Which of the following is false about the CARES Act? O the second largest allocation was to the hospitals and health care systems O UNLV will get about $25,000,000 O its forbids members of Congress and Senators from getting money for their businesses some people will get unemployment checks larger than their paychecks were

Which of the following is false about the CARES Act? O the second largest allocation was to the hospitals and health care systems O UNLV will get about $25,000,000 O its forbids members of Congress and Senators from getting money for their businesses some people will get unemployment checks larger than their paychecks were

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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Many small businesses have to squeeze down costs any way they can just to survive. One way many businesses do this is by hiring workers as independent contractors rather than as regular employees. Unlike rules for regular employees, a business does not have to pay social security (FICA) taxes and unemployment insurance payments for independent contractors. Similarly, it does not have to withhold federal, state, or local income taxes or the employee’s share of FICA taxes. The IRS has a 20-factor test determining whether a worker should be considered an employee or a contractor, but many businesses ignore those rules or interpret them loosely in their favor. When workers are treated as independent contractors, they do not get a W-2 form at tax time (they geta 1099 instead), they do not have any income taxes withheld, and they find themselves subject to self-employment taxes, by which they bear the brunt of both the employees and the employer’s share of FICA taxes. Requirements…
Problem 23-29 (LO. 6) For each of the following organizations, determine its UBTI and any related UBIT. If an amount is zero, enter "0". Assume a 21% corporate income tax rate. a. Connect, Inc., an exempt organization, provides food for the homeless. It operates a thrift store that sells used clothing to the general public. The thrift shop is staffed soley by four salaried employees. All of the clothes it sells are received as contributions. The $100,000 profit generated for the year by the thrift shop is used in Connect's mission of providing food to homeless people. The UBTI is $ and the UBIT is $ b. Small, Inc., an exempt organization, has gross unrelated business income of $900 and unrelated business expenses of $400. The UBTI is $ and the UBIT is $ c. In Care, Inc., is a § 501(c)(3) exempt organization. It owns a convenience store and gas pumps, which it received as a bequest from a patron. The store/gas pumps entity is operated as StopBy, a C corporation. Because StopBy is…
Problem 23-29 (LO. 6) For each of the following organizations, determine its UBTI and any related UBIT. If an amount is zero, enter "0". Assume a 21% corporate income tax rate. a. Connect, Inc., an exempt organization, provides food for the homeless. It operates a thrift store that sells used clothing to the general public. The thrift shop is staffed soley by four salaried employees. All of the clothes it sells are received as contributions. The $100,000 profit generated for the year by the thrift shop is used in Connect's mission of providing food to homeless people. The UBTI is $ and the UBIT is $ b. Small, Inc., an exempt organization, has gross unrelated business income of $900 and unrelated business expenses of $400. The UBTI is $ and the UBIT is $ c. In Care, Inc., is a § 501(c)(3) exempt organization. It owns a convenience store and gas pumps, which it received as a bequest from a patron. The store/gas pumps entity is operated as StopBy, a C corporation. Because StopBy is…
Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,400 $ 1,700 b. 2,700 2,800 c. 133,300 9,900 Exercise 11-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer’s September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee’s federal income taxes withheld by the employer are $60 for this pay period.
In an effort to keep low-wage workers' salaries commensurate with the cost of living, a number of states have amended their constitutions to allow the minimum wage to be adjusted with inflation. You are the accountant for a company that owns a chain of 12 fast food restaurants in a state which adjusts the minimum wage for inflation. Each restaurant employs 25 workers, each averaging 20 hours per week at the current federal minimum wage, $7.25 per hour. (a) How many hours at minimum wage are paid out each week by the company? (b) At the current rate of $7.25 per hour, what is the amount (in $) of the weekly "minimum wage" portion of the restaurant's payroll? (c) If the inflation rate this year is 0.7%, calculate the "adjusted" minimum wage rate (in $ per hour) to be paid next year. (Round your answer to two decimal places.) (d) How much in "additional wages" will the company have to pay out next year at the adjusted rate (in $)? (Round your answer to the nearest dollar.)
Question 13: Match each mandatory deduction with its description. Federal income tax Provides benefits to temporarily disabled employees DROP HERE Local income tax Health insurance for individuals 65 and older or with certain disabilities DROP HERE Medicare tax To fund governmental operations in a municipality DROP HERE State disability insurance Used by a wide range of governmental agencies DROP HERE
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I have been stuck on this problem for a few days. Paloma Co.Has four emplyees.FICA Social Security taxes are 6.2% of the fir$st $118,500 paid to each emplyee,and FICA Medicare taxes are 1.45% of gross pay. Also,for the first $7,000 paid to each emplyee the comapny FUTA taxes are 0.6% and SUTA taxes are 2.15%. The company is preparing its payroll calcualtions for the week ened August 25. Payroll records show the following information for the company foy employees. Name Gross pay through Aug 18 Gross Pay Income Tax Wit Dali $115,550 $3,100 $440 Trey 116,200 2,300 371 Kiesha 8,200 560 49 Chee 2,150 510 38 In addition to gross pay,the company must pay one-hald of the $82 per employee weekly health insurance; each employee pays…
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 30.60 275.40