Define the necessary journal entry : a. Record the payroll. b. Record the employer’s payroll tax contributions. c. Pay the payroll. d. Pay the state and federal unemployment taxes. e. Pay the FICA and federal income tax withholdings. f. Pay the state income tax withholding.

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Answer 1

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Chapter 8, Problem 2DQ

To determine

Define the necessary journal entry:

a. Record the payroll.

b. Record the employer’s payroll tax contributions.

c. Pay the payroll.

d. Pay the state and federal unemployment taxes.

e. Pay the FICA and federal income tax withholdings.

f. Pay the state income tax withholding.

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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.

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Answer 2

Question

Chapter 8, Problem 2DQ

To determine

Define the necessary journal entry:

a. Record the payroll.

b. Record the employer’s payroll tax contributions.

c. Pay the payroll.

d. Pay the state and federal unemployment taxes.

e. Pay the FICA and federal income tax withholdings.

f. Pay the state income tax withholding.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 8, Problem 2DQ

To determine

Define the necessary journal entry:

a. Record the payroll.

b. Record the employer’s payroll tax contributions.

c. Pay the payroll.

d. Pay the state and federal unemployment taxes.

e. Pay the FICA and federal income tax withholdings.

f. Pay the state income tax withholding.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 8, Problem 2DQ

To determine

Define the necessary journal entry:

a. Record the payroll.

b. Record the employer’s payroll tax contributions.

c. Pay the payroll.

d. Pay the state and federal unemployment taxes.

e. Pay the FICA and federal income tax withholdings.

f. Pay the state income tax withholding.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 8, Problem 2DQ

To determine

Define the necessary journal entry:

a. Record the payroll.

b. Record the employer’s payroll tax contributions.

c. Pay the payroll.

d. Pay the state and federal unemployment taxes.

e. Pay the FICA and federal income tax withholdings.

f. Pay the state income tax withholding.

Answer 6

Chapter 8, Problem 2DQ

To determine

Define the necessary journal entry:

a. Record the payroll.

b. Record the employer’s payroll tax contributions.

c. Pay the payroll.

d. Pay the state and federal unemployment taxes.

e. Pay the FICA and federal income tax withholdings.

f. Pay the state income tax withholding.

Answer 7

Chapter 8, Problem 2DQ

To determine

Define the necessary journal entry:

a. Record the payroll.

b. Record the employer’s payroll tax contributions.

c. Pay the payroll.

d. Pay the state and federal unemployment taxes.

e. Pay the FICA and federal income tax withholdings.

f. Pay the state income tax withholding.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 8 - Prob. 1QY Ch. 8 - Prob. 2QY Ch. 8 - Prob. 3QY Ch. 8 - Prob. 4QY Ch. 8 - Prob. 5QY Ch. 8 - Prob. 6QY Ch. 8 - Prob. 7QY Ch. 8 - Prob. 8QY Ch. 8 - Prob. 9QY Ch. 8 - Prob. 1DQ

Define the necessary journal entry : a. Record the payroll. b. Record the employer’s payroll tax contributions. c. Pay the payroll. d. Pay the state and federal unemployment taxes. e. Pay the FICA and federal income tax withholdings. f. Pay the state income tax withholding.

Solution Summary: The author explains that payroll refers to the total amount that is required to be paid by the company to its employees during a week, month or other period.

Concept explainers

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Define the necessary journal entry:

a. Record the payroll.

b. Record the employer’s payroll tax contributions.

c. Pay the payroll.

d. Pay the state and federal unemployment taxes.

e. Pay the FICA and federal income tax withholdings.

f. Pay the state income tax withholding.

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Chapter 8 Solutions

Define the necessary journal entry : a. Record the payroll. b. Record the employer’s payroll tax contributions. c. Pay the payroll. d. Pay the state and federal unemployment taxes. e. Pay the FICA and federal income tax withholdings. f. Pay the state income tax withholding.

Solution Summary: The author explains that payroll refers to the total amount that is required to be paid by the company to its employees during a week, month or other period.

Concept explainers

Videos

Define the necessary journal entry: a. Record the payroll. b. Record the employer’s payroll tax contributions. c. Pay the payroll. d. Pay the state and federal unemployment taxes. e. Pay the FICA and federal income tax withholdings. f. Pay the state income tax withholding.

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Chapter 8 Solutions

Define the necessary journal entry:

a. Record the payroll.

b. Record the employer’s payroll tax contributions.

c. Pay the payroll.

d. Pay the state and federal unemployment taxes.

e. Pay the FICA and federal income tax withholdings.

f. Pay the state income tax withholding.