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what are the answers 20-32? Shift a) Accounts Receivable b) Allowance for Doubtful Accounts c) Bad Debts Expense ** Tinder the allowance method, the entry
what are the answers 20-32?
Shift a) Accounts Receivable b) Allowance for Doubtful Accounts c) Bad Debts Expense ** Tinder the allowance method, the entry to write off a bad accounts receivable will include a debit to - For Doubtful Accounts c) Bad Debts Expense ] Contribution Act 17. FICA is the acronym for Federal Insurance 18. Gross wages minus withholdings is referred to as net pay 19. The employer's matching of Social Security and Medicare taxes plus the federal and state unemployment taxes are referred to as employer's Payroll Taxcxpense 20. An employee cans S107,000 in the current year. The amount over the social security maximum for a year is 62% Matching 21. The federal unemployment tax is paid by the a) employee employer 22. Generally, if a company has the right to control the services provided by a worker, the worker is an a) employee b) independent contractor 23. In 2012, employers should not withhold Social Security tax after the employee reaches in Social Security wages. a) S9,000 b) $106.800 c) all wages are subject to the tax 24. In 2012, employers should not withhold Medicare tax after the employee reaches in Medicare wages. a) 89.000 b) S106,800 all wages are subject to the tax 25. The Social Security tax is withheld from an employee at which rate? a) 0.8% b) 1.45% C) 6.2 d) 5.4% 26. The Medicare tax rate is withheld from an employee at which rate? a) 0.8% b) 1.45% c) 6.2% d) 5.4% 27. An employee has a pay rate of $11.13 per hour and is paid weekly. The employee worked 43.5 hours during a recent week. The employee's grosswages for the week will be $ a) S445.20 b) 5503.63 c) $16.70 d) $58.45 Answer the next three questions using this information: Assuming that an employee has an annual salary of $40,000 during the year 2012 /SUTA is 5% and FUTA 13.8%, Soc Sec is 6.2%, Medicare is 1.45%. 28. The combined total of the Social Security and Medicare taxes withheld from the employee for the year will be S a) $2,480 b) S580 c) $320 d) $3,060 29. The combinud total of the employee and employer Social Security and Medicare taxes to be remitted to U.S. government for 2012 for this employee is $ a) S4,960 b) 81.160 c) S640 d) $6,120 e? 30. The combined total for the employer to be remitted for federal and state unemployment taxes for this employee for the year 2012 is S a) $2.000 b) $2.320 c) $320 d) S580 -------- Accounts Receivables and Bad Debts -------- Multiple Choice 31. The account Allowance for Doubtful Accounts could temporarily have a writes off an account receivable that was larger than the account's previous balance. a) credit b) debit balance if the company 32. When reporting the Allowance for Doubtful Accounts on the balance sheet, the account should have a balance or a zero balance. a) credit b) debit 33. The write-off of a customer's balance will include a credit to this accountStep by Step Solution
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