Elize’sregular hourly wage is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Betsy works 47 hours. Betsy's federal income tax withholding is $95, and she had no voluntary deductions. assume that the fica tax rate is 7.65%. prepare the employer's journal entry to record payroll taxes for the period.
Prepare the employer's journal entry to record payroll taxes for the period. Ignore unemployment taxes.
Jan 15.
Payroll Tax Expense - Debit $61.81
FICA Taxes Payable - Credit $61.81
Answers: 2
Business, 22.06.2019 07:10
9. tax types: taxes are classified based on whether they are applied directly to income, called direct taxes, or to some other measurable performance characteristic of the firm, called indirect taxes. identify each of the following as a “direct tax,” an “indirect tax,” or something else: a. corporate income tax paid by a japanese subsidiary on its operating income b. royalties paid to saudi arabia for oil extracted and shipped to world markets c. interest received by a u.s. parent on bank deposits held in london d. interest received by a u.s. parent on a loan to a subsidiary in mexico e. principal repayment received by u.s. parent from belgium on a loan to a wholly owned subsidiary in belgium f. excise tax paid on cigarettes manufactured and sold within the united states g. property taxes paid on the corporate headquarters building in seattle h. a direct contribution to the international committee of the red cross for refugee relief i. deferred income tax, shown as a deduction on the u.s. parent’s consolidated income tax j. withholding taxes withheld by germany on dividends paid to a united kingdom parent corporation
Answers: 2
Business, 22.06.2019 11:10
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Business, 22.06.2019 11:30
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Answers: 3
Business, 22.06.2019 14:40
Increases in output and increases in the inflation rate have been linked to
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Elize’sregular hourly wage is $16, and she receives an hourly rate of $24 for work in excess of 40 h...
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