Willa is getting ready to prepare a Form 940 for her payroll department. Whatinformation does she need to do this?A. information about state and local wages and taxesB. the total number of employees on payrollOC. the amount of employee salaries and wages from the previousyearOD. her company's Employee ID number, name, and address

The Unemployment Compensation (UC) program offers compensation to eligible people who have lost…

Willa is getting ready to prepare a Form 940 for her payroll department. What information does she need to do this? OA. information about state and local wages and taxes OB. the total number of employees on payroll OC. the amount of employee salaries and wages from the previous year O D. her company's Employee ID number, name, and address

Willa is getting ready to prepare a Form 940 for her payroll department. What information does she need to do this? OA. information about state and local wages and taxes OB. the total number of employees on payroll OC. the amount of employee salaries and wages from the previous year O D. her company's Employee ID number, name, and address

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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Mark Turney owns Creative Corners. He does his banking at United Federal Bank (UFB) in Tucson, Arizona. The amounts in his general ledger for payroll taxes and the employee's withholding of Social Security, Medicare, and federal income tax as of April 15 of the current year show the following: Social Security tax payable (employer and employee), $3,020; Medicare tax payable (employer and employee), $734; FUTA tax payable, $84; SUTA tax payable, $414; and Employees income tax payable, $4,622. Journalize the payment of the Form 941 deposit to UFB and thepayment of the SUTA tax to the State of Arizona as of April 15, 20--. NOTE: PREPARE YOUR JOURNAL ENTRIES IN PROPER FORMAT - OTHERWISE YOU WILL NOT RECEIVE CREDIT
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The following journal entry for payroll taxes has been recorded by Ruth for her hair salon business. Assume federal income tax is $3,832.00 and state income tax is $306.00.Prepare the journal entry to record payment of the payroll taxes, assuming all taxes were paid on the same day. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) General Journal Date Account Titles and Explanation Ref. Debit Credit Payroll Tax Expense 2,232.20 FICA Taxes Payable 1,223.00 Federal Unemployment Taxes Payable 67.20 State Unemployment Taxes Payable 942.00 (To record employer’s payroll taxes) Account Titles and Explanation Debit Credit
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Please help me. Thankyou.
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