South-western Federal Taxation 2018: Individual Income Taxes
41st Edition
ISBN: 9781337385886
Author: William H. Hoffman, James C. Young, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 13, Problem 29P
a.
To determine
Calculate the amount of G’s work opportunity credit.
b.
To determine
Calculate the amount of wage deduction for 2018.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
During 2023, Lincoln Company hires 24 individuals who are certified to be
members of a qualifying targeted group. Each employee works in excess of 600
hours and is paid wages of $9,850 during the year. Determine the amount of
Lincoln's work opportunity credit. $fill in the blank 1.
Tax Drill - Work Opportunity Credit
During 2020, Lincoln Company hires seven individuals who are certified to be members of a
qualifying targeted group. Each employee works in excess of 600 hours and is paid wages of
$7,500 during the year.
Lincoln Company's work opportunity credit is $
Jerome Company has 35 employees who work 8 hours a day and are paid hourly.On January 1, 2018, the entity began a program of granting the employees 10 days ofpaid vacation each year. Vacation days earned in 2018 may first be taken on January 1,2019.Year Hourly wage
Vacation daysearned by eachemployee
Vacation days usedby each employee2018 129 10 02019 135 10 82020 142.50 10 1015. What is the vacation pay expense for 2018?a. 0b. P361,200c. P378,000d. P344,40016. What is the accrued liability on December 31, 2020?a. P474,600b. P453,600c. P399,000d. P478,800
17. What is the accrued liability on December 31, 2020 assuming the policy is to accrueliability at the end of each year at the wage rate for that year?a. P474,600b. P453,600c. P399,000d. P478,800
Provide SOLUTION
Chapter 13 Solutions
South-western Federal Taxation 2018: Individual Income Taxes
Ch. 13 - Prob. 1DQCh. 13 - LO.2 Clint, a sell-employed engineering...Ch. 13 - Prob. 3DQCh. 13 - Prob. 4DQCh. 13 - Prob. 5DQCh. 13 - Prob. 6DQCh. 13 - LO.4 Mark and Lisa are approaching an exciting...Ch. 13 - Prob. 8DQCh. 13 - Prob. 9DQCh. 13 - Prob. 10DQ
Ch. 13 - Describe the two additional Medicare taxes that...Ch. 13 - Prob. 12CECh. 13 - Prob. 13CECh. 13 - Prob. 14CECh. 13 - Prob. 15CECh. 13 - Prob. 16CECh. 13 - Prob. 17CECh. 13 - Prob. 18CECh. 13 - Prob. 19CECh. 13 - Prob. 20CECh. 13 - Prob. 21CECh. 13 - Prob. 22CECh. 13 - Prob. 23CECh. 13 - Prob. 24CECh. 13 - Prob. 25CECh. 13 - Prob. 26PCh. 13 - Prob. 27PCh. 13 - Prob. 28PCh. 13 - Prob. 29PCh. 13 - Prob. 30PCh. 13 - Prob. 31PCh. 13 - Prob. 32PCh. 13 - Prob. 33PCh. 13 - Prob. 34PCh. 13 - Prob. 35PCh. 13 - Prob. 36PCh. 13 - Prob. 37PCh. 13 - Prob. 38PCh. 13 - Prob. 39PCh. 13 - Prob. 40PCh. 13 - Prob. 41PCh. 13 - Prob. 42PCh. 13 - Prob. 43PCh. 13 - Prob. 44PCh. 13 - Prob. 45PCh. 13 - LO.6 In 2018, Maria records self-employed earnings...Ch. 13 - Prob. 47CPCh. 13 - Prob. 48CPCh. 13 - Ashby and Curtis, married professionals, have a...Ch. 13 - Prob. 4RPCh. 13 - Prob. 1CPACh. 13 - Prob. 2CPACh. 13 - Prob. 3CPACh. 13 - Prob. 4CPA
Knowledge Booster
Similar questions
- During 2019, Jake Gore worked for two different employers. Until May, he worked for Wonderman Construction Company in Kansas City, Kansas, and earned 21,500. The state unemployment rate for Wonderman is 4.6%. He then changed jobs and worked for Buxmont Improvement Company in Mobile, Alabama, and earned 33,100 for the rest of the year. The state unemployment rate for Buxmont is 5.1%. Determine the unemployment taxes (FUTA and SUTA) that would be paid by: a. Wonderman Construction Company................................ _______ b. Buxmont Improvement Company.................................... _______arrow_forwardJody Baush is a salaried employee who normally works a 35-hour week and is paid a weekly salary of 735.00. The agreement that he has with his employer states that his salary is to cover all hours worked up to and including 40. This week, Baush worked 42 hours. Calculate his gross pay. Gross pay_________arrow_forwardAccounting for bonus and vacation pay Cathy Muench a factory worker, earns 1,000 each week. In addition, she will receive a 4,000 bonus at year-end and a four-week paid vacation. Prepare the entry to record the weekly payroll and the costs and liabilities related to the bonus and the vacation pay, assuming that Muench is the only employee.arrow_forward
- Blossom Co. began operations on January 2, 2020. It employs 13 people who work 8-hour days. Each employee earns 10 paid vacation days annually. Vacation days may be taken after January 10 of the year following the year in which they are earned. The average hourly wage rate was $18 in 2020 and $19.00 in 2021. The average vacation days used by each employee in 2021 was 9. Blossom Co. accrues the cost of compensated absences at rates of pay in effect when earned.Prepare journal entries to record the transactions related to paid vacation days during 2020 and 2021arrow_forwardMo Salah is employed by Liverpool Limited. The normal working week is 45 hours. Mo Salah worked for 48 hours during the last week of March 2022. He is remunerated at R90 per hour during normal working hours. Overtime is calculated at 1.5 times the normal rate. The following are her deductions for the week: Medical aid fund R400 Pension fund 8% of the normal wages Income tax R850 Liverpool Limited contributes the same amount as the employees towards the medical aid fund and pension fund. Required: Calculate the net wage of Mo Salah for the last week of March 2022.arrow_forwardMo Salah is employed by Liverpool Limited. The normal working week is 45 hours. Mo Salah worked for 48 hours during the last week of March 2022. He is remunerated at R90 per hour during normal working hours. Overtime is calculated at 1.5 times the normal rate. The following are her deductions for the week:· Medical aid fund R400· Pension fund 8% of the normal wages· Income tax R850Liverpool Limited contributes the same amount as the employees towards the medical aid fund and pension fund.Required:Calculate the net wage of Mo Salah for the last week of March 2022.arrow_forward
- Bush Enterprises International BEI hires 10,000 employees. Each employee earns twenty days of paid vacation per calendar year. Up to five days of this may be carried forward and taken in the following vear but cannot be carried forward any further. Employees are not paid for any vacations they do not take. As at December 31, 2022, 9,130 employees had used their full vacation entitlement for 2022. The remaining employees are carrying forward an average of 3 days each and they are all expected to use these vacation days. Half of the employee group earn $300 per day and the other half work 8 hour days and earn $15 per hour and this is representative of those who still have leftover vacation earned. What amount of liability for accrued vacation pay should appear in the company's balance sheet at December 31, 2022 ? a. $548,100 b. $783.000 c. $913,500 d. $313,200 e. None of the above Plz answer fast without plagiarismarrow_forwardListen A direct laborer in a factory earns $1,000 each week. In addition, she will receive a $2,500 bonus at year-end, a two-week paid vacation, and seven paid holidays. Prepare the entry to distribute her wages and the costs and liabilities related to bonus, vacation, and holiday pay. (Round all amounts to two decimal places.)arrow_forwardDana Company has 25 employees who work 8-hour days and are paid hourly. On January 1, 2021, the company began a program of granting its employees 9 days of paid vacation each year. Vacation days earned in 2021 may first be taken on January 1, 2022. Information related to these employees is as follows: Hourly Year Wages Vacation Days Earned by Each Employee Vacation Days Used Each Employee 2021 $25.80 0 2022 27.00 8 9 9 Dana Company has chosen to accrue the liability for compensated absences at the current rates of pay in effect when the compensated time is earned. What is the balance of liability for compensated absences that should be reported on December 31, 2022? A. $53,760. OB. $92,880. O C. $97,200. OD. $48,600.arrow_forward
- Silver Ltd. has 35 employees who work 8-hour days and are paid hourly. On January 1, 2020, the company began a program of granting its employees 10 days paid vacation each year. Vacation days earned in 2020 may be taken starting on January 1, 2021. Information relative to these employees is as follows: Hourly Vacation Days Earned Vacation Days Used Year Wages by Each Employee by Each Employee 2020 $12.90 10 2021 13.50 10 8 2022 14.25 10 10 Silver has chosen to accrue the liability for compensated absences (vacation pay) at the current rates of pay in effect when the vacation pay is earned. What is the amount of vacation pay expense that should be reported on Silver's income statement for 2020? O $36,120 O $0 O $37,800 O $34,440arrow_forward! Required information [The following information applies to the questions displayed below.] Greer Utsey earned $49,200 in 2023 for a company in Kentucky. Greer is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2023 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Required: Compute the following employee share of the taxes for the third weekly payroll of the year. Note: Do not round intermediate calculation. Round your final answers to 2 decimal places. Federal income tax withholding Social Security tax Medicare tax State income tax withholdingarrow_forward! Required information [The following information applies to the questions displayed below.] Greer Utsey earned $48,400 in 2022 for a company in Kentucky. Greer is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2022 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Required: Compute the employer's share of the taxes for the third weekly payroll of the year. Note: Do not round intermediate calculation. Round your final answer to 2 decimal places. Answer is complete but not entirely correct. S S Federal income tax withholding Social Security tax Medicare tax FUTA tax SUTA tax State income tax withholding 60 S S GA 60 $ SA 930.77 57.68 X 13.49 5.58 50.22 X 187.52 Xarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
Principles of Cost AccountingAccountingISBN:9781305087408Author:Edward J. Vanderbeck, Maria R. MitchellPublisher:Cengage Learning
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT
Principles of Cost Accounting
Accounting
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Cengage Learning