Answer:
a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%.
b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.
- Dr FICA Social Security expense 6,600
- Dr FICA Medicare expense 1,650
- Dr Federal unemployment tax expense 200
- Dr State unemployment tax expense 1,350
- Cr FICA Social Security payable 6,600
- Cr FICA Medicare payable 1,650
- Cr Federal unemployment tax payable 200
- Cr State unemployment tax payable 1,350
Explanation:
payroll taxes should be:
social security $110,000 x 6% = $6,600
Medicare $110,000 x 1.5% = $1,650
federal unemployment $25,000 x 0.8% = $200
state unemployment $25,000 x 5.4% = $1,350
total = $9,800
Both employees and employers must pay equal amounts of FICA taxes (social security and medicare), but only employees pay unemployment taxes.
Question: What is the purpose of the federal reserve's federal open market committee and its activities?
Federal Open Market Committee. The Federal Open Market Committee, or FOMC, is the Fed's monetary policymaking body. It is responsible for formulation of a policy designed to promote stable prices and economic growth. Simply put, the FOMC manages the nation's money supply.
Hope this helps, have a good day. c;
The answer is capital budget or capital budgeting. This is the procedure in which a business decides and assesses potential costs or ventures that are extensive in nature. These uses and speculations incorporate activities, for example, fabricating another plant or putting resources into a long haul venture. These significant capital purchases are real estate, plant expansions, manufacturing equipment, or technology.
Answer:
Property plant and equipment is listed at net value
Explanation:
Good will is intangible as it is an asset without physical attributes. Depreciation is the systematic allocation of cost for an asset based. It is an expense and not a cash expense, R and D is not an investment but an expense. R and D is not usually capitalized.
Balance sheet items are listed at market value. This is not true. For instance, Inventory is a balance sheet item and it is carried at the lower of cost or net realizable value.
Property plant and equipment is listed at net value. This is true as Property plant and equipment is listed at the net of the historical cost and the accumulated depreciation.
Explanation: If a claimant's traditional unemployment benefits have been exhausted or a traditional claim has expired, individuals must file a new claim or reopen an existing claim to be determined for eligibility or to continue receiving benefits to which they may be entitled.
