answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Bas_tet [7]
2 years ago
7

QS 11-6 Recording employer payroll taxes LO P3 Merger Co. has 10 employees, each of whom earns $1,550 per month and has been emp

loyed since January 1. FICA Social Security taxes are 6.2% of the first $128,400 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. (Round your answers to 2 decimal places.)
Business
1 answer:
Gre4nikov [31]2 years ago
4 0

Answer:

March 31, 202x, payroll tax expenses

Dr FICA tax (OASDI) expense 961

Dr FICA tax (Medicare) expense 224.75

Dr FUTA tax expense 93

Dr SUTA tax expense 837

    Cr FICA tax (OASDI) payable 961

    Cr FICA tax (Medicare) payable 224.75

    Cr FUTA tax payable 93

    Cr SUTA tax payable 837

Explanation:

Since we are calculating only payroll taxes, the wages expense is not included in this journal entry.

total payroll for the 10 employees = 10 x $1,550 = $15,500

each employee has accumulated earnings of $1,550 x 3 = $4,650

You might be interested in
Government debt in the United States can be categorized a number of different ways. For each debt definition below, please indic
Nitella [24]

Answer:

Explanation:

The national debt includes ;Treasury bonds bought by a little old lady in Peoria

The public debt includes ;Treasury bonds bought by the Social Security Administration, First National Bank of Dallas the government of China First National Bank of Dallas a citizen of Germany the government of China a citizen of Germany a little old lady in Peoria the Social Security

Administration Internally held debt includes; bonds owned by the Social Security, Administration First National Bank of Dallas the government of China a citizen of Germany a little old lady in Peoria.

Externally held debt includes bonds owned by the Social Security Administration First National Bank of Dallas the government of China a citizen of Germany a little old lady in Peoria

7 0
2 years ago
Sapp Trucking's balance sheet shows a total of noncallable $45 million long-term debt with a coupon rate of 7.00% and a yield to
spin [16.1K]

Answer:

The difference between two WACC is 1.2%.

Explanation:

As we know that

WACC = Ke * Ve / (Ve + Vd (1-Tax))    +   Kd * Vd*(1-tax) / (Ve + Vd*(1-Tax))

Using the Book Value Method:

WACC =             14% *$65 / ($65m + $45m (1-40%))

                    + 6% *$45m*(1-.4) / ($65m + $45m (1-40%))

WACC = 10%  + 1.8% = 11.8%

<u>Using the market value method:</u>

Market Value of Common Stock = Common Shares * Market value per share

Market Value of Common Stock = 10 million * $22.5 per share = $225m

WACC =             14% *$225 / ($225m + $50m (1-40%))

                    + 6% *$50m*(1-.4) / ($225m + $50m (1-40%))

WACC = 12.35%  + 0.7% = 13%

The difference between two WACC is 1.2%.

4 0
2 years ago
You are a newly hired operations manager for Hospital XYZ. You are required to:
Sergeu [11.5K]

Answer:

Follows are the solution to this question:

Explanation:

follows are the tasks, which is not in the priority order and at hand at Hospital XYZ:

HR domain: share the latest recruitment procedures throughout the emergency department of public health.

Operations: nurse staffing methods for function or treatment.

Funding: Review financial requests for both the purchase of new protections on wax surfaces by protection from the environment.

IT: IT reviews complaints regarding a possible breach of information.

IT: Study application in the physician's office for the implementation of new technology.

If valuing such activities, it should remember, that this patient (client) becomes impacted mainly. The clinicians or staff involved in Tasks 1 & 2, because Task 2, the very first priority must be considered, and also some standards must be developed, by each nurse, with remote care issues.

Information from its daily client is provided to control the staff, and a specific training program is intended for both the newly employed and negative feedback staff.

Respondents-Patients, Professions

Task 1, which directly affects the daily quality of service in a hospital, should be the secondary priority, with such a smaller shortage of hospitals due to customer dissatisfaction.

Members – Patients, medical personnel, permanent employees, doctors.

Task 4 When information violation is alleged, the third priority should to the loss of important patient data to certain other entities that may use for financial gains.

Participants – IT department, patients.

Task 3 will help its hospital cleaner if funds are required to purchase new buffers. Especially in comparison with all the above 3 tasks, it was taken as the fourth priority.

It was important, and that does not affect mostly the client nor would it impact the level of service as large as the three tasks above.

Advisor position-representatives of finance, environment protection, clean folk (sweepers). advisor position

Task 5 Its latest radiology software review application is now to be approved as the last. It indicates why old software is already in place since it is a new program. Consequently, nothing's ever going to stoop or the task in other projects is no slowdowns. It can be achieved as the last goal.

Investors involved-officials of the IT agency, diagnostic agents.

The process improvement throughout the solution of the problems in the hospitals by providing them the necessary importance to identify the priorities of different tasks.

6 0
2 years ago
Which of the following is NOT a type of mistake in contract law?
faltersainse [42]
What are the possible answers
6 0
2 years ago
A bank has $8,000 in deposits and $6,000 in loans. it has loaned out all it can given the reserve requirement. it follows that t
True [87]
<span>The reserve requirement, which is also referred to as the cash reserve ratio, is 25 percent. This is calculated by subtracting the $6,000 loaned out from the bank's $8,000 in deposits, yielding a reserve of $2,000. The reserve requirement is calculated by dividing $2,000 by $8,000.</span>
4 0
2 years ago
Other questions:
  • Emergency room health care tends to have a demand curve that is very steeply sloped, while elective surgery does not. Why? Also,
    15·1 answer
  • Widgeon Co. manufactures three products: Bales, Tales, and Wales. The selling prices are $55, $78, and $32, respectively. The va
    6·1 answer
  • You are hired as a consultant to decide if your client should purchase a new, highly specialized piece of equipment. The product
    5·1 answer
  • Suppose you’ve already received your free credit reports this year. Give 3 situations in which the credit bureaus would have to
    7·1 answer
  • John​ Smith, a factory worker at an automobile plant in the city​ Detrigan, makes​ $25 per hour. His​ dad, Larry Smith who retir
    14·1 answer
  • The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. the terms of trade are still 3 puzzles for
    5·1 answer
  • Omicore Softworks, a software development firm, undertook a project that involved developing a bespoke accounting software for a
    7·1 answer
  • Andrew and Emma Garfield invested $7,900 in a savings account paying 4% annual interest when their daughter, Angela, was born. T
    13·1 answer
  • Exchanging business cards in Asia must be done with respect, according to the customs and norms of the country or region. This p
    11·1 answer
  • A small business owner has decided to form a ______________ after deciding that she wants to maximize revenue, minimize taxes, g
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!