College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 21, Problem 1SEB

1.

To determine

Journalize the payment of income tax expense on April 15.

2.

To determine

Journalize the recognition of additional income tax payment.

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Fanta Ltd has paid the following PAYG tax installments for the year ended 30 June:   September quarter $11,000 December quarter $11,000 March quarter $11,000 June quarter $11,000 Total $44,000 Taxable income for the year ended 30 June, was $168,000. Company tax rate is 30%. Required: Prepare general journal entries to record the company’s income tax instalments and final payment.
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Ultimate Accounting Services has the following payroll information for the week ending in December 7. State Income Tax is computed as 20 percent of Federal Income Tax. Name BeginningCumulativeEarnings TotalEarnings  Deductions FederalIncome Tax StateIncome Tax Trouble, M.                 7,000.00       580.00 50 10 Dainty, D.                 6,540.00       470.00 36 7.2 Joyner, T.              25,600.00       680.00 75 15 Madison, W.              45,000.00       900.00 92 18.4 Frank, G.              90,200.00    1,100.00 245 49 Thomas, R.              35,000.00       890.00 46 9.2   Assumed tax rates are as follows: FICA: Social Security, (employer) 6.2 percent (0.062) and (employee) 6.2 percent (0.062) on the first $118,500 for each employee, and Medicare, 1.45 percent (0.0145) on all earnings for each employee. State unemployment tax, 5.4 percent (0.054) on the first $7,000 for each employee. Federal unemployment tax, 0.6 percent (0.006) on the first…

Chapter 21 Solutions

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

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