Answer:
Credit to Cash for $4,995 is correct
Explanation:
here is a complete question
has a gross salary for May of $7,000. The entire amount is under the OASDI limit of $118,500 and thus subject to FICA. He is also subject to federal income tax at a rate of 21%. Which of the following is a part of the journal entry to record the disbursement of his net pay? (Assume a FICA-OASDI Tax of 6.2 % and FICA-Medicare Tax of 1.45%. Round the final answer to the nearest dollar.) A. debit to Cash for $4,995 B. debit to FICA Tax Payable of $4,995 O C. debit to Employee Income Tax Payable of $4,995 D. credit to Cash for $4,995
The computation of the amount that becomes the part for accrual the employer payroll taxes is shown below:
Gross Pay $7,000
Less: Deductions
Federal Income tax $1,470 ($7000 × 21%)
FICA-OASDI tax $434 ($7000 × 6.2%)
FICA-Medicare tax $102 ($7,000 × 1.45%)
Total Deductions 2006
Net pay $4,995
Answer:
The correct answer will be D
Dividends increased by 10% (0.1) in the first 4 years.
Therefore
Dividends paid in year 1 = $100.00
Dividends paid in year 2 = $100*1.1 = $110.00
Diividends paid in year 3 = $110*1.1 = $121.00
Dividends paid in year 4 = $121*1.1 = $133.10
Dividends paid in year 5 = $133.1*1.1 = $146.41
For the next years 5 - 10, dividends remained constant.
Dividends paid in years 6 - 10 = $146.41*5 = $732.05
Total dividends paid in years 1-10 is
100 + 110 + 121 + 133.10 + 146.41 + 732.05 = $1,342.56
Answer: Total dividends paid in years 1-10 = $1,343 (nearest dollar)
Answer:
false
there is no ownership atribution between siblings, cousins, or a mother-in-law and son-in-law
Answer:
$741.23
Explanation:
The formula for calculating future value:
FV = P (1 + r)^n
FV = Future value
P = Present value
R = interest rate
N = number of years
600(1.073)^3 = $741.23