In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Federal income tax withheld was $11,500, and state income tax withheld was $1,050.       Calculate net pay for January. Net pay for January   $enter Net pay for January in dollars

Q: Urban Window Company had gross wages of $320,000 during the week ended July 15. The amount of wages…

A: Journal entry refers to the recording made by the business in the books of accounts, of all the…

Q: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $480,000;…

A: 1) Total premium % paid by employees Premium paid by employees Premium paid by employer…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: 1.A.Prepare journal entry to record payroll:

Q: Assume the following data for Blossom Tattoo Parlor for the quarter ended September 30. •   Number…

A: Form 941: This form is used to report the income taxes, social security tax, and Medicare tax…

Q: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $560,000:…

A: As per the honor code, We’ll answer the first question and 3 subparts since the exact one wasn’t…

Q: In January, gross earnings in Sheridan Company were $78,000. The 7.65% FICA tax rate consists of the…

A: FICA : It is a mandatory payroll tax and it includes Medicare tax and social security tax.

Q: Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages…

A: Social Security tax payable = Gross wages × 6% = $200, 00×6% = $12, 000

Q: Widmer Company had grosswages of $320,000 during the week ended June 17. The amount of wages subject…

A: Journal entries are the reporting of the transactions in the books of accounts to maintain a record…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: in January, gross earnings in Burrell Company were $80,000. All earnings are subject to 7.65% FICA…

A: Formula: Net pay = Gross earnings - FICA - Federal income tax - state income tax. Deduction of FICA…

Q: In January, gross earnings in Kemstar Company totalled $90,000. All earnings are subject to Standard…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On January 21, the column totals of the payroll register for Great Products Company showed that its…

A: Journal entry: It is the activity of recording and summarizing business economic transaction in the…

Q: For the year ended December 31, 2020, Waterway Electrical Repair Company reports the following…

A: Answer a

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Requirement 1)a. Prepare the journal entry to record the payroll on December 30.

Q: How much is the input tax?              How much is the value added tax payable?

A: VAT is Value Added Tax paid during purchases & collected while making sales the difference to be…

Q: Widmer Company had gross wages of $226,000 during the week ended June 17. The amount of wages…

A: Social Security Tax Payable = Gross wages x Social security tax rate Medicare Tax Payable = Gross…

Q: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $200,000;…

A: Requirement 1:Calculation of the amount of premium paid by the employee& employer

Q: Entries for Payroll and Payroll Taxes The following information about the payroll for the week…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: Dish Pan Company has 4 employees.  Information about the third week in November payroll…

A: (a). Payroll Register:                           Hrs worked Hourly rate Ann Earn prior…

Q: Agency XYZ collected the following income during the month: Income Taxes – Individual, P510,000;…

A: Revenue is the amount that a company earns from normal activities conducted by the business for…

Q: Urban Window Company had gross wages of $248,000 during the week ended July 15. The amount of wages…

A:

Q: In January, gross earnings in Bonita Company were $106,000. The 7.65% FICA tax rate consists of the…

A: Formula: Net Pay = Gross pay - all deductions. Deductions are carried out from gross pay derives the…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Salary expense include basic salary and all type of allowance provided by the company in addition to…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Answer a:

Q: For the year ended December 31, 2020, Bramble Electrical Repair Company reports the following…

A: a.

Q: During January, Luxury Cruise Lines pays employees salaries of $2 million. Withholdings in January…

A: Given the following information: During January, Luxury Cruise Lines pays employees salaries of $2…

Q: For the year ended December 31, 2022, Crane Electrical Repair Company reports the following summary…

A: Tax refers to the amount charged by the government from the individuals and organizations on the…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A:

Q: Sheffield Corporation rings up cash sales and sales taxes separately on its cash register. On April…

A: Journal entries are used to document financial transactions. To generate a journal entry, you insert…

Q: Peterson Company billed its customers a total of $840,000 for the month of November. The total…

A: a) Compute the amount of revenue: Total billed amount $840,000 State sales tax (included) 5%…

Q: $350,000  Warehouse salaries 182,000  Office salaries 136,000   $668,000     Deductions:

A: Payroll is  remuneration that a company owes to its employees for a specific period of timeon a…

Q: Novak's gross earnings for the week were $2,150, his federal income tax withholding was $346, and…

A: Introduction Federal income tax: Federal income tax is the tax withheld by employer that employee is…

Q: XYZ Company had gross wages of $355,000 during the week ended November 30. The amount of wages…

A: Social security tax payable = $285,000 x 6% = $17,100 Medicare tax payable = Gross wages x Medicare…

Q: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000;…

A: The question is based on the concept of Financial Accounting.

Q: Wages paid for the second quarter for Ivanhoe Law Firm were $59,000.00. All wages were subject to…

A: Social Security tax = Gross Earnings x Social Security tax rate = $59000*6.20% = $3,658  Medicare…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: The following monthly data are taken from Ramirez Company at July 31: sales salaries, $200,000;…

A: Hey there since you have posted multiple questions, we can answer only first questions, please…

Q: Widmer Company had gross wages of $370,000 during the week ended June 17. The amount of wages…

A: Social Security tax Payable = Gross wages x Social Security tax rate = 370000*6% = $22200

Q: Agency XYZ collected the following income during the month: Income Taxes – Individual, P500,000;…

A: solution : statement showing calculation of total revenue collected Income Taxes – Individual…

Q: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000;…

A: Note: As per our guidelines, only the first three subparts will be answered. 1 & 2.

Q: Namsky Co. has the following information for the pay period of December 15 - 31: Gross Payroll…

A: To calculate the salary payable we have to use the following formula; Salaries payable = Gross…

Q: Gary Noll's gross earnings for the week were $3,400, his federal income tax withholding was $612,…

A: Employment taxes are the taxes that the employer pays to the government on behalf of their business…

Q: XYZ Company had gross wages of $355,000 during the week ended November 30. The amount of wages…

A: Social security tax payable = $285,000 x 6% = $17,100 Medicare tax payable = Gross wages x Medicare…

Q: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000;…

A: The question is based on the concept of Financial Accounting.

Q: The following totals for the month of April were compiled from the payroll data of Magnum Company:…

A: Date Accounts Debit Credit   Payroll Tax Expense $1,170           FICA taxes Payable   $750…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS    1) Preparing the Journal Entries for the Payroll…

Q: repare the entry to record January payroll tax expense

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: Months gross  earnings  for the week were $1450, his federal  income  tax  withholding  was $318 and…

A: Income tax is an expense for the company that is levied on the income earned given to the government…

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.