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Artist 52 [7]
2 years ago
5

The federal unemployment tax is levied on a.employers and is deducted from employees' earnings. b.employees and employers. c.emp

loyers and is not deducted from employees' earnings. d.employees and is deducted from customer payments.
Business
1 answer:
gladu [14]2 years ago
6 0

Answer:

c. employers and is not deducted from employees' earnings.

Explanation:

Taxation can be defined as the involuntary or compulsory fees levied on individuals or business entities by the government to generate revenues used for funding public institutions and activities.

Unemployment rate refers to the percentage of the total labor force in an economy, who are unemployed but seeking to be gainfully employed.

The federal unemployment tax act (FUTA) is reported on Form 940 of the internal revenue service (IRS). It's a federal payroll tax imposed on employers to provide unemployment compensation to employees who have lost their jobs in states.

Basically, the federal unemployment tax act (FUTA) is levied on employers alone i.e it's being paid by the employers only.

This ultimately implies that, the federal unemployment tax is levied on employers and is not deducted from employees' earnings.

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Vhich of the following is a description of a pullback device?
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Prepaid expenses require what type of adjusting entry?
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MATCHED

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2 years ago
Southwest Pediatrics has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $121,000; All
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Answer:

Bad debt expense  $ 26,300

Allowance for Uncollectible Accounts   $ 26,300

Explanation:

Initial Balance  

Accounts Receivable  $ 121,000

Allowance for Uncollectible Accounts   $ 2,100 - Debit

Bad Debts Expense =  20% / Accounts Receivable $ 24,200

Adjusting Entry

Bad debt expense  $ 26,300

Allowance for Uncollectible Accounts   $ 26,300

Final Balance  

Accounts Receivable  $ 121,000

Allowance for Uncollectible Accounts   $ 24,200 - Credit

Accounts Uncollectible are those credit that the company give and there are not chances of been collected.

When the customers buy products on credits but then the company can't collect the debt, then it's necessary to write off the unpaid bill as uncollectible

One way it's to write-off directly the bad debts at the moment decided that the credit are uncollectible, the total amount it's reported as bad debt expenses which affect negativly the income statement and the accounts receivable are reduce in the same amount, less assets.

The other way it's to determine a percentage of total amount of accounts receivables as uncollectible, exist many ways to analize the accounts receivable and figure the value of uncollectible.

When the company have the percentage of uncollectible accounts the journal entry required is Bad Expenses (debit) with Allowance for Uncollectible Accounts (credit)

At the moment of the write-off as the expenses were before recognized we only use the Allowance for Uncollectible Accounts (Debit) with Accounts Receivable (Credit), with this we are recognizing the uncollectible credit of the company.

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