Problem 3 With the following data, compute the GROSS FUTA Tax Due. Total FUTA Taxable Wages Gross FUTA Tax DUE Problem 4 4 5 6 7 8 19 30 Total Futa Taxable Wages 31 Credit against FUTA (assume applicable) 32 33 With the following data, compute the Credit against FUTA (assume applicable as well as the Maximum Credit allowed). S $ 83,000 (b) 127,000 (c)

Problem 3 With the following data, compute the GROSS FUTA Tax Due. Total FUTA Taxable Wages Gross FUTA Tax DUE Problem 4 4 5 6 7 8 19 30 Total Futa Taxable Wages 31 Credit against FUTA (assume applicable) 32 33 With the following data, compute the Credit against FUTA (assume applicable as well as the Maximum Credit allowed). S $ 83,000 (b) 127,000 (c)

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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INVOICE issued date 05/05/2020 as below: You have received an invoice from one of our suppliers and you are required to prepare: (i) Double entry for the invoice you have received base on the account and supplier number provided. (ii) Base on tax point of view, specify each item whether it is Capital or Revenue expenditure.
on Dec,31 the net income is $20,000, interest expense is $5,000. The interest coverage ration is (Ignore tax by assuming tax is zero)) O a. 25% O b. 4 O c. 5 O d. 20%
D42 Enter X 21 Gross FUTA Tax DUE 22 23 Problem 4 24 25 26 27 28 29 30 Total Futa Taxable Wages 31 Credit against FUTA (assume applicable) 32 33 34 Problem 5 35 36 37 38 39 40 Gross FUTA Tax DUE 41 Credit against FUTA (assume applicable) 42 NET FUTA tax: With the following data, compute the Credit against FUTA: (assume applicable as well as the Maximum Credit allowed). Esc B With the following data, compute the NET FUTA Tax. Instructions Accessibility: Good to go ☆ Type here to search F1 fx 3650 Problem 1 4₁ @ 2 F2 # F3 Problems 2-5 3 $ 127,000 (c) $ Ş ZI -¤- CỌ: C (b) 6,750 3,100 (d) 3650 $ O E F4 4 F5 % 5 F6 8 AS b F7
(14) Credit earned on a partial payment of $ 600 at a discount rate of 5% is, A. $26.32 B. $ 27.35 32.26 E. NOA C. $ 28.23 D.
Based on the following data, calculate the items requested: Buying Costs Annual mortgage payments Property taxes Down payment/closing costs Growth in equity Insurance/maintenance Estimated annual appreciation Rental Costs Annual rent Insurance Security deposit $ 8,230 $ 230 $ 1,075 Assume an after-tax savings interest rate of 7 percent and a tax rate of 32 percent. Assume this individual has other tax deductions that exceed the standard deduction amount. Rental cost Buying cost a. Calculate total rental cost and total buying cost. (Do not round intermediate calculations. Round your answers to the nearest whole dollar.) $ 10,450 (10,000 is interest) $ 2,120 $ 5,150 $ 450 $1,900 $ 2,550 b. Would you recommend buying or renting? O Renting O Buying
Question 4: Us the information below to answer the following questions AR, Net of allowance for uncollectable accounts of 16 and 17 Partial Income statement Revenue COGS Gross Profit SG&A Expense Bad Debt Expense Pre Tax Income Other information Write offs were $9 and $14 in years 1 and 2, respectively There was a recovery of $2 in year 2 Year 1 140 Year 1 1,120 680 440 (350) (12) 78 Year 2 168 Year 2 1,480 720 760 (375) (13) 372 Question 4, Part 1: What entries did the firm make to the allowance for uncollectable accounts in year 1?
Example 4-9 From the above example, if you indicate separately on Robinson’s paycheck stub the amount of each payment, the amount of federal income tax to be withheld is computed as follows: Taxes Withheld Regular monthly earnings $2,400 $ 37.00 (from wage-bracket tax tables*) Quarterly bonus 4,600 1,012.00 ($4,600 × 22%) Totals $7,000 $ 1,049.00 The calculation of Robinson’s federal income tax for the quarter would be computed as follows: Taxes Withheld Regular monthly earnings $2,400 $37.00 × 3 months = $ 111.00 (from wage-bracket tables*) Quarterly bonus 4,600 1,012.00 ($4,600 × 22%) $1,123.00 *The percentage table could also be used. Note: OASDI and HI withholdings are calculated on total earnings per pay period multiplied by number of pay periods and then added together to arrive at a quarter’s total withholding. Quarterly and year-to-date information would appear on Robinson’s employee earnings record. The…
Status Single DATA TABLE Total Tax Payments $ 8,342 Taxable Income $ 55,060.00 20,000 30,000 Total Tax $ 7,972 40,000 Refund Amount Amount Owed Create a one-way data table that will show the Total Tax (cell C7) for the three values of Taxable Income shown in cells F5 to F7. Answer these questions about the process of creating the data table. Before creating the table, what formulas must be put into the cells around the table? What must be entered in cell F4 before selecting Data Table from What-If Analysis?
Please show all work
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Se and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Before Current Weekly Payroll $ 30,000 54,000 126,000 127,600 Current Gross Pay $1,440 2,880 3,560 2,960 Year-to-Date Earnings Soc. Sec. Maximum $128,400 128,400 128,400 128,400 $ Amount Over Max. Soc. Sec. Amount Subject to Soc. Sec. Soc. Sec. Tax Withheld Medicare Tax Withheld
Find the tax owed on a purchase of $183.11 if the state sales tax rate is 6%.
13 - 391- The balance of the calculated VAT account is 10,000 TL, 191 The balance of the deductible VAT account is 15,000 TL, 190-The balance of the transferred VAT account is 4000 TL. How is the difference saved to which account?A) 190- To the receivable of the transferred VAT accountB) 360-To the debt of the tax and funds payable account C) 360-Tax and funds payable account receivable D) 190- To the debt of the transferred VAT accountE) None