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Klio2033 [76]
3 years ago
11

Rasheed works for Company A, earning $299,000 in salary during 2019. Assuming he is single and has no other sources of income, w

hat amount of FICA tax will Rasheed pay for the year
Business
1 answer:
Vaselesa [24]3 years ago
6 0

Answer:

$13,466

Explanation:

For 2019, the wage limit for Social Security tax is $132900

Thus;

Social Security tax $132,900x 6.2% = $8,239.80

Medicare tax = $299,000 x 1.45% = $4335.50

Additional Medicare Tax ($299,000 - $200000) x 0.9% = $891

therefore,

Amount of FICA Tax = $8239.80 + $4335.50 + $891 = $13,466.30 which is approximately $13,466

You might be interested in
When establishing an ad campaign in a foreign country, what does the difference in currency exchange rate affect the most?
pentagon [3]

Answer:

Option A. The cost structure of the ad campaign

Explanation:

The reason is that the currency exchange rate effects the transactions of money from home to foreign or foreign country to home country. So the option with money transaction is option A.

The rest of the options are planning and are things that are not associated with the foreign transactions. So the remainder options are not the one which will be effected by the currency exchange rate.

4 0
2 years ago
Ignatenko Company purchased office supplies costing $5,000 and increased Supplies for the full amount. Supplies on hand at the e
Leto [7]

Answer:

a. Supplies Expense $3,700Supplies $3,700

Explanation:

The entries required when supplies are purchased is

Debit Supplies account

Credit cash/accounts payable

At the point of use of these supplies, the entries required are

Debit  Supplies expense account

Credit supplies account

Hence the supplies used

= $5,000 - $1,300

= $3,700

Entries to be posted to adjust

Debit  Supplies expense account  $3,700

Credit supplies account      $3,700

6 0
3 years ago
Gallo Light began operations in 2021. The company sometimes sells used warehouses on an installment basis. In those cases, Gallo
Dvinal [7]

Answer and Explanation:

Before passing the journal entries we need to do following calculations

Particular Current year  Future taxable amounts ($ in 000s)

                        2021 2022      2023         2024  

Accounting

income         $824    

less: Permanent

difference ($34 )    

Temporary difference :      

less: installments

sales         ($570 )    $190       $190        $190  

Taxable

income          $220    

Multiply

Enacted tax rate 25%   25%          30% 30%  

Tax payable

currently      $55

Deferred tax liability        $47.5              $57       $57             $161.50

Less: Beginning balance                         $0

Change in balance : credit (debit )           $161.50

1. Now the journal entry is

On 2021

Income tax expense ($161.50 + $55) $216.50  

                        To  Deferred tax liability $161.50

                         To Income tax payable $55

(Being the income tax for 2021 is recorded)

2. And, the net income is

= Pre accounting income - income tax expense

= $824,000 - $216,500

= $607,500

3 0
3 years ago
On January 2, 2016, Alpha Company purchased a patent for $38,500 plus $2,000 in legal fees. On that date, the patent had a remai
Fittoniya [83]

Answer:

General Journal entry:

Account                                     Debit                             Credit

Amortization expense              $6,750

Accumulated Amortization                                              $6,750

(patent)

Explanation:

Given Data:

Price of patent=$38,500

Legal fees=$2,000

legal Life=13 years

useful life=6 years

Required:

Journal Entry

Solution:

Amortization:

For intangible assets, amortization is the decrease in book value over the period of time. However intangible assets have no physical appearance and they do not face any damage like fixed assets but with the passage of time their value decrease.

Calculating amortization expense for one year:

Amortization expense=\frac{Purchase\ Price+Legal\ Fees}{Useful\ Life}

Amortization\ expense=\frac{\$38,500+\$2000}{6}\\ Amortization\ expense=\$6,750

General Journal entry:

Account                                     Debit                             Credit

Amortization expense              $6,750

Accumulated Amortization                                              $6,750

(patent)

7 0
3 years ago
Montgomery Industries spent $700,000 in 2017 on a construction project to build a library. Montgomery also capitalized $35,000 o
slavikrds [6]

Answer:

The Completed lost of Library is

Explanation: $1224880

Solution

Given that:  

                                     Amount Period Average expenditure

Accumulated

expenditure Jan 1         735000     9/9         735000

Feb. 28                          99000       7/9          77000

Apr. 30                          189000      5/9          105000

Jul. 1                               45000       3/9           15000

Sept. 30                         73000        0                  0

Average Accumulated

expenditure                   1141000                       932000

Interest to be capitalized = 932000*12%*9/12= $83880

The Completed lost of Library = 1141000+83880= $1224880

8 0
3 years ago
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