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crimeas [40]
3 years ago
11

Merger Co. has 10 employees, each of whom earns $2,250 per month and has been employed since January 1. FICA Social Security tax

es are 6.2% of the first $127,200 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expenses.
Business
1 answer:
Elis [28]3 years ago
3 0

Answer:

March 31

Dr. Payroll Tax Expense: 3071.25

Cr. FICA- Social security taxes payable:

1395

Cr. FICA- Medicare taxes payable:

326.25

Cr. SUTA-State unemployment taxes payable:

1215

Cr. FUTA- Federal unemployment taxes payable: 135

Explanation:

March 31

Dr. Payroll Tax Expense: 3071.25

Cr. FICA- Social security taxes payable:

(6.2%×$2,250) 1395

Cr. FICA- Medicare taxes payable:

(1.45%×$2,250) 326.25

Cr. SUTA-State unemployment taxes payable:

(5.4$×$2,250) 1215

Cr. FUTA- Federal unemployment taxes payable: (0.6%×$2,250) 135

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Gross Investment 18
kkurt [141]

Answer:

c) $75.

Explanation:

<u>The disposable income is the amount of personal income after taxes</u>

we can solve for taxs using the savings identity:

<em>Savings = Private Savings + Public Savings</em>

where:

Private savings: personal income - personal consumption

and Public Savings = taxes - government spending

We plug the value in the formula and solve for T

5 = 85 - 70 + T - 20

5 = T - 5

T = 10

Now, we derive personal income:

85 income - 10 taxes = 75 disposable income

5 0
3 years ago
Chhom corporation makes a product whose direct labor standards are 0.8 hours per unit and $34 per hour. In November the company
Irina-Kira [14]

Answer:

$17,000 Favorable

Explanation:

Provided information, we have

Standard hours for each unit = 0.8 hours

Standard Rate per hour = $34

Actual quantity produced = 7,650 units

Actual labor hours used = 5,620

Actual rate per hour = $118,020/5,620 = $21 per hour

Standard hours for Actual output = 7,650 \times 0.8 = 6,120 hours

Labor Efficiency Variance = (Standard Hours - Actual Hours) \times Standard labor rate per hour

= (6,120 - 5,620) \times $34

= $17,000 Favorable

As the amount is positive and actual hours used is less than standard hours the variance is favorable.

4 0
3 years ago
Jim drops his car off at ABC Garage to have his exhaust system repaired and takes the train to work. When he returns, he finds t
TEA [102]

Answer: Direct Excess Coverage

Explanation:

The coverage type under ABC's garagekeepers policy that would split the cost of the loss with Jim's own insurer without placing blame on ABC Garage is the direct excess coverage.

This coverage is identical to the direct primary coverage and it basically protects the vehicle of a client without taking into consideration the person that is responsible. The direct excess coverage will be paid in excess of the primary policy.

6 0
2 years ago
_____ money is what's available after paying for the necessities of life
SVETLANKA909090 [29]
Surplus money is your answer

8 0
2 years ago
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The balance sheet identifies the productive resources (assets) that a firm uses to generate income, as well as the sources of fu
docker41 [41]

Answer:

A) True

Explanation:

The Balance Sheet is a snapshot of the financial situation of a company at the end of the accountable period. It shows which productive resources (assets) the company has for the development of its activities and how they are financed. Assets can be financed by external (Obligation with creditors – Liabilities) or internal sources (Issuing equity shares - Shareholders' equity). As every Asset must be financed either or both with Liabilities or Shareholders' equity, in the Balance Sheet, the accountable equation is represented.

5 0
3 years ago
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