Marion Co. employed Juan Lopez in 2010. Juan earned $5,000 per month and worked the entire- year. Assume the Social Security tax rate is 6 percent on the first $110,000 of earnings and the Medicare tax rate is 1.5 percent. Juan's federal income tax withholding amount is $900 per month. Use 6.2 percent for the unemployment tax rate for the first $7,000 of earnings per employee. Required a. Answer the following questions: (1) What is Juan's net pay per month? (2) What amount does Juan pay monthly in FICA payroll taxes? (3) What is the total payroll tax expense for Marion Co. for January 2010? February 2010? March 2010? December 2010?

Q: On 1 January 2019 Westgate acquired all of RockeyCrest's 100 000 $1 shares for $300 000. The…

A: Workings :-  1) Calculation of Retained earnings on date of acquisition :-  Purchase consideration -…

Q: formation ing information applies to the questions displayed below.] onstruction makes a lump-sum…

A: Straight line method of depreciation is a concept under which an asset is depreciated at a constant…

Q: Harvest Bakery sells dinner rolls and multigrain bread. The company needs to determine the cost of…

A: First, we have to calculate the cost of direct materials for Work Order 215: = [(Cost of direct…

Q: Dick's Draperies has gross sales $15,000 per month, half of which are on credit (paid with 30 days).…

A: Lets understand the basics. Cashflow statement is need to prepare to understand the cash inflow and…

Q: High-Low Biblio Files Company is the chief competitor of Cover-to-Cover Company in the bookshelf…

A: Introduction: If a cost doesn't vary as a result of any activity, it is said to be fixed. Even when…

Q: Warner Company's year-end unadjusted trial balance shows accounts receivable of $114,000, allowance…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: income is subject to federal taxes. Group of answer choices Gross Take-home Adjusted gross Taxable

A: Solution Tax is the mandatory fee or contribution  which is levied by government entity on any…

Q: An invoice for $9156.86 is dated June 23, 2022 with terms 4/10, 2/20, n/60 ROG. The goods are…

A: Here 4/10 means 4% discount will be given if payment is made with in 10 days.

Q: Sanders Inc. has applied $567,988 of overhead to jobs. Actual overhead at the end of the year is…

A: UNDERAPPLIED MANUFACTURING OH Underapplied manufacturing OH is Calculated When Actual OH is…

Q: Question 5 Consider the following transactions that occurred in April 2013 for Kings: April 3…

A: JOURNAL ENTRIES   Journ entries is the process of recording all Financial & Non Financial…

Q: Dick's Draperies has gross sales $15,000 per month, half of which are on credit (paid with 30 days).…

A: Cash Flow statement shows the cash inflows and cash outflows of a company. Cash inflows are mainly…

Q: dont give handwrtten answer thanku

A: A statement of Financial Affairs is prepared to present a clear and true picture of the current…

Q: Liberty Company receives a bank statement dated April 30 that shows a balance of $4,722.68.…

A: Bank reconciliation statement the statement that reconciles bank balance with the checkbook balance.…

Q: a) Explain the relationship between risk and return on Investment

A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…

Q: d. Would the cash flow from operating activities be affected by depreciation in 2012?

A: Depreciation is an expense which show the use of asset and reduction in the value if asset due to…

Q: exclusion be 11,700,000 assuming

A: Estate tax refers to the form of federal or state tax that is levied on certain assets whose total…

Q: Pharoah Inc. issued 12900 shares of no-par common stock with a stated value of $5 per share. The…

A: A journal entry records a business transaction in the accounting system of a company. Journal…

Q: Christie received a total of $1025 from her graduation party. She wants to save this money for a…

A: The term "future value" (FV) refers to a concept in finance that places a monetary value on an asset…

Q: Which of the following assets would be considered least liquid? Group of answer choices A savings…

A: A liquid asset is one that can be quickly converted into cash by being sold to an interested party…

Q: Blossom Company has the following information available for September 2022. Unit selling price of…

A: preparation of CVP income statement for both case are as follows

Q: A Company produces a ungle product which sells for $20 per unit. Vanable Cost is $15 and feed cost…

A: Given,          Selling price per unit = $20 per unit          Variable cost per unit = $15 per unit…

Q: Journalize the following transactions that occurred in March for Downton Company. Assume Downton…

A: Solution A journal is the first entry book or book of original entry book in which all business…

Q: An industrial plant bought a generator set for P90,000. Other expenses including installation…

A: Depreciation  Depreciation is the gradual lowering of a fixed asset's recorded cost over time, until…

Q: Sheridan Company produces three versions of baseball bats: wood, aluminum, and hard rubber. A…

A: Since Fixed costs are not avoidable, even the Hard rubber segment  is dropped.Total costs should…

Q: Journalize the transactions.

A: WORKING NOTE - CALCULATION OF AMOUNTS Feb. 1  Cash= 18000 shares* $56         =$1008000 Preferred…

Q: Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a…

A: Lets understand the basics. Management calculates standard cost in order to compare it with the…

Q: On January 1, 2023, Falcon Construction Ltd. starts a construction project for $4,500,000. Relevant…

A: Percentage of completion Method In long-term contracts, businesses can recognize revenue on a…

Q: uses an activity-based costing system with three activity cost pools. The company has provided the…

A: Activity-based costing refers to the concept of assigning all the expenses involved in producing…

Q: ther types of assurance services provided by CPAs have developed as a natural extension of the audit…

A: Solution Audit is an examination of various books of accounts by an auditor in which an auditor done…

Q: Assets Texas Manufacturing paid cash to purchase the assets of an existing company. Among the assets…

A: Amortization is the non-cash expense which is reported on the intangible assets. It is recorded in…

Q: Goodbye Co's financial position before the start of its liquidation is as follows: ASSETS Cash…

A:

Q: Barney Stinson, a legal advisor at Goliath Bank, is under intense pressure at work to ensure that…

A: Target profit = $250,000 Target contribution margin = Target profit + Fixed cost   Contribution…

Q: The Markert Company won a contract to build a shopping center at a price of $300 million. The…

A: Income Statement: - Income statement is the summary of a company's revenues and expenses over a…

Q: A corporation has 12 000 ordinary shares and options to purchase 1 500 ordinary shares at R10 per…

A: Share option gives a right to existing shareholders to purchase more shares of the company at a…

Q: Number of days past due Toot Auto Supply distributes new and used automobile parts to local dealers…

A: Number of days past due: The number of days past due means the number of days since the original due…

Q: Jhoza Jacob owns and operates the "Dyosa Designs", an interior design studio. The following…

A: Accounting Equation :— It is the relationship between assets, liabilities and owner's equity.…

Q: A company that produces a single product had a net operating income of $84,000 using variable…

A: There are two types of costing methods: variable costing and absorption costing. The company chooses…

Q: mison'srelevant range is sales of between$120,000 and $630,000.       Prepare contribution margin…

A: Solution...   Contribution margin Ratio  = Contribution margin / sales  = $315,000 / $525,000  =…

Q: noncontrolling interest in the

A:

Q: s income statement for the year ended 31 March 2019 and statements of financial position at 31 March…

A:

Q: Question 3 The June 30, 20X 7, balance sheet of Texas Golf Carts reports the following: Accounts…

A: Account receivable are the balance of revenue due to a firm for goods sold but not yet paid by the…

Q: Manatee Corporation wants to withdraw $500,000 (including principal) from an investment fund at the…

A: Present Value Given a certain rate of return, the present value (PV) of a future amount of money or…

Q: Question 3 Unit costs in a process-costing system are derived using none of the above physical units…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: Suppose you incorrectly recorded a deposit as $450.  The bank discovered the correct amount was…

A: In this case the amount recorded in books is $450 while the correct amount, which has been recorded…

Q: our intermediate calculations to the nearest whole dollar amount.

A: Social Security tax is calculated on earned income upto $147,000 =147000* 12.40%   a) Medicare is…

Q: Robert started an accounting firm in 2022 and organized as a partnership. Performance of services…

A: Solution Partnership is an arrangement between two or more people who agrees to share profit with…

Q: You are going on an overseas trip and you want to have checks that are easily converted into local…

A: The correct answer is  (D) Traveler’s checks  A traveler's check is a check that can be used as a…

Q: On January 1, 2012, Sisterakas Corporation purchased P4,000,000 10% bonds for P3,711,520. Sisterakas…

A: A bond amortization schedule is a table that shows the amount of interest expense, interest payment,…

Q: Assume a company produces and sells only two products—14,000 units of Product A and 6,000 units of…

A: Solution: Plantwide overhead rate = Estimated overhead costs / Estimated direct labor dollars…

Q: Bonita Corporation began business by issuing 633600 shares of $5 par value common stock for $30 per…

A: A balance sheet depicts a company's assets, liabilities, and shareholder's equity at a given point…

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.