Question
Please help! I'm very confused on what the answers are. I bolded what I think but I don't know for sure! Compute employee FICA taxes
Please help! I'm very confused on what the answers are. I bolded what I think but I don't know for sure!
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Compute employee FICA taxes for the year on earnings of$112,000 at 6.2% on a limit of $117,000 for OASDI and1.45% for Medicare. (Round your answer to the nearest whole dollar.)
A.$85,680
B.$1,624
C.$6,944
D.$8,568
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A form used in business to place an order for the buying of goods from a seller is:
A.purchases returns.
B.purchase order.
C. purchase requisition.
D.purchase demand
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Purchases discounts:
A. increase net income.
B. increase accounts payable.
C. decrease net income.
D. Not enough information provided.
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The return of merchandise was recorded as a debit to Accounts Receivable and a credit to Purchases Returns and Allowances. This error will cause:
A. net income to be overstated.
B. total assets to be overstated.
C total liabilities to be understated.
D. net income to be understated.
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A monthly depositor:
A.will remain a monthly depositor, once classified, for one year at which time they will be reevaluated.
B.is determined by the amount of Form 941 taxes that they paid in the lookbackperiod.
C.is an employer who only has to deposit Form 941 taxes on the 15th day of the month (or next banking day).
D. All of the above answers are correct.
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Urban Camping sold goods for $200 to a charge customer. The customer returned for credit $80 worth of goods. Which entry is required to record the return transaction?
A Debit Sales Returns and Allowances $80; credit Accounts Receivable $80
B. Debit Accounts Receivable $80; credit Sales Returns and Allowances $80
C Debit Sales Returns and Allowances $80; credit Sales $80
D. Debit Sales $80; credit Sales Returns and Allowances $80
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