Question
Steven Washington's weekly gross earnings for the week ended April 22 were $1,000, and his federal income tax withholding was $180. Assuming the social security
Steven Washington's weekly gross earnings for the week ended April 22 were $1,000, and his federal income tax withholding was $180. Assuming the social security rate is 6% and Medicare is 1.5%, what is Steven's net pay?
Note: If required, round your answer to two decimal places.
Nabors Company reported the following current assets and liabilities for December 31 for two recent years:
Dec. 31, Current YearDec. 31, Previous YearCash$700$790Temporary investments1,5401,760Accounts receivable2,8801,200Inventory1,1501,130Accounts payable3,2002,500
Required:
a.Compute the quick ratio on December 31 of both years. If required, round your answers to one decimal place.
Quick RatioDecember 31, current yearDecember 31, previous year
b.Is the quick ratio improving or declining?
Thepayroll registerof Patel Engineering Co. indicates $1,746 of social security withheld and $436.50 of Medicare tax withheld on total salaries of $29,100 for the period. Earnings of $8,700 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%.
Provide the journal entry to record thepayrolltax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places.
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