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3 years ago

The journal entry to record employer payroll taxes owed affects ______.

Business

1 answer:

weeeeeb [17]3 years ago

5 0

Answer:

a) liabilities only

Explanation:

The journal entry to record the payroll tax expense is shown below:

Payroll tax expense A/c Dr

To Social security tax payable A/c

To Medicate tax payable A/c

To State Unemployment tax payable A/c

To Federal Unemployment tax payable A/c

(Being the payroll tax expense is recorded)

The payroll tax expense is shown on the debit side of the income statement whereas payroll tax payable is shown on the liabilities side of the balance sheet

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Answer:

8.6 days

Explanation:

The formula for average collection period

= Average received turnover ratio / 365 daya

= 90 × 35 / 365

= 8.6 days

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3 years ago

What is the maximum amount that OSHA can impose as a penalty on an employer for each Willful violation?

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As of 2016, the biggest penalty OSHA can hand out for each willful violation is $126,000. The largest amount previous to that was $70,000. The maximum amount OSHA can collect for repeated violations is also capped at $126,000 as of 2016. OSHA stands for Occupational Safety and Health Administration, and operates as an official agency of the US Department of Labor.

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3 years ago

Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $70,000 of its accounts

lukranit [14]

Answer:

Oct 1

Dr Accounts receivable 70,000

Cr Bed debts expense 70,000

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3 years ago

A deficit on the current account Multiple Choice means that a nation is making international transfers. has no relationship to t

Sliva [168]

Answer:

The correct option is C

Explanation:

The deficit or shortage on the current account of the country, is defined as the measurement or determination of the trade of the company where the goods and the service value, it imports exceeds or increase the value of the products it exports.

The current account of the country states the foreign transactions of the country within the time period.

So, when there is deficit or shortage on the current account, it means that usually, it will cause deficit in the finance as well as the capital account of the country.

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3 years ago

Sydney has inherited her grandmother's estate worth approximately $4.5 million. She is worried about paying taxes on the estate

weeeeeb [17]

Answer:

She pays the inheritance tax , while the estate is responsible for the estate tax.

Explanation:

Inheritance tax is a form of tax that every beneficiary of an inherited estate must pay. Regardless of the situation and location of the inherited property , inheritance tax is calculated individually for different beneficiary.

The estate in which a particular property is located is responsible for the estate tax. This is calculated based on the value of the property and paid by the estate management for all properties within the estate before rents are remitted to the landlords.

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3 years ago

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