At the end of March 201X, the total amount of OASDI, $500, and Medicare, $220, was withheld
Question:
At the end of March 201X, the total amount of OASDI, $500, and Medicare, $220, was withheld as tax deductions from the employees of River, Inc. Federal income tax of $2,940 was also deducted from their paychecks. River is classified as a monthly depositor of Form 941 taxes.
Indicate when this payroll tax deposit is due and provide a general journal entry to record the payment.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
FICAOASDI Payable 1 0 0 0 00 FICAMedicare Payable ...View the full answer
Answered By
Hassan Ali
I am an electrical engineer with Master in Management (Engineering). I have been teaching for more than 10years and still helping a a lot of students online and in person. In addition to that, I not only have theoretical experience but also have practical experience by working on different managerial positions in different companies. Now I am running my own company successfully which I launched in 2019. I can provide complete guidance in the following fields. System engineering management, research and lab reports, power transmission, utilisation and distribution, generators and motors, organizational behaviour, essay writing, general management, digital system design, control system, business and leadership.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
The River Beverages case at the end of Chapter 9 focuses on establishing an operating budget. Review the information before reading the next section, which is a continuation of the case. Performance...
-
At the end of December 201X, the total amount of OASDI, $540, and Medicare, $180, was withheld as tax deductions from the employees of Falls, Inc. Federal income tax of $2,920 was also deducted from...
-
At the end of October 201X, the total amount of OASDI, $530, and Medicare, $210, was withheld as tax deductions from the employees of Training, Inc. Federal income tax of $2,970 was also deducted...
-
1. Evaluate the term "health" and the historical perspective on health promotion. 2. Examine health promotion and illness prevention teaching based on teaching principles, varied teaching learning...
-
Consider the mutant genes described in Section 6.2, Exercise 27, where a wild type gene has a 1.0% chance of mutating each time a cell divides and a mutant gene has a 1.0% chance of reverting to wild...
-
Write the most reasonable structure of the product of each of the following reaction sequences. (a) (b) For the following reaction, assume that electrophilic substitution occurs preferentially on the...
-
LO21 Compute a predetermined overhead rate.
-
Start with the partial model in the file Ch19 P06 Build a Model.xls on the textbook's Web site. As part of its overall plant modernization and cost reduction program, Western Fabrics' management has...
-
A good source for the practitioner to gain an understanding of unfamiliar areas of the tax law is through: a. a tax treatise. b. a Revenue Ruling. c.the Client. d. None of the above.
-
Do you agree with the following statement? Complement is a critical component of antibody-mediated defense. Explain your answer. What might happen to persons who lack complement component C3? C5?...
-
Use the information from Exercise 8B-2 and the following information to prepare the general journal entry to record the payroll tax expense for the weekly payroll of August 9, 201X. In Exercise 8B-2...
-
The following payroll journal entry was prepared by Palmdale Company from its payroll register. Which columns of the payroll register have the data come from? How do the taxable earnings columns of...
-
Explain how each of the following changes will affect a company's range of earnings chart such as that shown in Figure. Which changes would make increased financial leverage more attractive? Which...
-
The residents of the town of Stewart are well-known coffee drinkers. Dunkin Donuts and Starbucks stores supply the residents with over 100,000 cups of hot coffee per week. Recently, coffee drinkers...
-
Read through the following case study and analyse it by addressing the question that follows. Case study: Adriana Adriana runs a very busy multi-sports coaching company that provides after-school...
-
Assuming that you were invited to one of your best friends' wedding. Therefore, you decided to purchase a special product or service as a gift for this important event. Based on this scenario, you...
-
The Department of Commerce, through the Economic Development Administration (EDA), is seeking information to inform the planning and design of the Regional Technology and Innovation Hub (Tech Hubs)...
-
In frontline management, it is essential to manage time effectively. In the table below, list 3 time-management principles that are relevant to a frontline manager's own work and provide 3 examples...
-
What might be the effect of deleting censored observation from the sample, and then using only the complete subset of observations on the accuracy of estimating the mean and the standard deviation of...
-
A copper rod of length L =18.0 in is to be twisted by torques T (see figure) until the angle of rotation between the ends of the rod is 3.08. (a) If the allowable shear strain in the copper is 0.0006...
-
What is meant by RegTech? Give some examples.
-
At the end of the day, the clerk for Petes Variety Shop noticed an error in the amount of cash he had. Total cash sales from the sales tape were $1,200 while the total cash in the till was $1,156....
-
Rose Company in Drumheller received a bank statement from TD Canada Trust indicating a bank balance of $7,100. Based on Roses G/L cash account, the balance was $5,700. Your task is to prepare a bank...
-
From the bank statement on the next page and the items below, please (1) complete the bank reconciliation for Ricks Deli of Regina found on the reverse of the bank statement and (2) journalize the...
-
BE13.2 (LO 1), AP An inexperienced accountant for Silva Corporation showed the following in the income statement: net income \$337,500 and unrealized gain on availablefor-sale securities (before...
-
A start - up company is seeking $ 5 m for its Series A investment round. The start - up is expected to grow to $ 1 0 0 M in sales and $ 1 0 M in profit by year 5 . Comparable firms in the industry...
-
Here are the cash flows for a project under consideration: C 0 C 1 C 2 $8,010 +$5,940 +$20,160 a. Calculate the projects net present value for discount rates of 0, 50%, and 100%. (Round your answers...
Study smarter with the SolutionInn App