FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A firm has the following monthly payroll for June, 2016: Totalsalaries $120,000 Salaries subject to FICA taxes (6.2% + 1.45%)120,000 Salaries subject to FUTA (0.8%)

A firm has the following monthly payroll for June, 2016: Totalsalaries $120,000 Salaries subject to FICA taxes (6.2% + 1.45%)120,000 Salaries subject to FUTA (0.8%) and state unemploymenttaxes (2.7%) 28,000 Income taxes withheld 10,800 In recording thepayroll, the net payroll payable is: A. $ 81,200 B. $100,020 C. $99,040 D. $ 97,200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information System

Accounting Information System

Authors: James A. Hall

7th Edition

978-1439078570, 1439078572

More Books

Students also viewed these Accounting questions

Question

★★★★★
ABC Company produces and sells I product. Once the products are produced, they are sold, and there is no work-in- process, no any inventory in stock. Company uses standard costing method in its...

Answered: 1 week ago

Question

★★★★★
Snidely Limited spent $ 1 million this year to upgrade its manufacturing plant, which had received several warnings from the state environmental agency about releasing pollution into the local river....

Answered: 1 week ago

Question

★★★★★
Construct a stemplot of the amounts of Strontium-90. What does the stemplot suggest about the distribution of those amounts? Use the listed amounts of Strontium-90 (in millibecquerels) in a simple...

Answered: 1 week ago

Question

★★★★★
Psychological issues associated with officiating/refereeing

Answered: 1 week ago

Question

★★★★★
Presented below are the financial statements of Rajesh Company Ltd. RAJESH COMPANY LTD. Income Statement For the Year Ended December 31, 2017 Sales...

Answered: 1 week ago

Question

★★★★★
CABOT CORPORATION PROBLEM Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2014, were inventory, $48,900;...

Answered: 1 week ago

Question

★★★★★
Answer the below questions. (a) Assume that the swap rate for an interest-rate swap is 7% and that the fixed-rate swap payments are made quarterly on an actual / 360 basis. If the notional amount of...

Answered: 1 week ago

Question

★★★★★
Hazel Morrison, a mutual fund manager, has a $40 million portfolio with a beta of 1.00. The risk-free rate is 4.25%, and the market risk premium is 6.00%. Hazel expects to receive an additional...

Answered: 1 week ago

Question

★★★★★
Consider water, originally a saturated liquid at 100 Celsius. The water is heated in an isobaric manner to a saturated vapor state. a. Determine the initial pressure b. Determine the final...

Answered: 1 week ago

Question

★★★★★
A . Suppose worker A averages 1 0 0 picks per hour, worker B averages 6 0 picks per hour, and worker C averages 4 0 picks per hour. If the average order requires 1 0 0 picks would be the average rate...

Answered: 1 week ago

Question

★★★★★
After researching the different forms of business organization, Natalie Koebel decides to operate "Cookie Creations" as a proprietorship. She then starts the process of getting the business running....

Answered: 1 week ago

Question

★★★★★
P. 6-1 The financial statements of an actual capital projects fund leave it to the report reader to draw inferences on key transactions. The accompanying statements of the parks, recreations, and...

Answered: 1 week ago

Question

★★★★★
An infinite solid circular cylinder is initially at a uniform temperature of 150 C. At time t = 0 the temperature around the entire boundary is suddenly reduced to 0C, and maintained thereafter....

Answered: 1 week ago

Question

★★★★★
19 (6 points) Discuss the two methods for recording bad debt expense. What type of company uses each method

Answered: 1 week ago

Question

★★★★★
One hundred pounds of water at atmospheric pressure are heated from 60F to 200F. What is the enthalpy change? The internal energy change? Why is the difference between the internal energy change and...

Answered: 1 week ago

Question

★★★★★
In Problem 19, the school board determined that it does not want any of the schools to be overly crowded compared with the other schools. It would like to assign students from each district to each...

Answered: 1 week ago

Question

★★★★★
Bayville has built a new elementary school, increasing the towns total to four schoolsAddison, Beeks, Canfield, and Daley. Each has a capacity of 400 students. The school board wants to assign...

Answered: 1 week ago

Question

★★★★★
The Sav-Us Rental Car Agency has six lots in Nashville, and it wants to have a certain number of cars available at each lot at the beginning of each day for local rental. The agency would like a...

Answered: 1 week ago

Previous Question Next Question