1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ugo [173]
3 years ago
9

According to a summary of the payroll of Sinclair Company, $505,000 was subject to the 6.0% social security tax and $545,000 was

subject to the 1.5% Medicare tax. Also, $10,000 was subject to state and federal unemployment taxes. Required: 1. Calculate the employer's payroll taxes using the following rates: State unemployment, 4.2%; Federal unemployment, 0.8%. $ 2. Journalize the entry to record the accrual of the employer's payroll taxes. If an amount box does not require an entry, leave it blank.
Business
1 answer:
Musya8 [376]3 years ago
8 0

Answer:

Explanation:

1. The computation is shown below:

State unemployment = $10,000 × 4.2% = $420

Federal unemployment = $10,000 × 0.8% = $80

2. The journal entry is shown below:

Payroll tax expense A/c Dr $38,975

        To Social security tax A/c $30,300    ($505,000 × 6.0%)

        To Medicate tax A/c $8,175    ($545,000 × 1.5%)

        To  State Unemployment tax payable A/c $420

       To  Federal Unemployment tax payable A/c $80

(Being the payroll tax expense is recorded)

You might be interested in
Daniel has decided to open his own bakery using locally sourced ingredients and supplies. He provides income and jobs to local s
exis [7]

Answer: The invisible hand

Explanation: Invisible hand can be defined as those unobservable market forces which helps the forces of demand and supply to reach to an equilibrium level.

In the given case, Daniel is giving work to local suppliers and jobs to residents as well as producing demand in the market by its products, thus, we can conclude that the given case is an example of invisible hand.

5 0
3 years ago
Read 2 more answers
Home & More is considering a project with cash flows of −$368,000, $133,500, −$35,600, $244,700, and $258,000 for Years 0 to
AVprozaik [17]

Answer:

Modified Internal Rate of Return (MIRR) is higher than the discount rate. Therefore, this offer should be accepted.

Explanation:

Find the given attachment

7 0
3 years ago
SEND HELP 90 POINTS AND A CROWN
Bond [772]

Answer:

a. background check

Explanation:

thats what they do when they're looking into your history

3 0
3 years ago
Read 2 more answers
Your team leader puts a suggestion box in the break room. At team meetings, he lists all the reasons why the suggestions can't b
elena-14-01-66 [18.8K]
Hold on let me go do my research I’ll brb .
4 0
3 years ago
The Benson Bearing Company sells Textron, Inc. a quantity of baseball bats that were stored in an independent warehouse at the t
polet [3.4K]

Answer:

at the time it receives a negotiable warehouse receipt for the bats.

Explanation:

Benson Bearing Company is selling bats to Textron inc. The bats are stored at an independent warehouse not controlled by Benson Company.

Of the contract states that Textron will pick up the bats at the warehouse, the risk of loss passes to Textron when it recieved a negotiable warehouse reciept for the bats.

This is because the warehouse is not controlled by Benson Company and issuing a warehouse reciept is equivalent to delivering the goods to Textron.

7 0
3 years ago
Other questions:
  • What is a value that can be used to ensure that hashed plaintext will not consistently result in the same digest?
    9·1 answer
  • why would materials such as iron ore, steel, lumber, and coal be transported via ships from the united states to japan,rather th
    11·1 answer
  • A highly-efficient computer engineer would most likely have _____ parietal lobes.
    12·1 answer
  • ___________ is a process used to test consumer reactions about a product among potential users.
    11·2 answers
  • On September 1, Shawn Dahl established Whitewater Rentals, a canoe and kayak rental business. The following transactions occurre
    10·1 answer
  • On January 1, 2015, Johnson Company purchased a delivery truck for $72,000, paying $7,200 cash and financing the rest with a 4 y
    11·1 answer
  • ABC Company holds a well-diversified portfolio in the amount of $90,000 that has an expected return of 11.0% and a beta of 1.28.
    7·1 answer
  • When would you include an executive summary in a report?
    6·1 answer
  • ANSWER ONLY IF YOU KNOW
    5·1 answer
  • Nellie recently sold her old laptop directly to a student from different country using an e-commerce website. the website she us
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!