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oksian1 [2.3K]
3 years ago
6

The total payroll of trolley company for the month of october was 960000 of which 180000 represented amounts paid to certain emp

loyees in excess of 137000 maximum subject ot social security tax $180,000 of federal income taxes and $18,000 of union dues were withheld. The state unemployment tax is 1%, the federal unemployment tax is .8%, and the current F.I.C.A. tax is 7.65% on an employee's wages to $118,500 and 1.45% in excess of $118,500. What amount should Trolley record as payroll tax expense?
Business
1 answer:
vivado [14]3 years ago
6 0

Answer:

$68,760  

Explanation:

The computation of the payroll expense is shown below:

FICA taxes ($960,000 - $180,000) × (7.65% - 1.45%) $48,360

Medicare ($960,000 × 1.45%)                                       $13,920

State unemployment tax {($960,000 - $600,000) × 1%}  $3,600

Federal unemployment tax {($960,000 - $600,000) × 0.80%} $2,880

Total                                                                                  $68,760  

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An account becomes uncollectible a.when an account receivable is converted into a note receivable b.There is no general rule for
vovangra [49]

Answer:

The correct answer is letter "B":  There is no general rule for when an account becomes uncollectible.

Explanation:

Accounts Uncollectible represent any form of debt as a result of sales on credit that are likely not to be paid. Before classifying debt as uncollectible there is an unset timeframe that may go by.  

At first, the sale on credit is considered an account receivable with a payment promise usually of 30 or 90 days. If three month passes but no payment is received, the account is considered aged receivables but if more time goes through without payment, the account then is labeled as doubtful.  

Doubtful accounts become allowances if the company decides to take care of the payment of the debt with its own profit. <em>There is no set rule when an account receivable becomes uncollectible. It relies on the judgment of the firm.</em>

8 0
3 years ago
What are examples of Retirement Phase?
AlladinOne [14]

PHASE 1: Accumulation

This period begins when you enter the workforce and begin setting aside funds for later in your life, and ends when you actually retire. If your employer offers 401(k), 403(b), or 457(b) plans, have you signed up and are you contributing the maximum allowed? Did you know that the "new normal" requires retirement savings rates for most Americans to exceed 10 percent? If self-employed, are you shortchanging yourself on Social Security in order to reap tax deductions?


PHASE 2: Pre-Retirement

This phase occurs during the final years of the accumulation phase and should begin when you reach 50 years old or are 15 years away from retiring, whichever happens first. Now is the time to get your plan in place, making sure your finances are lined up correctly for retirement day so nothing will be left to chance. If you work for a company with a benefits specialist, arrange an appointment to become informed about the various ways you can convert your employer retirement savings into a stream of income or an IRA. Consider using a tool known as "scenario planning." Start learning about Social Security and your options for beginning to receive retirement benefits. Familiarize yourself with the basics of Medicare.


PHASE 3: Early-Retirement

This phase lasts from the day you retire until you are 70 years old. (For those who do not plan to retire until well into their 70s, some tasks in this phase may occur later.) A key purpose of this phase is to create a clear communication channel with your family so information can be shared, questions asked and answered, and decisions made in a calm, supportive way. It's also the time to assess how well your finances are working now that you are using your retirement savings. Fine-tune your income and expense projections, taking into consideration how you will meet minimum distribution requirements from your tax-deferred accounts.


PHASE 4: Mid-Retirement

This phase begins at age 70 and lasts as long as you are able-bodied and high-functioning. Despite your good health, begin looking at what steps you would like your family to take should your condition decline significantly. In most cases your ability to make all your own decisions, care for yourself, engage with the world on your terms, and manage your affairs does not vanish in a split second. It takes courage to dive into a conversation about giving up and transferring control.


PHASE 5: Late-Retirement

This phase begins when your health has taken a turn for the worse and there is little likelihood of it being fully restored. You require significant help to function day to day. The hope is that by this point all the planning done in prior years makes this transition as manageable and life-affirming as possible.

3 0
3 years ago
Read 2 more answers
Why do​ long-run elasticities of demand differ from​ short-run elasticities? ​Long-run elasticities of demand differ from​ short
Ne4ueva [31]

Answer:

The correct answer is option D.

Explanation:

Long-run elasticities of demand differ from short-run elasticity. In the short period is more inelastic. This is because people take time to adjust their consumption habits. So if the time period people have to adjust to the price change is long, then the demand will be elastic.  

Durable goods can be used for a relatively long time. So they will have a less elastic demand.

3 0
3 years ago
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An economy's standard of living can be at its highest if:
Natasha2012 [34]
Whats the answer options you get

8 0
3 years ago
stock a has an expected return of 20 and stock b has an expected return of 5. what is the expected return on a portfolio this co
OlgaM077 [116]

Answer:

15.05%

Explanation:

Calculation to determine the expected return on a portfolio

Using this formula

Expected return = (Return on stock A * Percentage invested in stock A) + ( Return on Stock B * Percentage invested in Stock B)

Let plug in the formula

Expected return= (20% * 67%) + (5% * 33%)

Expected return= 13.4% + 1.65%

Expected return= 15.05%

Therefore the expected return on a portfolio is 15.05%

6 0
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