A domestic insurance company had the following collections: Health and accident insurance Motor vehicle insurance Life and disability insurance Property Insurance The percentage tax due is O 92,500 414,000 O 272,000 83,800 P 2,340,000 1,250,000 1,850,000 2,840,000
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- PLEASE USE THIS INFORMATION TO FILL OUT FORM 1040 Gross Income: Salary $38,000 Alimony received $14,400 Rental receipts $50,000 Disability insurance payments $1,200 Interest income from corporate bonds $2,200 Interest income from municipal bonds $0 (1) Gross income $105,800 Deductions for AGI: Expenses for rental property $19,500 (2) Total for AGI deductions $19,500 (3) AGI $86,300 From AGI deductions: Medical expenses $4,358 State income taxes $6,590 Charitable contributions $14,240 (4) Total itemized deductions $25,188 (5) Standard deduction $18,800 (6) Greater of itemized deductions or standard deductionselected answer correct $25,188 (7) Taxable income $61,112 (8) Tax on taxable income $7,741 (9) Credits $(685) (10) Tax prepayments $11,380 Tax refundselected answer correct $(4,324)2. Nix Company had the following balances in its general ledger before the entries for requirement (1) were made: Employee federal income tax payable $2,500 Social Security tax payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510 a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--.An employee earned $45, 800 during the year working for an employer when the maximum limit for Social Security was 5137,700. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45%. The employee's annual Federal Insurance Contributions Act (FICA) taxes amount is: Multiple Choice $6,343 30 53,503.70 $7,007.4056,343.30. S 3,503.70. ο $7,007.40. Ο $2,839.60. $664.10.
- Nix Company had the following balances in its general ledger before the entries for requirement (1) were made: Employee federal income tax payable $2,500 Social Security tax payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510 a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--. b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20--. c. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--.A property/casualty insurer sold a one-year insurance policy for $480 on July 1. The insurer incurred $144 in underwriting expenses for the policy. Disregarding losses, what is the insurer's pre-tax net income from this policy in the year the policy was written under statutory accounting rules? A-$144 B $ 96 C $168 D $236The following information pertains to Cherry City’s liability for claims and judgments:Current liability at January 1, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . $200,000Claims paid during 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 900,000Current liability at December 31, 2018 . . . . . . . . . . . . . . . . . . . .. . . . . 240,000Noncurrent liability at December 31, 2018 . . . . . . . . . . . . . . . .. . . . . 200,000What amount should Cherry report for 2018 claims and judgment expenditures?a. $1,140,000b. $940,000c. $840,000d. $900,000
- 1. for 2021, Forrway corporation, an accrual basis calendar year corporation, had net income per books of $ 111,550 and the following transactions: premiums on life insurance policy on its key employees-$6000 excess capital losses $2000 excess tax depreciation $9000 life insurance proceeds on life of its key employees $55000 rent income received in 2021 $40000 ( $30000 is prepaid and related to 2021) tax exempt interest income $8000 federal income tax liability for 2021 $15450 prepaid rent received and properly taxed in 2020 ( but not earned for financial accounting purpose until 2021) $15000 interest expense on tax exempt interest income item $2000 The taxable income for Forrway corporation for the tax year of 2021 is ( as computed in its schedule M-1 reconciliation) $90000 $100000 $80000 $70000 23. for 2021, Forrway corporation, an accrual basis calendar year corporation, had net income per books of $ 111,550 and the following transactions: premiums on life insurance policy on its…As of January 31, Hammond Auto Supply's general ledger balances, listed in alphabetical order of accounts, are as follows: Accounts Balance Accounts Payable $4,738.00 Accounts Receivable 5,486.00 Cash 17,172.64 Employees' Federal Income Tax Payable 876.00 Equipment 3,650.00 Federal Unemployment Tax Payable 50.88 FICA Social Security Tax Payable 788.64 FICA Medicare Tax Payable 184.44 Freight In 251.00 J. Hammond, Capital 38,451.00 J. Hammond, Drawing 980.00 Merchandise Inventory 20,564.00 Miscellaneous Expense 232.00 Payroll Tax Expense 880.86 Prepaid Insurance 385.00 Purchases 7,781.00 Purchases Discounts 70.70 Purchases Returns and Allowances 366.00 Rent Expense 761.00 Salary Expense 6,360.00 Sales 19,395.30 Sales Discounts 32.90 Sales Returns and Allowances 48.00 State Unemployment Tax Payable 343.44 Supplies 680.00 Prepare a trial balance as of January 31, 20--. List all the accounts in the proper order as described and…In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You have now been given the following additional information: June is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 60% of the health insurance premium. The employer matches 50% of employee pension plan contributions. Using the information from EB13 and the additional information provided: A. Record the employer payroll for the month of June, dated June 30, 2017. B. Record the payment in cash of all employer liabilities only on July 1.
- According to a summary of the payroll of Sinclair Company, $505,000 was subject to the 6.0% social security tax and $545,000 was subject to the 1.5% Medicare tax. Also, $10,000 was subject to state and federal unemployment taxes. Question Content Area Required: a. Compute the employer's payroll taxes using the following rates: State unemployment, 4.2%; Federal unemployment, 0.8%.$ fill in the blank bdfee804ffc2f82_1 Question Content Area b. Journalize the entry for the employer's payroll tax expense. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: 211 Salaries Payable — 212 Social Security Tax Payable $16,302 213 Medicare Tax Payable 4,290 214 Employees Federal Income Tax Payable 26,455 215 Employees State Income Tax Payable 25,740 216 State Unemployment Tax Payable 2,717 217 Federal Unemployment Tax Payable 858 218 U.S. Saving Bond Deductions Payable 6,000 219 Medical Insurance Payable 49,800 411 Operations Salaries Expense 1,732,000 511 Officers Salaries Expense 1,130,000 512 Office Salaries Expense 287,000 519 Payroll Tax Expense 245,960 The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Dec. 2 Issued Check No. 410 for $6,000 to Jay Bank to purchase U.S. savings bonds for employees. Dec. 2 Issued Check No. 411 to Jay Bank for $47,047 in payment of $16,302 of social security tax, $4,290 of Medicare tax, and…[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,000 $ 1,500 b. 2,000 2,100 c. 132,900 9,500 Exercise 11-9 (Algo) Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer’s September 30 journal entry to record the employer’s payroll taxes expense and its related liabilities. Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. Date General Journal Debit Credit September 30 Payroll taxes expense FICA—Social security taxes payable FICA—Medicare taxes payable Federal…
