Known liabilities of estimated amounts are _____ A. Reported as revenue B. Ignored; record them when...
Known liabilities of estimated amounts are _____
A. Reported as revenue
B. Ignored; record them when paid
C. Contingent liabilities
D. Reported only in the notes to the financial statements
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An employee has year-to-date earnings of $105,000. The employee's gross pay for the next pay period is $5,000. If the FICA wage base is $106,800, how much FICA tax will be withheld from the employee's pay? _____
A. $184.10
B. 61.20
C. $137.70
D. $310.00
Homework Answers
| Q1. | |||||||
| Answer is C. Contingent Liabilities | |||||||
| Explanation: | |||||||
| Contingent liabilities are liabilities which happen to arise in the future and can be estimated reasonable as to the amount which is going to be paid. | |||||||
| Q2. | |||||||
| Answer is A. $ 184.10 | |||||||
| Explanation: | |||||||
| Total FICA Wage base | 106800 | ||||||
| Less: Already paid Pay | 105000 | ||||||
| Pay subject to FICA Social security tax | 1800 | ||||||
| Social Security tax @ 6.20% on 1800 | 111.6 | ||||||
| Medicare tax @ 1.45% on 5000 | 72.5 | ||||||
| Total FICA tax deducted | 184.1 | ||||||
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