ACCOUNTING PRINCIPLES-W/WILEYPLUS
ACCOUNTING PRINCIPLES-W/WILEYPLUS
14th Edition
ISBN: 9781119707158
Author: Weygandt
Publisher: WILEY
Question
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Chapter 11, Problem 15Q

(a)

To determine

Employer payroll tax The taxes paid by the employer based on the payroll of employees are called employer payroll taxes. The employer needs to calculate the payroll taxes based on the specified rates by federal and state laws and deposit the total amount to respective authorities.

Financial statements: A part of the annual report, financial statements presents the information about company’s profitability and financial position. These statements include the income statement, statement of retained earnings, balance sheet, and cash-flow statement.

To identify: The three types of payroll taxes.

(b)

To determine

To classify: The tax liability accounts and payroll tax expense accounts in financial statements.

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Mat lives in Barbados and is desirous of starting his own business from inheritances that his parents left him. He approached you for advice on the best type of business to register. Mr. Mat said he would love to gain benefits from any tax relief that is available that the government has to offer.  Give advice to Mr. Mat whether it would be more beneficial to start a Company or an Individual Trading Business. outline for Mr. Mat why setting up either a company, or a trading as business is more advantageous over the other.  cover matters like: Tax rates, Available tax reliefs and or tax credits Ease of operations of a company, as well as ease of operations of an individual trading business.
General accounting
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