Show the details in Statement of financial position. classified balance sheet. Total equity..... $30,000 Employee federal income taxes payable$9,000. 40,000 Federal unemployment taxes payable .34,000 FICA-Medicare taxes payable.....5,100 FICA-Social Security taxes payable .50,000 Employee medical insurance payable .4,000 State unemployment taxes payable .10,000 Sales tax payable (due in 2 weeks).Equipment..Salaries payable ...200725Accounts receivable .. 3,100Cash.......2,000Current portion of long-term debt .Notes payable (due in 6 years) ...1,800275...

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Business

Accounting

Show the details in Statement of financial position.

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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Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $22,700 $1,340 $fill in the blank 1 $118,500 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 $fill in the blank 5 54,300 4,080 fill in the blank 6 118,500 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 116,700 3,890 fill in the blank 11 118,500 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 117,300 4,540 fill…
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