![whitakers87](/avatars/24543.jpg)
whitakers87
29.01.2021 •
Business
The summary of the payroll for the monthly pay period ending July 15 indicated the following:
Salaries $180,000
Federal income tax withheld 32,300
Medical insurance withheld 7,370
Social security tax withheld 10,800
Medicare tax withheld 2,700
Illustrate the effects on the accounts and the financial statements of
(a) the payroll
(b) the employer's payroll tax expense for the month.
The state unemployment tax rate is 4.2%, and the federal unemployment tax rate is 0.8%. Only $30,000 of salaries are subject to unemployment taxes
Solved
Show answers
More tips
- C Computers and Internet What Are Peers and Seeds in Torrenting?...
- H Health and Medicine 10 Simple Techniques on How to Boost Your Mood...
- G Goods and services How to Choose the Right High Chair for Your Baby?...
- S Style and Beauty Learn how to tie a keffiyeh on your head like a pro...
- S Style and Beauty How to braid friendship bracelets?...
Answers on questions: Business
- B Business How many companies in the S&P 500 list have a Market Cap of at least $20Bn AND Revenue of at least $15Bn?...
- B Business U i want to ask a question but i don t have anything to ask lol...
- B Business Cách tính GDP danh nghĩa...
- B Business Which of the following best explains why zoos are not affected by the threat of new entrants? a) customers do not have replacement activities. b) starting a zoo...
- E English Explain by your own words what is vegan and what do they eat ( at least 5 sentences )...
- M Mathematics Which power has a value greater than 240 and less than 245?...
- M Mathematics 1.5pt : B I US 7. The temperature in Athens was 30°F. Five minutes later it was 20°F. What was the average change in temperature per minute as an integer?...
- C Chemistry Please help chemistry question...
- P Physics Convert 0.0042 ns -- Gs...
- C Chemistry 7. If an atom had 10 protons, 8 electrons and 9 neutrons, what would the mass number be?...
Ответ:
Solution :
Assets = Liabilities + Stockholders' equity
Cash Employee Federal Employee Medical Employee FICA Retained
Income tax payable Insurance payable Tax payable earnings
-126830 32300 7370 13500 -180000
Statement of Cash Flows Income Statement
July 15 Operating Activities 126830 Outflow July-15 Wages & salaries
Expenses -180000
Assets = Liabilities + Stockholders' equity
Cash Employee FICA Tax FUTA tax payable SUTA tax Retained
Payable payable earnings
0 13500 240 1260 -15000
Statement of Cash Flows Income Statement
July-15 No effect Jul-15 Payroll tax expense
15000
Ответ: