Timothy's gross pay for this month is $9,250. His gross yearminustominusdate pay, prior to this month, totaled $112,000. What is the amount of FICA tax withheld from Timothy's pay for this month? (Assume an OASDI rate of 6.2%, applicable on the first $117,000 earnings, and a Medicare rate of 1.45%, applicable on all earnings. Do not round any intermediate calculations, and round your final answer to the nearest cent.)

A) $573.5

B) $134.13

C) 444.13

D) 310

2) Albert, Billy, and Cathy share profits and losses of their partnership in a 22:66:33, ratio respectively. If the net income is $50,000, calculate Billy's share of the profits. (Round your answer to the nearest dollar.)

A) 9091

B) 27273

C) 13636

D) 18182

3) The journal entry to record the employers payroll tax expense includes a credit to FICA-OASDI Taxes Payable for $359.60. (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.)

Trure

False

4) Mathew, Patrick, and Robin and have capital balances of

$ 72 comma 000$72,000,

$ 125 comma 000$125,000

and

$ 98 comma 000$98,000,

respectively. As per the partnership agreement, Mathew gets a profit share of 2/9; Patrick gets 4/9; and Robin gets 3/9. Partnership agrees to pay

$ 63 comma 000$63,000

as final settlement to Mathew. How much bonus will Robin receive as a result of thistransaction? (Round your answer to the nearest dollar.)

a. 3857

b. 5000

c. 5143

d. 4000

5)

Floyd and Merriam start a partnership business on June 12, 2019. Their capital account balances as of December 31, 2020 stood as follows:

Floyd	$47,000
Merriam	17,000

Floyd and Merriam share profits and losses equally. They agreed to dissolve the partnership and start a new one, admitting Ramelow for

oneminushalf

share in the capital in exchange for land and equipment having a total market value of

$65,000.

Which of the following is the correct journal entry to record the introduction of Ramelow as apartner?

A.

Land and equipment	65 comma 00065,000
Floyd, Capital		32 comma 50032,500
Ramelow, Capital		32 comma 50032,500

B.

Floyd, Capital	65 comma 00065,000
Ramelow, Capital		65 comma 00065,000

C.

Land and equipment	65 comma 00065,000
Ramelow, Capital		65 comma 00065,000

D.

Merriam, Capital	32 comma 50032,500
Floyd, Capital	32 comma 50032,500
Ramelow, Capital		65 comma 00065,000

Mathew, Patrick, and Robin and have capital balances of

$ 72 comma 000$72,000,

$ 125 comma 000$125,000

and

$ 98 comma 000$98,000,

respectively. As per the partnership agreement, Mathew gets a profit share of 2/9; Patrick gets 4/9; and Robin gets 3/9. Partnership agrees to pay

$ 63 comma 000$63,000

as final settlement to Mathew. How much bonus will Robin receive as a result of thistransaction? (Round your answer to the nearest dollar.)

Mathew, Patrick, and Robin and have capital balances of

$ 72 comma 000$72,000,

$ 125 comma 000$125,000

and

$ 98 comma 000$98,000,

respectively. As per the partnership agreement, Mathew gets a profit share of 2/9; Patrick gets 4/9; and Robin gets 3/9. Partnership agrees to pay

$ 63 comma 000$63,000

as final settlement to Mathew. How much bonus will Robin receive as a result of thistransaction? (Round your answer to the nearest dollar.)

Mathew, Patrick, and Robin and have capital balances of

$ 72 comma 000$72,000,

$ 125 comma 000$125,000

and

$ 98 comma 000$98,000,

respectively. As per the partnership agreement, Mathew gets a profit share of 2/9; Patrick gets 4/9; and Robin gets 3/9. Partnership agrees to pay

$ 63 comma 000$63,000

as final settlement to Mathew. How much bonus will Robin receive as a result of thistransaction? (Round your answer to the nearest dollar.)