Revenu Quebec can impose a penalty of up to $30,000 on any employer who fails to file their remittance slip, in addition to any daily interest.
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- Albert Soft Top Corp. pays quarterly wages and incurs federal employment taxes of $3,150 on said wages. The corporation makes the deposit on the required date in the amount of $3,085 (due to an input error in the software). Which calculation illustrates the safe harbor rules that Albert SoftTop Corp. can adhere to (assuming they pay the shortfall by the shortfall date)? Oa. $65 is under the $1,000 limit so they are covered by safe harbor rules. b. $65 is less than 2% of the required deposit, so they are covered by safe harbor rules. e $65 is less than the greater of $100 or 2% of the required deposit, so they are covered by safe harbor rules. Od. the safe harbor rules would only apply if the shortfall was greater than $62 (2% x $3,150). Darla Simpson is self-employed. Her net income for the year is $152,000. Calculate the OASDI portion of her self-employment taxes for the year. O a. $10,863.00 Ob. $17,707.200 Oc. $8,537.40 Od. $18,848.00 If a new employer incurs $100,000 of unsatisfied…These provide an employee with financial security upon ceasing employment. A wide variety of these exist, and withholding from gross pay for these plans is a voluntary deduction. The withholding of a portion of an employee's earnings, in compliance with a court order or other legal proceeding. Limited to the lesser of 25% of disposable earnings or the amount of disposable earnings that exceed 30 times the federal minimum wage. A flexible spending account that is designated for a specific purpose. It is a type of cafeteria plan.The company pays its workers the difference between their regular wages and the amount received for jury duty. Employee 1 is a non- exempt employee who has been receiving $400 a week. He was not at work this pay period because he completed 5 days of jury duty for which he was paid $70 ($10 per day plus 20 cents per mile from her house to the courthouse, a 20-mile round trip). How much of Employee 1's earnings from the company are subject to FICA taxes since he didn't actually have any work time?
- 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. Required: How many days late was the tax payment? What is the amount of the penalty (use exact interest)?BMX Company has one employee. FICA Social Security taxes are withheld in the amount of $316.20. FICA Medicare taxes are withheld in the amount of $73.95. Federal unemployment taxes are $30.60 and State unemployment taxes are $275.40 for this pay period. Medical Insurance of $242.25 is withheld as requested by the employee and federal income taxes are $607.05. Use this information to record below the journal entry for the employer's payroll tax expense for this first pay period of the year in January. Note: Round your answers to 2 decimal places. View transaction list View journal entry worksheet No 1 Date January 31 General Journal Payroll taxes expense FICA-Social security taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable Debit 696.15 Credit 316.20 73.95 30.60 275.40Question 11 Part II: Make the following entries in the general journal 1. When it closes the accounts, sales have a balance of $12,000. 2. The company Camino Real has a balance in its account of advertising expenses of $ 5,200 at the end of the month of December and must be closed. 3. At the Pollo Real food company there was a salary expense of $13,000 on March 31 and closing tickets are being made. 4. Prendas Mías bought a cash computer for $1,500. 5. Camino Real has a balance of $2,000 in the sales account at the end of the accounting cycle. 6. The La Esquina store purchased prepaid insurance on Feb. 2 for $10,000. 7. The owner of Pollo Real made personal withdrawals for $3,000 during the month of April and closing tickets are being made. 8. Martinez Rental had a customer who was offered a credit service for $1,800. 9. Jorge Román started a business under the name of Cleaning Cars. After adjustments in December 2020 the following balances were recorded in the ledger for each account.…
- Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.FocEmployees that live in a state where the minimum wage is $7.40, their employer will pay them $fill in the blank f74d610d8fe6025_13 per hour.
- Can I do a general journal entry on this scenario, if so how do i do it? Master Flow’s first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma’s Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay.Damerly Company (a Utah employer) wants to give a holiday bonus check of $375 to each employee. Since it wants the check amount to be $375, it will need to gross-up the amount of the bonus. Calculate the withholding taxes and the gross amount of the bonus to be made to John Rolen if his cumulative earnings for the year are $46,910. Besides being subject to social security taxes and federal income tax (supplemental rate), a 4.95% Utah income tax must be withheld on supplemental payments.Leon Jones worked in the warehouse of a large building supply company. One day he unexpected left for Fiji, never to return. His supervisor seized the opportunity to continue submit time cards for Leon to the payroll department. Each week, as part of his normal duties, the supervisor received the employee pay cheques from payroll and distribute them to the workers on his shift. As Leon was notpresent to collect his pay cheque, the supervisor forged Leon’s name and cashed it. Required:Describe two control techniques to prevent or detect this fraud scheme.