1. Liabilities: Must always have a definite date for payment Must sometimes be e
ID: 2368136 • Letter: 1
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1. Liabilities: Must always have a definite date for payment Must sometimes be estimated Must be certain Must involve an outflow of cash Must be for a specific amount 2. Mission Company has three employees: The company is subject to the following taxes: What is Mission Company's amount for payroll taxes for Clark? $812.20 $1,814.35 $6,234.75 $946.35 $1,002.15 3. The FICA tax for social security is 6.2% and the FICA tax for Medicare is 1.45%. An employee's share of both FICA taxes was $3,901.50. Given that this employee did not exceed the FICA earnings limitation, compute gross pay. $269,068.96 $29,846.48 $51,000 $62,927.42 Zero, since the employee's pay did not exceed the FICA limit 4. The amount of federal income taxes withheld from an employee's paycheck is determined by: The employee's annual earnings rate and number of withholding allowances The employee's credit rating Multiplying the gross pay by 6.2% The amount of social security taxes The employer's merit rating 5. If Jefferson Company paid a bonus equal to 6% of net income after bonuses and the total bonus distributed was $330,000, how much was net income for the year? $5,035,000 $5,830,000 $6,500,000 $4,480,000 $5,500,000 6. Most employees and employers are required to pay: Federal payroll taxes Both B and C only Local, state and federal payroll taxes State payroll taxes Local payroll taxes 7. Mission Company has three employees: Gross Pay through July Gross Pay for August Smith $3,750 $1,550 Cain 26,900 4,050 Clark 95,700 14,200 ________________________________________ The company is subject to the following taxes: Tax Rate Applied To FICAExplanation / Answer
1>.Must always have a definite date for payment
2>.$6,234.75
3>. net tax rate=6.2+1.45=7.65%.... then 7.65Y/100=$3,901.50 thus gross income was =$51,000
4>.The employee's annual earnings rate and number of withholding allowances
5>.answer is ....$5,500,000.. as 6%of Y=$330,000
6>.state and federal payroll taxes
7>.$118.58 as it will be 7.65 1550
8>.$1,067,500
9>.Warranty Liability 3740 No entry is recorded until the items are returned for warranty repairs
10>.$138.50
11>.$1,500 loss
13.$22,000 gain
14.The present value of all future cash payments provided by a bond
15.$52,450
16.$10,000 loss
17.Mortgage contract
18.$772,000
19.The contract rate is above the market rate
20>. $12,206.60.
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