journal entrie
Q: Required Information [The following information applies to the questions displayed below.] BMX…
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Q: Tax Required information [The following information applies to the questions displayed below.] BMX…
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A:
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Q: In Part 5 of Form 940, Peterson Company reported FUTA tax liabilities as follows: First quarter:…
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Q: Match each form name with its associated description. Form 1099-NEC Form 1096 Form W-9…
A: Since the questions asked are different,As per our guidelines ,we are allowed to answer only…
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Q: Required Information [The following Information applies to the questions displayed below.] BMX…
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Q: Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for…
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Q: [The following information applies to the questions displayed below.]. BMX Company has one employee.…
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Q: a) Tax BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid…
A: Given in the question:FICA-Social Security Rate = 6.2% of the first $137,700FICA-Medicare Rate =…
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The company’s
Year 1 | Year 2 | |
Cash | 19,400 | 48500 |
A/R | 30,000 | 90000 |
Allowance for |
-5,000 | -25000 |
Prepaid Supplies | 500 | 1500 |
DTA (DTL) | 2000 | 2000 |
A/P | -15000 | -45000 |
Income Tax Payable | -14000 | - |
R/E | - | -17900 |
Revenue | -50000 | -100000 |
Political Contributions | 100 | 900 |
Wages | 15000 | 25000 |
Bad Debt | 5000 | 20000 |
Income Tax Expense | 12000 | - |
0 | 0 |
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- 1. Match each form name with its associated description. Form 1099-NEC Form 1096 Form W-9 Request for Taxpayer Identification Number and Certification Nonemployee Compensation Annual Summary and Transmittal of U.S. Information Returns 2. The SUTA taxes for an employee whose year-to-date earnings prior to the current period are $12,400, who earns $1,500 during the current period, who works in a state with a credit reduction of 1.5%, and whose state imposes a SUTA tax rate of 2.5% with an associated wage base of $12,600 would be$______ 3. Which of these states does NOT levy SUTA tax on employees as well as employers? Answer: A. New Jersey B. Alaska C. Pennsylvania D. Rhode Island1. The Request for Taxpayer Identification Number and Certification is also known as Form _____. Answer: A. W-9 B. W-4 C. W-2 D. I-9 2. When the 4th quarter FUTA tax is NOT at least _____, the payment may be mailed at year-end with Form 940. Answer: A. $100 B. $500 C. $1,000 D. $5,000 3. The full self-employment tax rate applied to the first $142,800 of earnings is _____. Answer: A. 2.9% B. 6.2% C. 12.4% D. 15.3%11.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430 at your office last year. The forms breakdown by cost is as follows: Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75 What is the correct amount that can be deducted on their Schedule C for the current year? Choose one answer. a. $280 b. $180 c. $355 d. $430
- a) Tax Required Information [The following information applies to the questions displayed below.] FUTA SUTA b) Tax Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 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 5.4% of the first $7,000 paid to its employee. FICA-Social Security FICA-Me FUTA SUTA Tax a. b. Gross Pay through August 31 $ 6,500 2,800 133,400 FICA-Social Security FICA-Medicare FUTA SUTA FICA-Social Security FICA-Medicare Gross Pay for September $ 1,900 2,900 10,000 September Earnings Subject to Tax September Earnings Subject to Tax September Earnings Subject to Tax Tax Rate Tax Rate Tax Rate Tax Amount Tax Amount Tax AmountPlease answer question number 3 only. Calculate FUTA TAX Note: for simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal placesConsider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. cash B. federal income tax payable this year C. long-term note payable D. current portion of a long-term note payable E. note payable due in four years F. interest expense G. state income tax
- If Form 941-V is utilized, the amount shown on line 2 of the form must agree with the amount displayed on which line of Form 941? a. 10 b.11 C. 12 d.14 2. Under which condition is an employer NOT required to file a quarterly Form 941? a.annual tax liability for federal income tax, Social Security, & Medicare tax is less than $1,000 b.annual tax liability for federal income tax, Social Security, & Medicare tax is less than $1,500 c. total annual tax liability is less than $2,500 d.total annual tax liability is less than $100,000 Employers pay a higher FUTA tax rate in states that are subject to a credit reduction. True False1. Form 1096 is completed by the employer and submitted to the IRS for what purpose? Answer: A. To report total annual earnings for a single independent contractor B. To report all overtime paid to all independent contractors C. To report total compensation paid to all independent contractors during the year D. To report all expenses incurred by and reimbursed to an independent contractor 2. Which statement regarding SUTA taxes is accurate? Answer: A. The SUTA tax rate is the same as the FUTA tax rate in all fifty states. B. The SUTA tax rate is reduced by a 5.4% credit for most states. C. There is no threshold over which SUTA taxes are not levied. D. In most states, SUTA taxes are paid solely by the employer and never by the employee. 3. FUTA tax payments must be made at the end of a quarter when the total tax…Ace Computers has 6 employees and operates in Michigan. The Form 940 for the year contains the following information: Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. 3 Total payments to all employees 4 Payments exempt from FUTA tax- Check all that apply: 5 6 Total of payments made to each employee in excess of $7,000 Subtotal (line 4+ line 5 = line 6) What amount should be entered on line 6? O $26,509.50 O $68,509.50 O $192,869.55 O $95,019.00 4a. Fringe benefits 4b. Group-term life insurance 4c. Retirement/Pension 4d. Dependent care 4 5 68,509.50 4e. Other 26,509.50 3 6 192,869.55
- Help me selecting the right answer. Thank youNot a graded assignmentCruz Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 20--. They are a monthly depositor with the following monthly tax liabilities for this quarter: July $7,193.10 August 7,000.95 September 7,577.78 The company does not use a third-party designee, the tax returns are signed by the president, Carlos Cruz (Phone: 916-555-9739), and the date filed is October 31, 20--. Complete Parts 2, 4, and 5 of Form 941 for Cruz Company for the third quarter of 20--.
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