Question 2With the following data, compute the NET FUTA Tax.$6,750Gross FUTA Tax DUECredit against FUTA (assume$3,100applicable)O $3,650O $7,000O $3,100$6,750MacBook Air80F3F2F4F5F6F7FBF934.5789.ETYDG< 6F. An employee has total gross wages of $7,000, federal withholding of 15% and state withholding of 5%Using this information, what is the correct journal entry for gross pay, federal and state withholdings,and FICA?DebitCreditFICA PayableFederal Withholding PayableState Withholding PayableNet Payroll Payable$535.50$1,050.00$350.00$1,935.50DebitCreditWages ExpenseFICA PayableFederal WithholdingPayableState WithholdingPayableNet Payroll Payable$7,000.00$535.50$1,050.00$350.00$5,064.50DebitCreditFICA Payable$535.50Federal Withholding PayableState Withholding PayableNet Payroll PayableWages Expense$1,050.00$350.00$5,064.50$7,000DebitCreditWage ExpenseNet Payroll Payable$7,000.00$7,000.00MacBook Air

FUTA means the "Federal Unemployment Tax Act" which provides for the levy of tax on the wages…

Answered: Question 2 With the following data,…

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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Pleas calculate the AVERAGE and MARGINAL TAX based on the tax bracket provided below. (Hint: every box in the table may NOT be used.) $0 $1,001 $3,001 Tax Bracket $10,001 $20,001 $40,001 $1,000 $3,000 $10,000 $20,000 $40,000 & Above Average Tax:__`17.729% Marginal Tax:__`25¹% Tax 5% 10% 15% 25% 30% 45% $ $ Taxable Income Amount Taxed type your ansv type your ansv type your ansv = type your ansv $16,500 $ $ $ $ Actual Tax Paid type your answe type your answe type your answe type your answe type your answe Amount Remaining $ $ $ $ type your answe type your answe type your answe type your answe
Find the tax owed on a purchase of $183.11 if the state sales tax rate is 6%.
Find the property tax on a vacant lot with an assessed value of $32,900 and a tax rate of $4.52 per $100 of assessed value. The property tax is $. (Round to the nearest cent.) HOLEN
The interest tax shield year 1 is ______$ million (Round to three decimal places) The interest tax shield year 2 is ______$ million (Round to three decimal places) The interest tax shield year 3 is ______$ million (Round to three decimal places) The interest tax shield year 4 is ______$ million (Round to three decimal places) The interest tax shield year 5 is ______$ million (Round to three decimal places)
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 Use Goal Seek to find the Taxable Income (C5) that results in the Total Tax (C7) shown. Answer to the nearest 0.01. Do not include any punctuation ($ or ,) in your answer! Example of accepted answer: 12345.67Examples of incorrect answers: $12,345.67, 12,345.67, $12345.67 Taxable Income Total Tax Answer $2,600 Answer $4,200 Answer $8,500 Answer $10,500 Answer $22,000 Be sure to answer to the neared 0.01.
Chapter 3 Activity – Taxes Individual Income Tax Brackets (2021) Marginal Tax Rate Single, taxable income over: Joint, taxable income over: Head of Household, taxable income over: 10% $0 $0 $0 12% $9,950 $19,900 $14,200 22% $40,525 $81,050 $54,200 24% $86,375 $172,750 $86,350 32% $164,925 $329,850 $164,900 35% $209,425 $418,850 $209,400 37% $523,600 $628,300 $523,600 Standard Deduction Amounts (2021) Filing Status Deduction Amount Single $12,550 Married Filing Jointly $25,100 Head of Household $18,800 Long-term Capital Gains & Qualified Dividends (2021) Tax Rate Single Joint Head of Household 0% Under $40,000 Under $80,800 Under $54,100 15% $40,400 $80,800 $54,100 20% $445,850 $501,600 $473,750 Additional 3.8% Net Investment Income Tax for MAGI over $200,000 / $250,000 / $200,000 Calculate the federal income…
Question 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee has earned $6,400 to date and has current period taxable pay of $1,500? Answer: A. O $3.60 В. O 59 C. O $36 D. O $90

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Question 2 With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $6,750 Credit against FUTA (assume $3,100 applicable) O $3,650 O $7,000 O $3,100 O $6,750