Questions from College Accounting

Q: Compute the net pay for each employee using the federal income tax

Compute the net pay for each employee using the federal income tax withholding table in Figure 7.2. Assume that FICA OASDI tax is 6.2% on a wage base limit of $117,000, Medicare is 1.45% on all earnin...

Q: From the following information, calculate the payroll tax expense for Driving

From the following information, calculate the payroll tax expense for Driving Company for the payroll of April 9: The FICA tax rate for OASDI is 6.2% on the first $117,000 earned, and Medicare is 1....

Q: Refer to Exercise 7A-3 and assume that the state changed

Refer to Exercise 7A-3 and assume that the state changed Driving Company’s SUTA tax rate to 4.6%. What effect would this change have on the total payroll tax expense? Exercise 7A-3:...

Q: Refer to Exercise 7A-3. If Q. Roberts earned

Refer to Exercise 7A-3. If Q. Roberts earned $2,100 for the week instead of $330, what effect would this change have on the total payroll tax expense? Exercise 7A-3: From the following information,...

Q: At the end of the first quarter of 201X, you are

At the end of the first quarter of 201X, you are asked to determine the FUTA tax liability for Aim Company. The FUTA tax rate is 0.6% on the first $7,000 each employee earns during the year (assuming...

Q: From the following data, estimate the annual premium for workers’ compensation

From the following data, estimate the annual premium for workers’ compensation insurance:

Q: Blanca Company uses a special payroll account to pay employees. The

Blanca Company uses a special payroll account to pay employees. The gross amount of the payroll this week is $5,000; the net amount is $4,125. Journalize the transfer of funds to the payroll account a...

Q: Record the following transactions in the basic accounting equation. Treat each

Record the following transactions in the basic accounting equation. Treat each one separately. Assets ∙ Liabilities ∙ Owner’s Equity a. Matty invests $130,000 in company. b. Bought equipment for cash...

Q: Based on the following payroll tax depositor classifications, determine the 941

Based on the following payroll tax depositor classifications, determine the 941 tax deposit due date for each taxpayer:

Q: Draw a T account for Mark Beckham, Capital, and post

Draw a T account for Mark Beckham, Capital, and post to it all entries from Question 3 that affect it. What is the final balance of the Capital account? Question 3: From the following accounts, jour...