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harina [27]
3 years ago
5

Gross payroll for the employees of Bannister Enterprises totals $100,000 per week. From this must be withheld Social Security ta

xes of 6.20% and Medicare taxes of 1.45%. In addition, federal and state income tax withholdings amount to 15% of gross payroll. Compute the total Employee Compensation Expense for one week: a. $100,000 b. $77,350 c. $115,000 d. $92,350 e. $107,650
Business
1 answer:
bogdanovich [222]3 years ago
4 0

Answer:

B) $77,350

Explanation:

Gross payroll=$100,000

Social Security taxes =6.20%

6.20/100×$100,000

=0.062×$100,000

=$6,200

Medicare taxes = 1.45%.

1.45/100×$100,000

=0.145×$100,000

=$1,450

federal and state income tax =15%

15/100×$100,000

=0.15×$100,000

=$15,000

Total Withholdings=

$6,200+$1,450+$15,000

=$22,650

Total employee compensation= Gross earnings-total withhold

=$100,000-$22,650

=$77,350

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Answer and Explanation:

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(Being credit sales is recorded)

here we debited the accounts receivable as it increased the assets and we credited the sales revenue as it also increased the sales.

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(Being Cost of goods sold is recorded)

here we debited the cost of goods sold as it increased the expenses and we credited the inventory as it decreased the assets

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(Being sales return is recorded)

here we debited the sales return and allowances as it increased the sales return and we credited the accounts receivable as it decreased the assets

3. Cash Dr, $423,720

Sales discount Dr, $4,280 ($428,000 × 1%)

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(Being cash and sales discount is recorded)

Here we debited the cash and sales discount as it increased the assets and sales discount and we credited the accounts receivable as it decreased the assets

8 0
3 years ago
when sending a claim to the insurance company for services provided by the physician why are both ICD-10 and CPT codes required
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Explanation:

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A company pays down the account's payable account with $2000 cash. What effect does this transaction have on the asset account?
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Answer:

the right is answer is B.

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