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natali 33 [55]
3 years ago
9

You get a part-time job through an employment service. The service charges you ten percent of your first week's pay as payment f

or getting you the job. Tax or no tax?
Business
2 answers:
Svetradugi [14.3K]3 years ago
8 0

Answer:

No tax

Explanation:

A tax is a compulsory and continuous levy/charge placed on an employee or employer of labor whether self employed or public servant as long as the individual or organization is employed or in Business of Making profits.and this is carried out by a Governmental organization which aids the Government in the development of the economy of the country and the provision of basic Amenities like good roads,excellent healthcare and others. failure to pay a tax is punishable by law.

The ten percent charge made by the employment service on your first week pay is not a continuous charge it is a one-off charge and it is not also made by a Government body. It is rather a service charge agreed by both party.

kotykmax [81]3 years ago
5 0
that employment service will taxed you
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b. Again

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Answer:

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Therefore, the necessary journal entry for January 2, 2019 to complete is as follows:

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This entry will appear as follows:

<u>Date                  Name of Account               DR ($)               CR ($)       </u>

02 Jan '19         Bond payable                1,500,000

                            Cash                                                       1,500,000

<u><em>                          (To record retirement of 10-year bonds at maturity.)    </em></u>

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2. Dr Work in process 4000

                       Cr Material   4000

        (issue material)

3. Dr Material   56000

                     Cr Accounts payable  56000

( Purchase material on account)

4. Dr Accounts payable  80000

                                    Cr Cash 80000

(Paid cash of material purchase)

5. Dr Work in process 68000

                          Cr Material  68000

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6. Dr Work in process  100000

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7. Dr Factory overhead 106000

                  Cr Cash                  106000

( Paid cash on account of factory overhead)

8. Dr Work in process (100000*125%) 125000

              Cr Applied factory overhead             125000

( To record applied factory overhead)

9. Dr Factory overhead  50000

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( To record depreciation on plant and equipment)

T-account

Cash                                                                             Material

Dr___________Cr__                                            __ DR ___________CR

                                                                                   148200     ---

           ---80000                                                          80000   ----    4000

          ---106000                                                            56000 ---

                                                                                                         -- 68000

Work in process                                                              Accounts payable

Dr____________Cr___                                          ___ DR ___________Cr                                                                                                        

33000 ---

4000---                                                                              80000        --  80000

68000--                                                                                               -- 56000

100000---

125000 ---

Wages payable                                                          Factory overhead

Dr ____________Cr__                                          __ Dr _____________Cr

            ---  100000                                                  106000 --

                                                                                50000 --

Applied factory overhead                                    Accumulated depreciation

Dr_____________Cr__                                          _ Dr ___________Cr_

          ---   1250000                                                                ---   50000

Finished goods                                                    Cost of goods sold

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166000     ---                                                                         ---     263400

                ---   143200  

Material end =?  

Material (end) = 148200 +80000+56000-4000-68000=

Work in process (end) = ?

work in process  = 148200+166000-143200 =171000                                                                                

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