Selected data from a February payroll register for Waterway Company are presented below. Some amounts are intentionally omitted. Gross earnings: State income taxes $(3) Regular $9,200 Union dues 200 Overtime (1) Total deductions $(4) Total $(2) Net pay $10,542 Deductions Account debited: FICA taxes $ 1,030 Salaries and wages expense (5) Federal income taxes 1,153 FICA taxes are 7.65%. State income taxes are 4% of gross earnings.

Selected data from a February payroll register for Waterway Company are presented below. Some amounts are intentionally omitted. Gross earnings: State income taxes $(3) Regular $9,200 Union dues 200 Overtime (1) Total deductions $(4) Total $(2) Net pay $10,542 Deductions Account debited: FICA taxes $ 1,030 Salaries and wages expense (5) Federal income taxes 1,153 FICA taxes are 7.65%. State income taxes are 4% of gross earnings.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 2EA: Consider the following accounts and determine if the account is a current liability, a noncurrent...

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Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. cash B. federal income tax payable this year C. long-term note payable D. current portion of a long-term note payable E. note payable due in four years F. interest expense G. state income tax
Explain what this means in terms of the Statement of Financial Position: Income tax payable as of 31 December 2022 has been included under Provisions, and the amount was $2,950,000.
*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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JAY Co. reported net income for the current year 2021 at ₱2,395,000 before taxes. Included in the determinationof the said net income were:Non-deductible expenses ₱ 319,200Accrued warranty expenses ₱ 54,000Rental payments made in advance ₱ 210,000Advance collections from customers ₱ 171,500Non-taxable income ₱ 125,800Provision for probable losses ₱ 65,000The income tax rate is 30% and is not expected to change in the future. Required:1. How much is the current tax expense?2. How much is the total tax expense?3. What is the total deferred tax asset to be presented in the 2021 Statement of Financial Position?
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