None Record transactions for Long- a tax advisorDate10-Apr11-Apr12-AprTransaction:Long provided tax service to customer Martin and got paid $500.A new customer Tom paid Long $700 to book Long for tax service to be performed in July 10.Long provided $2,000 tax service to customer Chris on account. Chris promised to pay by Jun 30.

In the realm of tax advisory services, managing transactions is crucial for maintaining accurate…

Answered: Record transactions for Long- a tax…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 7E

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Record transactions for Long- a tax advisor Date 10-Apr 11-Apr 12-Apr Transaction: Long provided tax service to customer Martin and got paid $500. A new customer Tom paid Long $700 to book Long for tax service to be performed in July 10. Long provided $2,000 tax service to customer Chris on account. Chris promised to pay by Jun 30.
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On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable. Prepare Jun’s journal entry assuming the note is honored by the customer on October 31 of that same year.
K t ht ences The employees of Ethereal Bank are paid on a semimonthly basis. All employees are single. There are no pre-tax deductions. Required: Compute the FICA taxes for the employees for the November 30 payroll. All employees have been employed for the entire calendar year. Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places. Employee R. Bellagio B. Khumalo S. Schriver K. Saetang T. Ahmad M. Petrova Semimonthly Pay $ $ $ $ $ $ 9,519 6,719 6,838 8,200 10,700 9,050 YTD Pay for November 15 Pay Date Social Security Tax for November 30 Pay Date Medicare Tax for November 30 Pay Date
Meman
need help putting to general journal
Prepare a payroll check for Janice burns for the week ending March 23,20
Oriole Company has the following data for the weekly payroll ending January 31. Employee L. Helton R.Kenseth D. Tavaras M T 8 8 9 8 8 11 Hours W 10 8 T 8 8 F S 10 00 8 3 3 8 8 9 0 Hourly Rate Federal Income Tax Withholding $34 $14 16 17 37 58 Health Insurance $10 25 25 Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Oriole Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Prepare the journal entry to record Oriole's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) SUPPORT 11:22 AM 11/30/2023
Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment November 8. The IRS sent her a penalty charge of 8% simple interest on the unpaid taxes of $4,100. Due date: 15-April Payment sent on: 8-November Penalty charge of simple interest: 8% Unpaid taxes amount: $ 4,100.00 Required: Please use the above information to answer the following How many days late was Molly Ellen in sending payroll taxes? Calculate the penalty. Note: Remember that the government uses exact interest.
On March 1, 2017 Amelia, a non- resident citizen, opened a 5-yr time deposit with her local bank. The amount of deposit is P600,000 at 6% annual interest credited every calendar year's end. Needing money, she pre-terminated the account on June 1, 2021. How much final tax is withheld by the bank at pre- termination? * a. Zero b. P750 С. Р3,000 O d. P7,650
Accounting Scenario 1 Clara Tate an employee of Harrow's Accounting Firm, worked 44 hours during the week of June 8 through 12. Her rate of pay is $15 per hour and she receives time-and-a-half for work in excess of 40 hours per week. She is married and claims two allowances on her W-4 form. Her wages are subject to the following deductions: Federal income tax (use the table in the link below). Social Security tax at 6.2 percent. Medicare tax at 1.45 percent. Union dues, $30.00 What you must do: Compute Clara’s: regular pay overtime pay gross pay net pay Submission Format To help you calculate the amounts to be withheld for Clara, use the attached 2016 Withholding Table (Word.doc).
Ms. Cumacaliua is concurrently employed at Cumanan Corporation and Paatras Company. She received the following during the month: Cumanan 50,000 P Paatras 40,000 Professional fees P Less: 6,000 12,000 Creditable withholding tax Loan repayment SSS, PhilHealth, HDMF Net pay 7,000 3.000 40.000 P P. 22,000 ist Compute the amount subject to business tax. c. P 77,000 d. P 90,000 a. PO Her b. P 62,000 combare tue smonur

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