A brand developed by a retailer and/or wholesaler that is available only in selected retail outlets is called a ________ brand.
2 answers:
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Answer:
- Federal Income tax ⇒ $80
- FICA ⇒ $125.46
- State income tax ⇒ $52.97
- Local deduction - Clark County Income tax ⇒ $29.52
Explanation:
Brent gets paid semi-monthly so his pay per period is:
= 39,360 / (12 months *2)
= $1,640
Based on the table therefore, his federal tax is:
= $80
This figure is based on the intersection between income of $1,640 and 3 withholding allowances.
FICA tax rate is 7.65% so his FICA tax is:
= 1,640 * 7.65%
= $125.46
State income tax = $52.97
Local deduction - Clark County Income tax = $29.52
Total deductions:
= Federal tax + FICA + State income tax + Clark County income tax
= 80 + 125.46 + 52.97 + 29.52
= $287.95
Answer: Please Refer to Explanation
Explanation:
Please see complete question attached to this answer.
A.
As the company has not paid the salary but they recognize it is an expense, it should be credited to Salaries payable from the salary expense account.
DR Salary Expense $ 18,500
CR Salary Payable $18,500
( To record Salary Expense incurred but not paid)
B.
As the company has not paid the interest but they recognize it is an expense, it should be credited to Interest Payable from the interest expense account until it is paid.
DR Interest Expense $400
CR Interest Payable $400
( To record interest expense on loan not paid )
C.
As the company has not paid the mortgage interest but they recognize it is an expense, it should be credited to mortgage payable from the mortgage account expense account
DR Mortgage Interest Expense $1,025
CR Mortgage Interest Payable $1,025
( To recording interest expense on mortgage not paid for the year).
