An accountant must pay taxes and payroll bonuses to employees from the company’s profits of $2,000,000. The total tax is 40% of the amount left after bonuses are paid, and the total paid in bonuses is 10% of the amount left after taxes. Find the total tax and the total bonus amount.

Q: Hua Company has an agreement to pay its sales manager a bonus of 5% of income after bonus and after…

A: Tax means the mandatory payment made to government for the income earned. Bonus means the amount…

Q: 1.ABC Company has an incentive compensation plan that pays its president a bonus equal to 10% of the…

A: Since you have asked multiple questions we can solve only first question for you if you want to get…

Q: basic

A: Gross earnings= basic salary plus 2% commission on sales

Q: A company has four employees .The following Payroll information has been provided for the month of…

A: The income tax is the amount of tax payable on the taxable income by a  taxpayer. The taxable income…

Q: Raymond Moss, vice president of Moss Auto Parts, gets an annual bonus of 15% of any income, before…

A: A bonus is monetary recompense that exceeds the recipient's usual payment expectations. Bonuses can…

Q: An appliance company has three installers. Larry earns $345 per week, Curly earns $480 per week, and…

A: FUTA: FUTA means the "Federal Unemployment Tax Act" which provides for the levy of tax on the wages…

Q: The WGN Company has a bonus arrangement, which grants the financial vice president and other…

A: Introduction:- The finance vice president and other executives of the WGN Company are eligible for a…

Q: P a y t o n company payroll for the year is $747,930. Of this amount, $469,230 is for wages paid e x…

A: Total unemployment taxes=Net Futa tax+Net suta tax

Q: Wed Company has an incentive compensation plan under which a branch manager received 10% of the…

A: Income after deduction of the bonus but before tax = Income before the bonus and income tax / ( 1 +…

Q: ABC Company has an agreement to pay its sales manager a bonus of 5% of the income after bonus and…

A: ANSWER INTRODUCTION  HERE IN THIS QUESTION BONUS PAID TO SALES MANAGER IS 5% OF THE INCOME AFTER…

Q: Yel Co. has a bonus agreement which provides that the general manger shall receive an annual bonus…

A: Solution..     Manager bonus = P280,000  Manager bonus = 10% of income after bonus and tax

Q: 2. JYD Accounting Firm pays its employees at a rate of P50/hr. The tax and other deductions amount…

A: “Since you have asked for 2nd question, we will solve the same for you. If you want any other…

Q: The sales manager of the Walbrook Company receives an annual bonus of 10% of net income after bonus…

A: Bonus refers to monetary incentives that are given by employers to employees to motivate them to…

Q: In March of the current year, Mooney Company estimated its year-end executive bonuses to be…

A: Bonus should be recognized in interm period on the proportionate basis of the estimated bonus…

Q: SESAME-SEED Company has a bonus agreement that provides that the senior managers will receive an…

A: A bonus is monetary remuneration that exceeds the recipient's usual payment expectations. A…

Q: How much is the amount of bonus under the second plan? How much is the amount of bonus under the…

A: Suppose B is the amount of Bonus Under Second Plan, B = {(Profits before bonus and tax - B) x (1 -…

Q: JYD Accounting Firm pays its employees at a rate of $50/hr. The tax and other deductions amount to…

A: Net pay = Gross pay - taxes and other deductions

Q: Natural Company has an agreement to pay the sales manager a bonus of 10% of the entity's earnings.…

A: The bonus can be paid to manager on different conditions as before bonus or after bonus.

Q: Ted Carman worked for Rivertide Country Club and earned $28,500 during the year. He also worked part…

A: Compute FUTA and SUTA taxes on Carman’s earnings paid by River-tide country club on first $8,000 as…

Q: A company wants to pay a bonus to an employee so that the net pay is $10,000. The federal income tax…

A: Federal income tax, State income tax and FICA tax are to be deducted from the bonus paid.     We…

Q: A. Ferrero Company has an agreement to pay its sales manager a bonus of 10% of the income after…

A: Let assume the income after bonus and tax = X Then the manager bonus will be = X * 0.10 = 0.1X The…

Q: JIMIN Company has an agreement to pay the executive officers a bonus of 5% of the entity’s earnings.…

A: Bonus is the additional amount given to owners or partners in the business for their outstanding…

Q: NEP Corp. has 15 employees each working 40 hours per week and earning $30 an hour. Federal income…

A: Payroll tax A payroll tax is a percentage levied by the state or federal government on the…

Q: Logan White is general manager of Moonwalk Tanning Salons. During 2010, White worked for the company…

A: When an employer withholds money from an employee's paycheck for a number of reasons, most typically…

Q: Merger Co. has 10 employees, each of whom earns $2,000 per month and has been employed since January…

A: Total Earning for employees per month = Earning per employee x Total no. of employees =$2,000 per…

Q: Baekhyun Company distributes annual bonuses to its sales manager and two sales supervisors. The…

A: Bonus is the additional pay that a company pays to its employees over and above their regular…

Q: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…

A: Payroll taxes is the amount that is held by the employer from the employees' earnings and pay it to…

Q: ABC Co. distributes annual bonus to its sales manager. The company reported P2 million profit for…

A: The net income after tax is calculated as follows: Net income after tax = Net income before income…

Q: Nature Company has an agreement to pay each sales manager a bonus of 5% of the entity's earnings and…

A: A bonus is a monetary remuneration that is far in excess of the ordinary installment assumptions for…

Q: Ronald Company has an incentive compensation plan under which a branch manager received 10% of the…

A: Let, Bonus = X Bonus = (Income before bonus and tax - Bonus) x 10%

Q: ABC Co. distributes annual bonus to its sales manager. The company reported 2 million profit for…

A: The net profit after tax is calculated as difference between net income and income tax.

Q: Rainmian Company has agreed to pay its sales manager a bonus of 5% of his or her earnings after…

A: Bonus means the amount paid over and above the regular salary to employee for some extra work done.…

Q: During 20--, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of…

A: In the United States, the Social Security(OASDI) and Medicare tax programs limit the amounts of…

Q: JIMIN Company has an agreement to pay the executive officers a bonus of 5% of the entity’s earnings.…

A: Bonus refers to a form of financial reward or form of compensation provided by the company to its…

Q: James company has an incentive compensation plan under which a branch manager received 10% of the…

A: Bonus ( after deduction of the bonus but before deduction of income tax ) = Net income×Rate100 +…

Q: What is the corporate income tax liability at December 31, 2020?

A: Calculation of corporate income tax liability at December 31, 2020: Profit before the deduction of…

Q: JYD Accounting Firm pays its employees at a rate of $50/hr. The tax and other deductions amount to…

A: Gross pay is the total amount that is being payable to workers either on the basis of number of…

Q: Love Company has an incentive compensation plan under which a branch manager received 10% of the…

A: Net income after tax = Net income before tax - Tax expense…

Q: Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI tax…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS          FICA taxes      Employee No.…

Q: The bonus agreement of Christian Company provides that the general manager shall receive an annual…

A: Income:- Income is the proportion of money a company maintains internally after reimbursing all…

Q: JIMIN Company has an agreement to pay the executive officers a bonus of 5% of the entity’s earnings.…

A: Bonus is the additional amount given to owners or partners in the business for their outstanding…

Q: Logan White is general manager of Moonwalk Tanning Salons. During 2010, White worked for the company…

A: Particulars $ $ Salary ($6100 x 12)          73,200   Bonus (5% x $73200)            3,660…

Q: 11. After three profitable years, Grace company decided to offer a bonus to the branch manager of…

A: Bonus is the additional amount or compensation which is paid to the employees for additional work…

Q: Staycee Co. decided to pay its sales manager a bonus of 7.5% of the company's earnings because of a…

A: Tax means the mandatory payment made by assesse to the government without expecting anything…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.