Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Gail's Bakery had the following information before the pay period ending June 30 : Assume: Each hourly employee is paid 11/2 times pay rate for
Gail's Bakery had the following information before the pay period ending June 30 : Assume: Each hourly employee is paid 11/2 times pay rate for time worked in excess of 40 hours. FICA - OASDI applied to the first $128,400 at a rate of 6.2%. FICA - Medicare applied at a rate of 1.45%. FUTA applied to the first $7,000 at a rate of 0.8%. SUTA applied to the first $7,000 at a rate of 5.6%. A. Credit $880 B. Debit $1,000 C. Debit $880 D. Credit $1,000 When a business starts, what must it obtain that identifies itself to the government? A. State Employment Number B. Federal Unemployment Number C. A look - back period D. Employer Identification Number Which of the following statements is false? A. Payroll Tax Expense is an expense account. B. FICA - OASDI Payable increases on the credit side of the account. C. FUTA Tax Payable increases on the debit side of the account. D. Payroll Tax Expense increases on the debit side of the account
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started