1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
weqwewe [10]
2 years ago
13

Urban Window Company had gross wages of $320,000 during the week ended July 15. The number of wages subject to social security t

ax was $320,000, while the number of wages subject to federal and state unemployment taxes was $40,000. Tax rates are as follows:
Social security Medicare State unemployment Federal unemployment 6.0% 1.5% 5.4% 0.6% The total amount withheld from employee wages for federal taxes was $75,200. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize the entry to record the payroll for the week of July 15 b. Journalize the entry to record the payroll tax expense incurred for the week of July 15.
Business
1 answer:
marshall27 [118]2 years ago
4 0

Answer:

wages expense  320,000 debit

              cash                                     218,400 credit

              FICA tax payable                     2,160 credit

             SUTA tax payable                       240 credit

              Social security payable        24,000 credit

             wages income tax payable   75,200 credit

--to record July 15th payment to employees wages--

payroll tax expenses   26,400  debit

FICA tax payable                     2,160 credit

SUTA tax payable                       240 credit

Social security payable        24,000 credit

---to record the payroll tax for the week ended July 15th--

Explanation:

We multiply the wages subjet to taxation by each rate:

social security:

320,000 x 7.5% = 24,000

SUTA

40,000 x 5.4% = 2,160

FICA

40,000 x 0.6% =    240

For this three concepts, the employee will have liability for the same amount for payroll taxes

Income tax 75,200

net wages: 320,000 - 24,000 - 2,160 - 240 - 75,200 = 218,400

You might be interested in
Wasif would like to add some flair to text on a slide in his presentation. Which option can he use to create more dynamic graphi
spayn [35]

Answer:

I believe its WordArt but if not it is fonts.

Explanation:

4 0
2 years ago
Read 2 more answers
Sheddon Industries produces two products. The products' identified costs are as follows: Product A Product B Direct materials $
bekas [8.4K]

Answer:

The cost per unit for product B is<em> $ 15 per unit</em>

Explanation:

Only Manufacturing Costs are used in Product Costing. Thus to find the Cost Per Unit of Product B, we Prepare a Manufacturing Cost Summary for Product B.

<u>Step 1 Prepare a Manufacturing Cost Summary for Product B</u>

Direct materials                                                                      $ 15,000

Direct labor                                                                             $24,000

Overhead costs($24,000/$36,000) × $54,000                   $36,000

Total Cost for Product B                                                        $75,000

<u>Step 2 Calculate the Cost Per Unit for Product B</u>

Cost Per Unit = Total Cost / Number of Units Produced

                       =  $75,000 / 5,000 units

                       = $ 15 per unit

<u />

3 0
3 years ago
Read 2 more answers
What is JROTC?
scZoUnD [109]
A military officer training program
5 0
2 years ago
Read 2 more answers
High-risk or major functions are addressed in the first cycles there by delivering an operational product. Which of the sdlc pro
Lady bird [3.3K]

The SDLC process models achieves the above function is Incremental model. Thus, option (d) is correct.

<h3>What is risk?</h3>

Risk refers to the chance of happening something wrong. It involves the uncertainty about the after effects of the acts. For the businessman, risk is the reward for profit.

Incrementalism Model SDLC is a subset of a bigger system that divides a project into releases and then incrementally adds capability to each build.

This technique prioritizes the demands of the system, which are then achieved in groups.

Therefore, it can be concluded that option (d) is correct.

Learn more about risk here:

brainly.com/question/27754423

#SPJ4

Your question is incomplete, but most probably the full question was….

List of options:-

Select one:

a. Spiral Model

b. RAD model

c. Waterfall model

d. Incremental model

6 0
1 year ago
Banks pay interest to encourage people to open each of the following types of accounts EXCEPT:A. credit cardB. regular savingsC.
Rama09 [41]

Answer:

A. credit card

Explanation:

A  credit card is a card issued by a bank to its customer which allows the credit card holder to borrow money from the bank.

A maximum amount that can be borrowed through the credit card is known as the credit limit of the card.

The bank provided certain interest free period to the credit card holder to return the amount borrowed and charges an interest on the amount due.

3 0
3 years ago
Read 2 more answers
Other questions:
  • Operational-level manufacturing systems deal with the firm's long-term manufacturing goals, such as where to locate a new plant.
    9·1 answer
  • Frogue Corporation uses a standard cost system. The following information was provided for the period that just ended:
    11·1 answer
  • You are given the following facts about a solely owned S corporation. What is the shareholder's ending stock basis?
    8·1 answer
  • Dante, the plant manager at Inferno Manufacturing, is interested in increasing the facility's productivity by utilizing MBO so t
    14·1 answer
  • A loan to a company or government that pays investors a fixed rate of truth over a specific timeframe is known as:
    7·1 answer
  • Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balan
    9·1 answer
  • On December 31, 2020, Dow Steel Corporation had 610,000 shares of common stock and 31,000 shares of 9%, noncumulative, nonconver
    7·1 answer
  • A financial services firm that charges customers based on a percentage of the assets under management is best defined as:_______
    7·1 answer
  • As a management function, organizing involves:_____.
    11·1 answer
  • quizlet the office for civil rights (ocr) has enforcement power for violations occurring as a result of willful neglect. the ocr
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!