Answer:
Dr Payroll Tax Expense: $2,321
Cr FICA- Social security taxes payable $1,054
Cr FICA- Medicare taxes payable $247
Cr SUTA-State unemployment taxes payable $918
Cr FUTA- Federal unemployment taxes payable $102
Explanation:
Preparation of the March 31 journal entry to record the March payroll taxes expense
March 31
Dr Payroll Tax Expense: $2,321
($1,054+$247+$918+$102)
Cr FICA- Social security taxes payable $1,054
[($1,700*10)*6.2%]
Cr FICA- Medicare taxes payable $247
[($1,700*10)*1.45%]
Cr SUTA-State unemployment taxes payable $918
[($1,700*10)*5.4%]
Cr FUTA- Federal unemployment taxes payable $102
[($1,700*10)*0.6%]
(To record payroll taxes expense)
Answer:
a. $58,800
b. $57,820
Explanation:
Generally, notes are issued on the discounted or face value. It is face value when the price of the note is the same as the face value while it is discounted when the price of the note is lower than the face or par value.
a. Since the note is issued on the face value of $58,800 , it means that the proceed is the same amount. The proceeds from a note that is issued, is that price at which the note is issued.
b. Discount value
= $58,800 × 10% × 60/360
= $980
Proceeds
= Face/par value of the note - Discount value of the note
= $58,800 - $980
= $57,820
Answer:
Federal social insurance taxes include OASDI taxes (Social Security) and Medicare taxes. Currently. In 2012, the Social Security tax limit was $110,100, while their was no limit on Medicare.
The Social Security tax rate was temporarily reduced during 2011 and 2012 from 6.2% to 4.2%, so your Social Security tax withholdings were $4,624.20 in 2012.
Medicare taxes did not change in 2012 and were 1.45%, so your Medicare tax withholding were $1,812.50 in 2012.
Answer:
A job substitution
Explanation:
A substitute is a person who takes over a job or position from another for a shorter period of time in his absence. The term is known from substitute teachers in the school, but also from substitute priests and substitute doctors who may be subordinate officials who temporarily take over for the superior.
Today, most temporary workers are used in industry and building/construction, where they give companies the opportunity for a faster adaptation to market conditions and thus help to strengthen the competitiveness of the business community.
