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Rudik [331]
3 years ago
10

According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was

subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (5.4%) and federal (0.8%) unemployment taxes. The journal entry to record accrued payroll taxes would include a
​
A. debit to SUTA Payable of $810
B. debit to SUTA Payable of $18,900
C. credit to SUTA Payable of $810
D. credit to SUTA Payable of $18,900
Business
1 answer:
andrey2020 [161]3 years ago
5 0

Answer: C. credit to SUTA Payable of $810

Explanation:

The SUTA tax is a certain percentage expected of employers to pay to the state so as to provide palliative or benefit to displaced workers.

The state unemployment tax rate = 5.4% = 0.054

Taxable amount = $15,000

Tax fee = SUTA rate × taxable amount

SUTA tax amount = $15,000 × 0.054

SUTA tax fee = $810.

Therefore accrued payroll taxes will be feature a journal entry to credit the State Unemployment Tax payable of $810.

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Answer:

4.7

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The computation of the degree of operating leverage is presented below:

= Contribution margin ÷ Net income

= $59,690 ÷ $12,700

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And, the net income would be

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Which of the following is a suggested policy on executive smartphone use?
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B. all of the above

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arren has a loan with an effective interest rate of 5 percent per annum. He makes payments at the end of each year for 10 years.
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Answer:

interest portion of fifth payment = $66.89 ≈ $67

Explanation:

effective interest rate = 5% yearly

first payment = $200

second payment = $210

third payment = $220

fourth payment = $230

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sixth payment = $250

seventh payment = $260

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ninth payment = $280

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using a financial calculator, I determined the present value (principal) of the loan = $1,860.87

then I prepared an amortization schedule:

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