With the following data, compute the Total FUTA Taxable Wages.Total Annual VWages$187,000Wages Paid in excess of $7000$98,500limitO $187,000O $98,500$88,500O $7,000MacBook Air20F3g00F2>>F4F5F6F7F8&*45789.ETY#3

FUTA means the "Federal Unemployment Tax Act" which imposes payroll tax on any business having…

Answered: With the following data, compute the…

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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Your gross annual pay is $19 163. Employment insurance premiums are deducted at a rate of 2.25% and Canada Pension Plan premiums are 3.75% based on total earnings. You pay income taxes at a rate of 17% on all amounts over $8131. What is your Net Pay for the year? A) $16 137.78 B) $15 137.78 C) $16 317.78 D) $17 137.78 E) $18 237.78
please explain me how to the green boxes now filled, show the formulas and compuations step by step
The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.
FICA taxes are a. paid by both the employer and employee b. part of the overhead c. the employment development department d. assets which are normally kept for more than one year
CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 loss
What is the employee benefit expense for the current year? 1 300 000 1 050 000 1 500 000 1 100 000 What is the projected benefit obligation at year-end? 5 650 000 6 650 000 6 400 000 6 450 000
16. An employee receives a monthly salary of P20,0000. The following items are withheld from the monthly salary: Income tax, P2,000; SSS contribution, P800; Philhealth contribution, P300 and Pag-ibig contribution, P200. The net monthly amount received by the employee is P16,700. The monthly taxable income is: a. P16,700 b. P17,000 c. P18,700 d. P20.000
11. During the month. the company paid for the monthly renta! of a dormitory. which is being occupied by the supervisor in the amount of P10,000. It also provided fringe benefit to a clerk amounting to P3,000. The deductible expense of the company is - P 15,692 12,692 а. C. 13,000 b. d. 7.200 CS Scanned with CamScanner
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Question 2 With the following data, compute the NET FUTA Tax. $6,750 Gross FUTA Tax DUE Credit against FUTA (assume $3,100 applicable) O $3,650 O $7,000 O $3,100 $6,750 MacBook Air 80 F3 F2 F4 F5 F6 F7 FB F9 3 4. 5 7 8 9. E T Y D G < 6 F.
Sandra Company provided the following information for the 1. What is the employee benefit expense for the current current year: 500,000 Current service cost Interest expense on PBO Interest income on plan assets Loss on plan settlement before normal retirement date Present value of benefit obligation settled in advance Past service cost during the year Actual return on plan assets Actuarial loss on PBO during the year Contribution to the plan Benefita paid to retirees Discount rate 600,000 390,000 250,000 950,000 300,000 850,000 200,000 1,500,000 1,000,000 10% year? a 1,300,000 b. 1,050,000 1,500,000 d. 1,100,000 C. 2 What is the net remeasurement for the current yes.? a. 500,000 gain b. 200,000 loss c. 300,000 gain d. 300,000 loss 3 What amount should be reported as accrued benefit cost at year-end? a 2,000,000 b. 1,500,000 c. 1,750,000 d. 500,000

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With the following data, compute the Total FUTA Taxable Wages. Total Annual VWages $187,000 Wages Paid in excess of $7000 $98,500 limit O $187,000 O $98,500 $88,500 O $7,000