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Calculate the total cost to D Ski Resort for Greg's paycheck being deposited Wages Plus taxes FICA Taxes Unemployment taxes (FUTA) Total taxes Health Insurance Actual Payroll costs

Calculate the total cost to D Ski Resort for Greg's paycheck being deposited Wages Plus taxes FICA Taxes Unemployment taxes (FUTA) Total taxes Health Insurance Actual Payroll costs

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 3E: Non-Interest-Bearing Notes Payable On November 16, 2019, Clear Glass Company borrowed 20,000 from...
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From page 8-3 of the VLN, what amount did the employer incur for Unemployment taxes for Greg?_____
Accrued interest (interest incurred/earned-but not paid/received yet) -current liability (if payments are made periodically and interest is due within the year) -non-current liability (if interest is added to the liability and the liability is non-current) Practice On December 1, Casino Cruise Lines borrows $1,000,000 from Bank of America signing a 6 month, 5% note. Principal and interest is payable at maturity. Record the entry for Casino Cruise Lines on December 1: Record the adjusting entry for Casino Cruise Lines at year-end December 31: How would Casino Cruise Lines treat the note on their Balance Sheet? What affect does the note have on Casino Cruise Line's Income Statement? Record the entry for Casino Cruise Lines on May 31 when the note matures: Line of Credit-an arrangement with a lending institution that allows the company to continuously borrow up to prearranged limit. Commercial Paper-is when a company borrows from another company; it usually matures from 30 – 270 days. It's a current liability for the issuer. Accounts Payable (A/P) trade accounts payablearise through the normal course of business (purchase inventory, goods or services on credit) PAYROLL LIABILITIES–examples include: salaries and wages, taxes, and fringe benefits. Federal Income taxes-amount withheld depends on income and exemptions
Transcribed Image Text:Accrued interest (interest incurred/earned-but not paid/received yet) -current liability (if payments are made periodically and interest is due within the year) -non-current liability (if interest is added to the liability and the liability is non-current) Practice On December 1, Casino Cruise Lines borrows $1,000,000 from Bank of America signing a 6 month, 5% note. Principal and interest is payable at maturity. Record the entry for Casino Cruise Lines on December 1: Record the adjusting entry for Casino Cruise Lines at year-end December 31: How would Casino Cruise Lines treat the note on their Balance Sheet? What affect does the note have on Casino Cruise Line's Income Statement? Record the entry for Casino Cruise Lines on May 31 when the note matures: Line of Credit-an arrangement with a lending institution that allows the company to continuously borrow up to prearranged limit. Commercial Paper-is when a company borrows from another company; it usually matures from 30 – 270 days. It's a current liability for the issuer. Accounts Payable (A/P) trade accounts payablearise through the normal course of business (purchase inventory, goods or services on credit) PAYROLL LIABILITIES–examples include: salaries and wages, taxes, and fringe benefits. Federal Income taxes-amount withheld depends on income and exemptions
FICA Taxes --Social security: 6.2% up to a maximum amount (amount increases each year) --Medicare: 1.45% Employee portion–7.65% Employer matching portion-7.65% à Self-employed-15.3% FUTA/SUTA (Federal/State Unemployment taxes-only employer pays) -6.2% -assessed on the first $7,000 of earnings per employee per year Fringe Benefits -Health/Dental/Vision insurance premiums -Life insurance premiums -Retirement/savings programs Practice Greg works at D Ski Resorts working 40 hours per week earning $20 per hour. Greg gets paid every two weeks. The company pays $250 per pay for health insurance and Greg pays $50. 15% of Greg's income is withheld for federal income taxes and 1% for state taxes. Calculate the amount Greg expects to get direct deposited into his account for his first paycheck: Wages Less: Withholdings Federal Income Taxes S State Income Taxes FICA Taxes Health insurance Total Withholdings Actual Direct Deposit Calculate the total cost to D Ski Resort for Greg's paycheck being deposited Wages Plus taxes FICA Taxes Unemployment taxes (FUTA) Total taxes Health Insurance Actual Payroll costs
Transcribed Image Text:FICA Taxes --Social security: 6.2% up to a maximum amount (amount increases each year) --Medicare: 1.45% Employee portion–7.65% Employer matching portion-7.65% à Self-employed-15.3% FUTA/SUTA (Federal/State Unemployment taxes-only employer pays) -6.2% -assessed on the first $7,000 of earnings per employee per year Fringe Benefits -Health/Dental/Vision insurance premiums -Life insurance premiums -Retirement/savings programs Practice Greg works at D Ski Resorts working 40 hours per week earning $20 per hour. Greg gets paid every two weeks. The company pays $250 per pay for health insurance and Greg pays $50. 15% of Greg's income is withheld for federal income taxes and 1% for state taxes. Calculate the amount Greg expects to get direct deposited into his account for his first paycheck: Wages Less: Withholdings Federal Income Taxes S State Income Taxes FICA Taxes Health insurance Total Withholdings Actual Direct Deposit Calculate the total cost to D Ski Resort for Greg's paycheck being deposited Wages Plus taxes FICA Taxes Unemployment taxes (FUTA) Total taxes Health Insurance Actual Payroll costs
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