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The invoice date for a bill is July 22 with the terms 4/10 EOM. The discount date and due date are: A. August 1 and August 21 b.August 10 and August 30   c.September 10 and September 30   D.April 10 and April 30

The invoice date for a bill is July 22 with the terms 4/10 EOM. The discount date and due date are: A. August 1 and August 21 b.August 10 and August 30   c.September 10 and September 30   D.April 10 and April 30

FINANCIAL ACCOUNTING
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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The invoice date for a bill is July 22 with the terms 4/10 EOM. The discount date and due date are:

A. August 1 and August 21

b.August 10 and August 30
 
c.September 10 and September 30
 
D.April 10 and April 30
... . Percentage Method Tables for Income Tax Withholding (For Wages Paid in 2012) TABLE 1-WEEKLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of income tax is: Not over $41 Over- $41 $209 $721 $1,688 $3.477 $7,510. (b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not ovor $150 Över- $156 $490 $1,615 $2,900 $4,338 $7,624. The armount of income tax to withhold is: to withhold is: .SO .-. But not over- -%24209 . . .$0.00 plus 10% $721 . ..$16.80 plus 16% $1,688 $3,477. . $335.35 plus 289% $7,510 of excess over- -$41 -$209 -2721 $1,688 $3,477 -$7,510 But not over- $490 21,515 . . %$42,900 $4,338 -$7,624 .$0.00 plus 10% .$33.40 plus 15% $187.15 plus 25% $533.40 plus 28% $936.04 plus 33% $2,020.42 plus 35% of excess over- -$156 -$490 -$1,515 $2,900 $4,338 -$7,624 $93.60 plus 25% $836.27 plus 33% $2,167.16 plus 35% TABLE 2-BIWEEKLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of Income tax (b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not over $312.. Over- $312 $981 $3,031 $5,800 $8.675 $15,248 The amount of income tax to withhold is: Is: to withhold is: $0 Not over $83 Over- $83 $417 $1,442 $3,377 $6,954 $15,019 .. SO But not over -%2417 -$1,442.. . .$33.40 plus 15% $3,377. . $6,954 $15,019 of excess over- -%2483 $417 -$1,442 $3,377 -%246,954 $15,019 But not over- -$981 -$3,031 $5,800 .. . .$374.40 plus 25% $8,675. . .$1,066.65 plus 28% -%2415.248 of oxcess over- -$312 -$981 $3,031 -$5,800 -$8,675 -$15,248 $0.00 plus 10% .$0.00 plus 10% $66.90 plus 15% . $187.15 plus 25% $670.90 plus 28% $1,672.46 plus 33% $4,333.91 plus 35% $1,871.65 plus 33% $4,040.74 plus 35% TABLE 3-SEMIMONTHLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of income tax is: Not over $90 Over- $90 $452 $1.563 $3,658 $7,533 $16.271 (b) MARRIED person- Ir the amount of wages (after subtracting withholaing allowances) is: Not over $338 Over- $338 $1,063 $3,283 $6,283 $9,398 $16,519. The amount of Income tax to withhold is: $0 to withhold is: .. $0 But not over- -S452.. $1,563 $3,658 -$7,533 -$16.271 of excess over- But not over- $0.00 plus 10% $36.20 plus 15% . $202.85 plus 25% . $726.60 plus 28% .$1,811.60 plus 33% $4,695.14 plus 35% of excess over- -$338 $1,063 -$3.283 $6.283 $9,398 -$16,519 -$1,063 -$43,263 .$0.00 plus 10% $72.50 plus 15% -$6,283 . .$405.50 plus 25% -%$49,398 .. . .$1,155.50 plus 28% $2,027.70 plus 33% .$4,377.63 plus 35% ... $452 $1,563 $3,658 $7,533 -2416,271 -$16,519 TABLE 4-MONTHLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of income tax is: Not over $179 (b) MARRIED person If the amount of wages (after subtracting withholding allowances) is: Not over $675 Over- $675 $2,125 $6,667 $12,567 $18,796 $33,038 to withhold is: SO The amount of income tax to withhold is: over $179 $904 $3,125 $7,317 $15,067 $32,542 But not over- -$904 -$43,125 $7.317 . $15,067 -%$32.542 $0.00 plus 10% $72.50 plus 15% $405.65 plus 25% $1,453.65 plus 28% $3.623.65 plus 33% $9,390.40 plus 35% of excess over- $179 $904 $3,125 $7,317 $15,067 -S32,542 But not over $2.125 $6,567 $12.567 $18,796 $33.038 $0.00 plus 10% $145.00 plus 15% $811.30 plus 25% $2,311.30 plus 28% $4.055.42 plus 33% $8,755.28 plus 95% of excess over- $675 -%242,125 -$46,567 $12,587 $18,796 $33,038 Payroll Period One Withholding Allowance Weekly. Biweekly Semimonthly Monthly Quarterly Semiannually Annually Daily or miscellaneous (each day of the payroll perlod) $73.08 146.15 158.33 316.67 950.00 1,900.00 3,800.00 14.62
Transcribed Image Text:... . Percentage Method Tables for Income Tax Withholding (For Wages Paid in 2012) TABLE 1-WEEKLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of income tax is: Not over $41 Over- $41 $209 $721 $1,688 $3.477 $7,510. (b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not ovor $150 Över- $156 $490 $1,615 $2,900 $4,338 $7,624. The armount of income tax to withhold is: to withhold is: .SO .-. But not over- -%24209 . . .$0.00 plus 10% $721 . ..$16.80 plus 16% $1,688 $3,477. . $335.35 plus 289% $7,510 of excess over- -$41 -$209 -2721 $1,688 $3,477 -$7,510 But not over- $490 21,515 . . %$42,900 $4,338 -$7,624 .$0.00 plus 10% .$33.40 plus 15% $187.15 plus 25% $533.40 plus 28% $936.04 plus 33% $2,020.42 plus 35% of excess over- -$156 -$490 -$1,515 $2,900 $4,338 -$7,624 $93.60 plus 25% $836.27 plus 33% $2,167.16 plus 35% TABLE 2-BIWEEKLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of Income tax (b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not over $312.. Over- $312 $981 $3,031 $5,800 $8.675 $15,248 The amount of income tax to withhold is: Is: to withhold is: $0 Not over $83 Over- $83 $417 $1,442 $3,377 $6,954 $15,019 .. SO But not over -%2417 -$1,442.. . .$33.40 plus 15% $3,377. . $6,954 $15,019 of excess over- -%2483 $417 -$1,442 $3,377 -%246,954 $15,019 But not over- -$981 -$3,031 $5,800 .. . .$374.40 plus 25% $8,675. . .$1,066.65 plus 28% -%2415.248 of oxcess over- -$312 -$981 $3,031 -$5,800 -$8,675 -$15,248 $0.00 plus 10% .$0.00 plus 10% $66.90 plus 15% . $187.15 plus 25% $670.90 plus 28% $1,672.46 plus 33% $4,333.91 plus 35% $1,871.65 plus 33% $4,040.74 plus 35% TABLE 3-SEMIMONTHLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of income tax is: Not over $90 Over- $90 $452 $1.563 $3,658 $7,533 $16.271 (b) MARRIED person- Ir the amount of wages (after subtracting withholaing allowances) is: Not over $338 Over- $338 $1,063 $3,283 $6,283 $9,398 $16,519. The amount of Income tax to withhold is: $0 to withhold is: .. $0 But not over- -S452.. $1,563 $3,658 -$7,533 -$16.271 of excess over- But not over- $0.00 plus 10% $36.20 plus 15% . $202.85 plus 25% . $726.60 plus 28% .$1,811.60 plus 33% $4,695.14 plus 35% of excess over- -$338 $1,063 -$3.283 $6.283 $9,398 -$16,519 -$1,063 -$43,263 .$0.00 plus 10% $72.50 plus 15% -$6,283 . .$405.50 plus 25% -%$49,398 .. . .$1,155.50 plus 28% $2,027.70 plus 33% .$4,377.63 plus 35% ... $452 $1,563 $3,658 $7,533 -2416,271 -$16,519 TABLE 4-MONTHLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of income tax is: Not over $179 (b) MARRIED person If the amount of wages (after subtracting withholding allowances) is: Not over $675 Over- $675 $2,125 $6,667 $12,567 $18,796 $33,038 to withhold is: SO The amount of income tax to withhold is: over $179 $904 $3,125 $7,317 $15,067 $32,542 But not over- -$904 -$43,125 $7.317 . $15,067 -%$32.542 $0.00 plus 10% $72.50 plus 15% $405.65 plus 25% $1,453.65 plus 28% $3.623.65 plus 33% $9,390.40 plus 35% of excess over- $179 $904 $3,125 $7,317 $15,067 -S32,542 But not over $2.125 $6,567 $12.567 $18,796 $33.038 $0.00 plus 10% $145.00 plus 15% $811.30 plus 25% $2,311.30 plus 28% $4.055.42 plus 33% $8,755.28 plus 95% of excess over- $675 -%242,125 -$46,567 $12,587 $18,796 $33,038 Payroll Period One Withholding Allowance Weekly. Biweekly Semimonthly Monthly Quarterly Semiannually Annually Daily or miscellaneous (each day of the payroll perlod) $73.08 146.15 158.33 316.67 950.00 1,900.00 3,800.00 14.62
Expert Solution
Step 1

 

EOM dating: The discount date is calculated from the end of the month instead of the date of the invoice

With only EOM, an invoice dated on or after 26th of the month is considered to be dated the first of the following month

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