 B. By the 15th day of the following month _____3. Semiweekly depositor C. Employers Quarterly Federal Tax Return _____4. Taxable for FICA D. Application for Employer Identification Number _____5. Nontaxable for FICA E. 6.2 percent and 1.45 percent _____6. Self-employeds FICA tax rates F. Employees application for social security card _____7. Form 941 G. Cumulative wages of 128,400 _____8. Monthly depositor H. More than 50,000 in employment taxes in the lookback period _____9. OASDI taxable wage base I. 12.4 percent and 2.9 percent _____10. Form SS-5 J. Employers matching contributions into employees deferred compensation arrangements
- Lori Kinmark works as a jeweler for a local company. She earns 1,000 per week, plus a year-end bonus of 2,000. Kinmark also earns an additional net self-employment income of 28,000 per year. ____1.Compute Kinmarks annual earnings from employment. ____2.Compute Kinmarks total earnings from her job and from self-employment income. ____3.How much self-employment income should Kinmark include in computing taxable self-employment income for OASDI taxes? ____4.What are the total FICA taxes on her self-employment earnings?3 Assume the year is 2021. On March 15, Juneau Inc. pays each of 15 employees gross wages of $50,000. They withheld $123,300 FIT, $48,000 SIT, applicable FICA, and $200 union dues. FUTA is $140, SUI is $220. Prepare the following journal entries: a. Payment of employee salaries, including deductions. b. Juneau Inc. remits its payroll taxes. c. Juneau Inc. remits employee union dues.Employee earned gross pay of $920 during a recent pay period. She contributes 2% of gross pay to a 401(k) retirement plan and 3% of gross pay to a dependent care flexible spending account. Taxable earnings = $ NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. INFO: $875.00 is incorrect
- Paycheck Calculation Vasquez. an unmarried employee. works 43 hours in the week ended January 15. Her pay rate is $18 per hour Her wages are subject to no deductions other than FICA-Social Security, FICA- Medicare, and federal income taxes. She claims two withholding allowances. ● Required: o Compute her regular pay o Overtime pay (overtime premium is 50% of the regular rate for hours in excess of 40 per week) o Gross pay o His FICA tax deduction (use 6.2% for the Social Security portion and 1.45% for the Medicare portion) o Income tax deduction (use the wage bracket withholding table of Exhibit 9A.6) o Total deductions, and o Net pay. (Round tax amounts to the nearest cent.)Requlred Information (The following information applies to the questions displayed below] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 29% of the first $7,000 paid to its employee. Gross Pay through August $ 6,200 19,900 113,900 dross Pay for September $1,600 3,800 9,700 a. b. c. Assuming situation a, prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its elated liabilities. (Round your answers to 2 decimel places.) Employer Payroll taxes September eamings subject to tax Tax Rate Tax Amount 0.00Example 3-1 During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly salary of $9,000. Compute the amount of FICA taxes that should be withheld from her. Note: Rachael's tax return status s single. If an amount is zero, enter "0". a. 9th paycheck b. 17th paycheck c. 22nd paycheck d. If Lopez's year-to-date earnings as of her 24th paycheck are $216,000, and her year-end bonus is $100,000, how much additional 0.9% HI tax would be deducted for the year? $ $ OASDI 558 186 ✓ 0 ✓ $ HI 1,044 ✔