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Alik [6]
3 years ago
13

Urban Window Company had gross wages of $240,000 during the week ended june 17. The amount of wages subject to social security t

ax was $240,000, while the amount of wages subject to federal and state unemployment taxes was $35,000. Tax rates are as follows:
Social security 6.0%
Medicare 1.5%
States unemployment 5.5%
Federal unemployment 0.8%
The total amount witheld from employee wages for federal taxes was $48,000.

Required:
a. Journalize the entry to record the payroll for the week of June 17.
b. Journalize the entry to record the payroll tax expense incurred for the week of June 17.
Business
1 answer:
True [87]3 years ago
3 0

Answer:

Wages expense 240,000

  medicare payable          3,600 credit

  social security payable 14,400 credit

  wages payable          222,000 credit

payroll taxes         20,205‬ debit

   FUTA payable                  280  credit

   SUTA payable                1,925  credit

  medicare payable          3,600 credit

  social security payable 14,400 credit

Explanation:

                   MEDICARE 1.5% Social Security 6&

OASDI/HI    $ 240000 3600       14400

FUTA&SUTA $ 35000 SUTA: 5.5% = 1925 FUTA 0.8% = 280

<u><em>NET WAGES: </em></u>

240,000 - 3,600 - 14,400 =222,000

payroll taxes:

the employe pays the same amount for OASDI and HI and also pays FUTA and SUTA

14,400 + 3,600 + 1,925 + 280 = 20,205‬

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Solving for dominant strategies and the Nash equilibrium Suppose Nick and Rosa are playing a game in which both must simultaneou
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The only dominant strategy in this game is for <u>NICK</u> to choose <u>RIGHT</u>. The outcome reflecting the unique Nash equilibrium in this game is as follows: Nick chooses <u>RIGHT</u> and Rosa chooses <u>RIGHT</u>.

Explanation:

                                                  ROSA

                                     left                          right

                                    4 /                            6 /

                left                  3                              4

NICK                                                      

               right             6 /                             7 /

                                       7                               6

Rosa does not have a dominant strategy since both expected payoffs are equal:

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Nick has a dominant strategy, if he chooses right, his expected payoff will be higher:

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The only possible Nash equilibrium exists if both Rosa and Nick choose right, so that their strategies are the same, resulting in Rosa earning 6 and Nick 7.

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