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dedylja [7]
3 years ago
12

Vacation Destinations offers its employees the option of contributing up to 7% of their salaries to a voluntary retirement plan,

with the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below.
Wages and salaries $1,500,000
Employee contribution to voluntary retirement plan 63,000
Medical insurance premiums paid by employer 31,500
Life insurance premiums paid by employer 6,000
Federal and state income tax withheld 375,000
Social Security tax rate 6.20%
Medicare tax rate 1.45%
Federal and state unemployment tax rate 6.20%
1) Record the employee salary expense, withholdings, and salaries payable.
2) Record the employer-provided fringe benefits.
3) Record the employer payroll taxes.
Business
1 answer:
aliina [53]3 years ago
5 0

Answer:

Follows are the solution to the given points:

Explanation:

For question 1:

Exp on the Debit Salary = $ 1,500,000

Credit payable Income tax = $375,000

Credit accounts payable (pension plan)= $63,000

Credit  payable tax on FICA= $114,750

Credit  payable salary (Balance) $947,250

For question 2:

Exp = $100,500 for Debit Wages

Cr.=   $31,500 (Surgical Insurance) Payable accounts

Cr. =  $6,000 in insurance accounts payable

Cr. = $63,000  Payable Accounts (Pension plan) 

For question 3:

EXP= $207,750  for Debit Payroll Tax

Cr. =  $114,750 for FICA payable tax

Cr.  =$93000 for Federal and State (Unemployment tax)

FICA TAX = \$1500,000 \times  \frac{(6.2+1.45)}{100} = \$ 114,750\\

Tax on state or federal unemployment =\$ 1500,000 \times  6.2 \% = \$ 93,000\\

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Wallis company produces circuit boards in a foreign country that imposes a 15 percent vat. This year, wallis manufactured 8. 3 m
sdas [7]

Wallis company owes a VAT of $9,337,500

The given question is about finding out VAT.

Wallis Company had manufactured 8. 3 million boards.

Therefore,

The quantity sold = 8.3 million = 8,300,000

The labor and overhead added $1 to the cost per unit. Whereas the net profit is $7. 50 per unit for a net profit of $1. 50 per unit.

Total Sales Value= Sales Quantity x Selling price per unit

= 8,300,000 x 7.50

= 62,250,000

Finding out the amount of VAT ( Being the Vat% imposed as 15%)

VAT amount = Sales value x VAT Rate

= 62,250,000 x 15%

= 62,250,000 x 15/100

= 62,2500 x 15

= 9,337,500

Wallis company owes a VAT of $9,337,500

Read more about VAT on:

brainly.com/question/28295269

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8 0
1 year ago
Companies can use _____ analysis to predict income based on various changes in fixed or variable costs, selling price and volume
Marina86 [1]

Answer:

Constant or fixed cost

Explanation:

because companies are always set fixed money to their customers

4 0
3 years ago
Please help! I am using plato! :))
maria [59]

Answer:

training the users seems like the best option, actually

Explanation:

This phase is the <em>first</em> phase, so you'd have to make sure that the users know what they're doing, so you'd have to train them

6 0
3 years ago
The Closed Fund is a closed-end investment company with a portfolio currently worth $195 million. It has liabilities of $20 mill
7nadin3 [17]

Answer:

NAV is $35 per share

premium is 14.30%

Explanation:

The formula for net asset value can be  used in calculating the NAV of thi closed fund before comparing the NAV with selling price of the fund in order to ascertain whether a discount or premium has been recorded on the fund as shown below:

NAV=Total assets- total liabilities/number of shares

total fund assets is worth $195 million

total fund liabilities is $20 million

there are 5 million shares outstanding

NAV=$195 million-$20 million/5 million

       =$175 million/5 million

         =$35.00 per share

Premium on the fund=($40-$35)/$35

                                     =$5/$35

                                      =14.30% premium

The fund has 14.30% premium

4 0
3 years ago
ssume you are the Chief Information Officer (CIO)1 of the company that you dream of (any company, real or hypothetical). Give a
MAVERICK [17]

Answer: External threats are almost always malicious, with data theft, vandalism, and disruption of services all possible goals. Internal threats can be equally vicious and may also include blackmail or other illicit activities. Internal threats, however, are not always malicious

Internal threats originate from within the organization. The primary contributors to internal threats are employees, contractors, or suppliers to whom work is outsourced. The major threats are frauds, misuse of information, and/or destruction of information.

Explanation: An internal threat refers to the risk of somebody from the inside of a company who could exploit a system in a way to cause damage or steal data.

Employee Sabotage and Theft. ...

Unauthorized Access by Employees.

Weak Cyber Security Measures and Unsafe Practices. ...

Accidental Loss or Disclosure of Data

The following are ways to prevent Internal and External Security Threats :

1. Access data vulnerabilities, Penetration testing tools can be adopted to check the vulnerabilities or weak areas in the software systems. ...

2. Calculate Risk Scores. ...

3. Train Your Workforce. ...

4.Remove excessive privileges. ...

5.Encrypt Data. ...

6. Embrace the cloud.

8 0
2 years ago
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