Homework Answers
Ans:
| Excise taxes | Sales taxes | Property taxes |
|
taxes on specific good, such as cigarettes or gasoline |
taxes on retail sale of most goods |
taxes on office buildings and factories |
| taxes on homes and the land on which they are built |
Explanation:
Taxes on wages and salaries are called payroll taxes.
Taxes that fund social security and medicare are called social security tax which falls under Federal Insurance Contribution Act ( FICA).
Add Answer to:
Please classify the taxes as excise, sales, or property taxes. Note: you may not need all...
#9 QUESTIONS A company's payroll information for the month of May follows: Administrative salaries $2,000 Sales...
#9
QUESTIONS A company's payroll information for the month of May follows: Administrative salaries $2,000 Sales salaries 3,500 Shop wages 4.000 FICA Social Security withheld 300 FICA Medicare taxes withheld 400 Federal income taxes withheld 1300 Medical insurance premiums withheld 415 Union dues withheld 205 On May 31 the company issued Check No. 335 payable to the Payroll Bank Account for the May payroll. It issued payroll checks to the employees after depositing the check. E- Prepare the journal entry...
NEED HELP WITH THIS INFORMATION!!!!!! Comprehensive Problem 3 Part 5: Note: You must complete parts 1,...
NEED HELP WITH THIS INFORMATION!!!!!!
Comprehensive Problem 3 Part 5: Note: You must complete parts 1, 2, 3, and 4 of this comprehensive problem before completing part 5 Based on the following information and the post-closing trial balance that follows, prepare a balance sheet in report form at December 31 of the current year: The merchandise inventory is stated at cost by the LIFO method. The product warranty payable is a current liability. Vacation pay payable: Current liability $7,140 Long-term...
Please show work! Thank you. 96. Tom and Alice Honeycutt, ages 45 and 46, respectively, live...
Please show work! Thank you.
96. Tom and Alice Honeycutt, ages 45 and 46, respectively, live at 101 Glass Road, Delton, MI 49046. Tom is a county employee, and Alice is a self-employed accoun- tant. Tom's Social Security number is 111-11-1111; Alice's Social Security number is 123-45-6789. The income and expenses associated with Alice's accounting practice for 2019 are as follows: Revenues (cash receipts during 2019) $185,000 Expenses Salaries $ 45,000 Office supplies 3,200 Postage 2,900 Depreciation of equipment 42,000...
2018 Income Statement Revenues: Gross sales: &
2018 Income Statement Revenues: Gross sales: $2,700,000 Dividends: $10,000 Bank account interest: $350 Interest on U.S. Treasury Bonds: $420 Santa Clara County, CA bond interest: $180 Cost of Goods Sold Inventory as of 1/1/18 of $100,000 Inventory purchased during 2018: $283,487 Inventory as of 12/31/18 of $220,000 [Note: All inventory figures are valued based on original cost and using the specific identification method (i.e., neither FIFO nor LIFO); IRC Sect. 263A (UNICAP) does not apply to the corporation; there were no changes in the method of valuing...
The payroll register for D. Salah Company for the week ended May 18 indicated the following:...
The payroll register for D. Salah Company for the week ended May 18 indicated the following: Salaries $555,000 Federal income tax withheld 111,000 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $10,545 of salaries. Required: a. Journalize the entry to record the payroll for the week of May 18.* b. Journalize the entry to...
Ashley Limited, which follows IFRS, chooses to classify interest and dividends received as well as interest...
Ashley Limited, which follows IFRS, chooses to classify interest
and dividends received as well as interest paid as operating
activities and dividends paid as financing activities. Ashley had
the following information available at the end of 2017:
Instructions
(a) Prepare a statement of cash flows for Ashley Limited using the
direct method, accompanied by a schedule that provides cash flow
from operations using the indirect approach.
(b) Does Ashley Limited have any options available for the
classification of interest and...
Please fill out Form 1040, Form 1040 schedule B, and form 1040 schedule D or as...
Please fill out Form 1040, Form 1040 schedule B, and form 1040 schedule D or as close to a 1040 form there is Eric Amoth (Social Security Number 551-11-1111) is 50 years old and married to Mary Amoth, age 34, (Social Security Number 552-45-6789). Formerly, Mary was Eric’s secretary, but quit work to raise their children. They live at 1313 Mockingbird Lane, Mockingbird Heights, CA 92506. They file a joint return and have two dependent children, Anakin, age 13 and...
Need help....Please read the information very carefully!!!!! The following information about the payroll for the week...
Need help....Please read the information very
carefully!!!!!
The following information about the payroll for the week anded December 20 was obtained from the records Co: ember 30 was obtained from the records of Boltz Salaries: Deductions: Sales salaries S335,000 Income tax withheld $116,800 Warehouse salaries 186,000 U.S. savings bonds 14,630 Office salaries 144,000 Group insurance 11,970 $665,000 Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% Medicare 1.5% Federal unemployment employer only) 0.8% Required: 1. Assuming that the...
This is due in a week. Please help! Chapter Review 10-7i Comprehensive Problem 3 Selected transactions...
This is due in a week. Please help!
Chapter Review 10-7i Comprehensive Problem 3 Selected transactions completed by Komett Company during its first fiscal year ended December 31, 20Y5, were as follows GENERAL LEDEER Jan ssued a check to establish a petty cash fund of $4,500 3. Feb. 26. Replenished the petty cash fund, based on the tollowing summary of petty cash receipts: ofice supplies, 31,680: miscellaneous selling expense,$570; miscelaneouS administrative expense, $880. Apr. Purchased $31,300 of merchandise on accounıt,...
A business issued a 60-day note for $96,000 to a bank. The note was discounted at 9%. Journalize the entries to record (...
A business issued a 60-day note for $96,000 to a bank. The note was discounted at 9%. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest whole dollar. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116...
#9
QUESTIONS A company's payroll information for the month of May follows: Administrative salaries $2,000 Sales salaries 3,500 Shop wages 4.000 FICA Social Security withheld 300 FICA Medicare taxes withheld 400 Federal income taxes withheld 1300 Medical insurance premiums withheld 415 Union dues withheld 205 On May 31 the company issued Check No. 335 payable to the Payroll Bank Account for the May payroll. It issued payroll checks to the employees after depositing the check. E- Prepare the journal entry...
NEED HELP WITH THIS INFORMATION!!!!!!
Comprehensive Problem 3 Part 5: Note: You must complete parts 1, 2, 3, and 4 of this comprehensive problem before completing part 5 Based on the following information and the post-closing trial balance that follows, prepare a balance sheet in report form at December 31 of the current year: The merchandise inventory is stated at cost by the LIFO method. The product warranty payable is a current liability. Vacation pay payable: Current liability $7,140 Long-term...
Please show work! Thank you.
96. Tom and Alice Honeycutt, ages 45 and 46, respectively, live at 101 Glass Road, Delton, MI 49046. Tom is a county employee, and Alice is a self-employed accoun- tant. Tom's Social Security number is 111-11-1111; Alice's Social Security number is 123-45-6789. The income and expenses associated with Alice's accounting practice for 2019 are as follows: Revenues (cash receipts during 2019) $185,000 Expenses Salaries $ 45,000 Office supplies 3,200 Postage 2,900 Depreciation of equipment 42,000...
Ashley Limited, which follows IFRS, chooses to classify interest
and dividends received as well as interest paid as operating
activities and dividends paid as financing activities. Ashley had
the following information available at the end of 2017:
Instructions
(a) Prepare a statement of cash flows for Ashley Limited using the
direct method, accompanied by a schedule that provides cash flow
from operations using the indirect approach.
(b) Does Ashley Limited have any options available for the
classification of interest and...
Need help....Please read the information very
carefully!!!!!
The following information about the payroll for the week anded December 20 was obtained from the records Co: ember 30 was obtained from the records of Boltz Salaries: Deductions: Sales salaries S335,000 Income tax withheld $116,800 Warehouse salaries 186,000 U.S. savings bonds 14,630 Office salaries 144,000 Group insurance 11,970 $665,000 Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% Medicare 1.5% Federal unemployment employer only) 0.8% Required: 1. Assuming that the...
This is due in a week. Please help!
Chapter Review 10-7i Comprehensive Problem 3 Selected transactions completed by Komett Company during its first fiscal year ended December 31, 20Y5, were as follows GENERAL LEDEER Jan ssued a check to establish a petty cash fund of $4,500 3. Feb. 26. Replenished the petty cash fund, based on the tollowing summary of petty cash receipts: ofice supplies, 31,680: miscellaneous selling expense,$570; miscelaneouS administrative expense, $880. Apr. Purchased $31,300 of merchandise on accounıt,...
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