Question 2With the following data, compute the NET FUTA Tax.$6,750Gross FUTA Tax DUECredit against FUTA (assume$3,100applicable)O $3,650O $7,000O $3,100$6,750MacBook Air80F3F2F4F5F6F7FBF934.5789.ETYDG< 6F. An employee has total gross wages of $7,000, federal withholding of 15% and state withholding of 5%Using this information, what is the correct journal entry for gross pay, federal and state withholdings,and FICA?DebitCreditFICA PayableFederal Withholding PayableState Withholding PayableNet Payroll Payable$535.50$1,050.00$350.00$1,935.50DebitCreditWages ExpenseFICA PayableFederal WithholdingPayableState WithholdingPayableNet Payroll Payable$7,000.00$535.50$1,050.00$350.00$5,064.50DebitCreditFICA Payable$535.50Federal Withholding PayableState Withholding PayableNet Payroll PayableWages Expense$1,050.00$350.00$5,064.50$7,000DebitCreditWage ExpenseNet Payroll Payable$7,000.00$7,000.00MacBook Air

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

Answered: Question 2 With the following data,…

Individual Income Taxes

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Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 15DQ: LO.5 Beige Corporation has a fiscal year ending April 30. For the year ending April 30, 2018, Beige...

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LO.2 Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2019 equals 36,000 and the total credit allowed during the current year is 60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?
LO.5 Beige Corporation has a fiscal year ending April 30. For the year ending April 30, 2018, Beige generated taxable income of 1,200,000. What is Beige Corporations tax liability for this period?
*see attached What amount of income tax payable should be reported?a. P 385,000b. P 498,000c. P 425,000d. P 305,000
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With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (assume applicable) $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750
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Question 2 With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $6,750 Credit against FUTA (assume $3,100 applicable) O $3,650 O $7,000 O $3,100 O $6,750