17 The chief executive officer earns $10,200 per month. As of May 31, her gross pay was $51,000. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of FICA-Social Security withheld from this employee for the month of June? 2 Multiple Choice 57493.94 Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $9,000 of cash sales that are subject to an 6% sales tax, what is the journal entry to record the cash sales? 2 0153:49 Multiple Choice O Debit Sales Taxes Payable $540, debit Cash $8.460, credit Sales $9.000 O Debit Cash $9.540, credit Sales $9,000 credit Sales Tres Payable $540 O Debit Cash $9,000; credit Sales $9.000; and record the times when paid. Oo oo O Debit Cash $9.000 credit Sales $8.460: Credit Sales Taxes Payable $540 Debit Accounts Receivable $9.540, credit Sales $9.000 credit Sales Tasos Payable $540 If the interest rate on a bond is less than the current market rate of interest for similar bonds, the bond will sell at a 79 Multiple Choice 3 01:53:29 o par value o discount o Callable price o premium 20 On January 1 of Year 1. Congo Express Airways issued $3,250,000 of 5% bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $2.930,000 and the market rate of interest for similar bonds is 6%. The bond premium or discount is being amortized at a rate of $10,667 every six months. The amount of interest expense recognized by Congo Express Airways on the bond issue in Year 1 would be: 2 153 Multiple Choice $2.500. 8111166