Given:
130,500 net pay to employees
19,000 income tax withholding
5,000 FICA withholding
130,500 + 19,000 + 5,000 + 5,000 = 159,500
<span>The total wages and payroll tax expense to the company for this pay period, excluding any unemployment taxes, is $159,500.
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The 5,000 is added twice because the first 5,000 is withheld from the employees salary as the employees share. The employer also has to pay off 5,000 as employer's share to the employee's FICA withholding. Thus, the presence of the 2nd 5,000.
FICA, <span> Federal Insurance Contributions Act,</span> is composed of
1) <span>6.2 % Social Security tax;
2) <span>1.45 % Medicare tax (the “regular” Medicare tax); and
3) 0.9 % of a Medicare surtax starting 2013 for employees earning over $200,000.
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Answer:
c $11,600
Explanation:
At 4,000 units the unit cost for the fixed manufacturing overhead is 2.90 dollars
We multiply it by 4,000 to know the total amount
$2.90 x 4,000 units = $ 11,600
These will be fixed cost thus, will not change when we produce between the relevant rage of 2,500 to 5,500 units
Answer:
Projecting a deviation rate by comparing the results of a statistical sample with the actual population characteristics is the correct answer.
Explanation:
Answer:
The accounting entries is as follows:
Debit Retained Earnings($35 by 30,000 shares) $1,050,000
Credit: Common Shares Account at Par Value($1 by 30,000 shares) $30,000
Credit Share Premium Account for Additional Paid in Capital ($34 by 30,000) = $1,020,000
Explanation:
A stock dividend is payment to shareholders by the company in the form of additional shares rather than dividend payment. This is common where the company is short of liquid funds to effect payment of dividends to its shareholders. They are usually issues in the form of fractions of existing holdings. Stock dividend increases the overall share holdings of the shareholder.
For Stock Dividend, the accounting entry is to transfer from the Retained Earnings to the Share Account and Share Premium or Additional Capital account.
The Share account is credited with the par value of the additional shares issued while the difference between the par value and the market value is credited to the Share Premium account. The full amount of the stock dividend is likewise debited to the Retained Earnings account.
Answer:
This is because a change in autonomous expenditure changes income and sets off further changes in induced expenditure.
