Which of the following journal entries is recorded in a general journal for the payment of the State Unemployment Tax?a. A debit to State Unemployment Tax Payable and a credit to State Unemployment Tax Expenseb. A debit to Cash and a credit to State Unemployment Tax Payablec. A debit to State Unemployment Tax Expense and a credit to State Unemployment Tax Payabled. A debit to State Unemployment Tax Payable and a credit to Cash

The objective of the question is to identify the correct journal entry for the payment of the State…

Answered: Which of the following journal entries…

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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When a company remits sales tax to the local government, the journal entry will include: O Credit to sales revenue O Debit to cash O Debit to sales tax payable O Debit to sales tax expense
What is the source of data used to: a. Record the distribution of the payroll. b. Record the employer's payroll taxes.
Why are deductions from employees’ earnings classified as liabilities for the employer? For each of the following payroll-related taxes, indicate whether they generally apply to (a) employees only, (b) employers only, or (c) both employees and employers: Federal income tax Medicare tax Social security tax Federal unemployment compensation tax State unemployment compensation tax
1. Employees are subject to taxes withheld from their paychecks. a. List the federal taxes withheld form most employee's paychecks. b. Give the title of the accounts credited by amounts withheld. c. Social security tax d. Federal unemployment compensation tax e. Sate unemployment compensation tax
Using the Code Arranged Annotations & Explanations (USTR) Topic Index, the child tax credit can be found in A. Section 24(a) B. Section 179A C. Section 30B D. None of the above
Which of the following is not an employer payroll tax? Multiple Choice Social Security tax equal to that withheld from employees. Medicare tax equal to that withheld from employees. State unemployment tax. Federal unemployment tax. Federal income tax equal to that withheld from employees.
Employee payroll taxes do not include: a) Federal unemployment taxes. b) State Income taxes. c ) Federal income taxes. d ) FICA taxes.
Section 162 provides the general rule that expenses incurred in a trade or business are deductible. Reg. §1.162-5 elaborates on the deductibility of A.Travel expenses. B.Expenses of farmers. C.Repairs. D. Expenses for education
Which of the following are not included in an employer’s payroll tax expense? a) state income taxes b) employer portion of FICA taxes c) state unemployment taxes d) federal unemployment taxes
3. Are the federal and state income taxes withheld from employee paychecks a payroll tax expense for the em- ployer? Explain your answer.
Do Interpretation of the data given below in a professional manner. 1. Income from property. – (1) The rent received or receivable by a person [for] a tax year, other than rent exempt from tax under this Ordinance, shall be chargeable to tax in that year under the head "Income from Property". (2) Subject to sub-section (3), "rent" means any amount received or receivable by the owner of land or a building as consideration for the use or occupation of, or the right to use or occupy, the land or building, and includes any forfeited deposit paid under a contract for the sale of land or a building. (3) This section shall not apply to any rent received or receivable by any person in respect of the lease of a building together with plant and machinery and such rent shall be chargeable to tax under the head "Income from Other Sources". [(3A) Where any amount is included in rent received or receivable by any person for the provision of amenities, utilities or any other service connected with…
Identify the list of accounts below that would normally all have a debit balance. Multiple Choice Payroll Taxes Expense, Salaries Expense, Workers' Compensation Insurance Expense Worker's Compensation Insurance Expense, Prepaid Insurance, Medicare Tax Payable Worker's Compensation Insurance Payable, Salaries Payable, Salaries Expense Social Security Tax Payable, Medicare Tax Payable, Employee Income Tax Payable

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