Question 18: Match each FUTA tax payment to its due date.1st Quarter (Jan-Mar)October 31DROP HERE2nd Quarter (Apr-Jun)April 30DROP HERE3rd Quarter (Jul-Sept)January 31DROP HERE4th Quarter (Oct-Dec)July 31DROP HEREQuestion 21: Which state does NOT require employers to carry disability insurance for their employees?Answer:A.O New YorkВ.O CaliforniaC.O MississippiD.O HawaiiQuestion 22: Match each form's number to its name.Form W-2Employer's Quarterly Federal Tax ReturnDROP HEREForm W-3Wage and Tax StatementDROP HEREForm 940Transmittal of Wage and Tax StatementsDROP HEREForm 941Employer's Annual Federal Unemployment Tax ReturnDROP HEREQuestion 25: Which statement regarding Form W-2 is accurate?Answer:A.O Form W-2 contains earnings information for multiple employees.В.O Form W-2 must be signed by the employer to be valid.C.O Form W-2 is submitted to the Social Security Administration and provided to each employee.D.O Form W-2 includes federal tax information and excludes state tax information.Question 29: Anna is a newly hired employee of Cowboy Inc. Which statement regarding her employment is accurate?Answer:A.O Anna can complete either version of Form W-4, and her employer must use the percentage method to calculate her federal withholding tax.O Anna must complete the current Form W-4, and her employer will use either the percentage or the wage-bracket method to calculate her federalwithholding tax.В.C.O Anna can complete either version of Form W-4, and her employer must use the wage-bracket method to calculate her federal withholding tax.D.O Anna must complete a pre-2020 Form W-4, and her employer will use either the percentage or the wage-bracket method to calculate her federalwithholding tax.Question 30: Match each form to its purpose.SS-4Used to obtain a Social Security numberDROP HEREW-4Provides information to calculate income tax withholdingDROP HERESS-5Used to obtain an Employer Identification NumberDROP HERE1-9Verifies employment eligibilityDROP HERE

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Question 18: Match each FUTA tax payment to its due date. 1st Quarter (Jan-Mar) October 31 DROP HERE 2nd Quarter (Apr-Jun) April 30 DROP HERE 3rd Quarter (Jul-Sept) January 31 DROP HERE 4th Quarter (Oct-Dec) July 31 DROP HERE

Question 18: Match each FUTA tax payment to its due date. 1st Quarter (Jan-Mar) October 31 DROP HERE 2nd Quarter (Apr-Jun) April 30 DROP HERE 3rd Quarter (Jul-Sept) January 31 DROP HERE 4th Quarter (Oct-Dec) July 31 DROP HERE

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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Exhibit 6-1 The totals from the first payroll of the year are shown below. Total Earnings $36,195.10 FICA OASDI $2,244.10 FICA НІ $524.83 FIT W/H $6,515.00 State Tax $361.95 Refer to Exhibit 6-1. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%). Union Dues $500.00 Net Pay $26,049.22
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PSc 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: Tony Daniels (Married; 4 federal withholding allowances) earned weekly gross pay of $800. Federal income tax withholding = $ 2: Mario Gonzales (married; 5 federal withholding allowances) earned biweekly gross pay of $2,025. He participates in a flexible spending account, to which he contributes $100 during the period. Federal income tax withholding = $ 3: Angela Brown (single; 3 federal withholding allowances) earned monthly gross pay of $5,170. For each period, she makes a 401(k) contribution of 12%…
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Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry to record the employer's payroll taxes expense for the week ended July 15 of the current year. Round your answers to the nearest cent, if required. If an amount box does not require an entry, leave it blank. Portions of the payroll register for Barney’s Bagels for the week ended July 15 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both of which are levied on the first $7,000 of earnings. The Social Security tax rate is 6.2% on the first $118,500 of earnings. The Medicare rate is 1.45% on gross earnings. Barney’s BagelsPayroll Register Total Taxable Earnings of All Employees Total Earnings Unemployment Compensation Social Security $12,200 $10,500 $12,200
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eBook Question Content Area Highridge Homes has the following payroll information for the week ended February 21: Name Earnings at End of Previous Week Daily Time Pay Rate Federal Income Tax S M T W T F S Arthur, P. 7,800.00 8 8 8 8 8 45.00 226.78 Bills, D. 2,060.00 8 8 8 8 8 12.50 26.00 Carney, W. 2,085.00 8 8 8 8 8 12.95 27.00 Dorn, J. 748.00 8 8 22.00 11.00 Edgar, L. 2,687.00 8 8 8 8 8 15.00 37.00 Fitzwilson, G. 4,150.00 8 8 8 8 8 8 23.00 125.00 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. Then assuming that the firm has…
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