Social Security tax =
Q: The balance in the supplies account on June 1 was $5230, supplies purchased during June were $3480, ...
A: Formula: Supplies expense = Beginning supplies + Supplies purchased - Ending Supplies
Q: Gene Grams is a 40% owner of a calendar year S corporation during the tax year. His beginning stock ...
A: When a stock is held for more than 12 months, the profit or loss on sale of such stock is long-term ...
Q: On July 1, 2021, Harvest, Inc., acquires 60 percent of Patricia Company for $360,000. The remaining ...
A: Introduction goodwill is considered as intangible assets that is linked with purchasing of one compa...
Q: Tableau DA 16-1: Quick Study, Computing equivalent units LO P1 Monsta Cola hires us to help assign a...
A: The answer is stated below:
Q: Assuming the Parent entity elects to measure the NCI at proportionate basis, the computation of non-...
A: Non controlling interest (NCI) : A non-controlling interest, also known as a minority interest, is a...
Q: Quick assets P208,000 Acid test ra...
A: Current ratio = Current Assets / Current Liabilities Quick Assets = Quick Assets / Current Liabiliti...
Q: 1. Alex Miller, Inc., sells car batteries to service stations for an average of $30 each. The variab...
A: Breakeven units Fixed cost / contribution per unit Contribution per unit = Selling price - variab...
Q: On January 2, 2021, Oriole Enterprises reports balances in the Equipment account of $34,100 and Accu...
A: Given: Purchase cost as stated in equipment account=$34,100 Accumulated Depreciation=$8,660 Book val...
Q: Analyze the statement of cash flow for the year 2020 and compare it with the year 2019. Identify and...
A: The cash flow statement can be used to analyze the financial health of an entity. The three importan...
Q: In 2020 a vat registered real estate dealer sold a residential lot for P1,919,500 to a vendee who in...
A: Under the TRAIN Law this is applied only the property which to sale of real properties not primarily...
Q: Peanut Company acquired 80 percent of Snoopy Company's outstanding common stock for $300,000 on Janu...
A: The parent company will report the “investment in subsidiary” as an asset, with the subsidiary. Owne...
Q: Preparation of Common Size Statements for Vertical Analysis Financial statements for Steele Inc. fo...
A: Introduction: An income statement with a common size is one in which each line item is stated as a p...
Q: Sunland Company purchased supplies costing S7030 and debited Supplies for the full amount. At the en...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: Match the term on the left to the appropriate description on the right. v Cost of goods available fo...
A: Cost of goods available for sale is used for calculating cost of goods sold, COGS=COGAS-Ending inven...
Q: What is LCM's cost depletion for years 1, 2, and 3?
A: Solution:- Given, Last Chance Mine (LCM) purchased a coal deposited for $750,000 Estimated extract =...
Q: QUESTION 18 On Jan. 1, 2012, ABC Corporation placed into service a lift truck that had a capitalized...
A: Solution.. Cost = $22,500 Accumulated depreciation on the date of sale = $10,625 Sales value ...
Q: 4- Prepare the Trial Balance as of Dec 30. Inter Company Trial Balance Date Dr. Cr. Account
A: Solution Trial balance is the book where the ledger accounts are listed in the respective debit and ...
Q: How much gain or loss will Bill recognize on the distribution? What is Bill's basis in the inventory...
A: The calculation of gain or loss on distribution and basis in inventory and capital asset is shown he...
Q: Mickley Company's plantwide predetermined overhead rate is $22.00 per direct labor-hour and Its dire...
A: Total Manufacturing Cost = Direct Materials + Direct Labor + Manufacturing Overhead Direct Labor Hou...
Q: Luke is an employee at a management firm. His manager tells him that the firm plans to establish a n...
A: GIVEN Luke is an employee at a management firm. His manager tells him that the firm plans to estab...
Q: Exercise 9-4 Interest-bearing notes payable with year-end adjustment Keesha Co. borrows $230,000 cas...
A: Answer 1) Calculation of maturity date of notes payable Maturity date of note = Issue date of note +...
Q: Straight-Line, Declining-Balance, Sum-Of-The-Years'-Digits, and MACRS Methods A machine is purchased...
A: Depreciation Accounting is the method of debiting the cost of an asset and crediting it to a depreci...
Q: Carla Vista Company purchases a patent for $147,200 cash on January 2, 2021. Its legal life is 20 ye...
A: Amortization expense is the write-off of an intangible asset over its anticipated useful life, indic...
Q: Please see below. Need help with both parts. This is all part of the same question. Victor Mineli, t...
A: Revised depreciation: Typically, an adjustment to the assessed useful existence of a resource or an ...
Q: Purchase of Goods. Paid in Cash 100,000.00 Sale of Goods. Received in cash 150,000.00 Paid Utilities...
A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash...
Q: 0.15 0.05 001 -0.03 -0.01 0.09 the expected returns of the two stocks? the standard deviations of th...
A: The term expected return of stock refers to the profit or loss amount which investor anticipates on ...
Q: In a business, who is responsible for setting standard costs, and who is responsible if there are ne...
A: A good system of standard costing ensures that the right staff are both rewarded and blamed when the...
Q: What can be said about a firm whose owners’ equity isa negative amount? How could such a situation c...
A: Source of raising funds includes: Equity capital Debt capital Long term loans from financial instit...
Q: Account Amount Account Amount Cash at bank 12,500 25,000 Discount received 1,675 Opening stock Posta...
A: Trial balance was an statement used to prepare financial statements where it contains debit and cred...
Q: Discuss the Legislative Authority of VAT in Trinidad and Tobago
A: Tax Revenue: Tax revenue is the pay acquired by the public authorities through tax collection. The b...
Q: 1. A business is generating $100,000 per year for the next ten years except year 5 (used for overhau...
A: Solution Formula used Equal annual revenue =present value of revenue / present value of annuity f...
Q: Inventories Beginning $34,000 135,000 110,000 Ending $40,000 150,000 102,000 Raw Materials Work in p...
A: Conversion cost: This is the cost of converting raw materials into finished goods. These costs incl...
Q: property dividend On October 1, 2025, Ajax Corporation declared a property dividend of 2 million sha...
A: Dividend Declared & Paid: In the case of dividends, the declaration date is the day on which a f...
Q: On January 1, 20x5, Paz acquired 80% of Shey outstanding ordinary shares for P950,000. Paz uses the ...
A: While preparing the consolidated balance sheet, the total assets of the acquired and acquirer compan...
Q: Chapter (9) Practices Q1: On January 1, 2003 Baghdad Company purchased a machine for ID 22000. The c...
A: Depreciation expenditure is the fraction of a corporation's fixed asset expenditure that is deprecia...
Q: The balance of Allowance for Doubtful Accounts before adjustment at the end of the period is P 400 ...
A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.
Q: The Shirt Works sells a large variety of tee shirts and sweatshirts. Steve Hooper, the owner, is thi...
A: We will have to reverse our calculation to arrive at target profit Target profit = $ 1,320 Sales p...
Q: Company provided the following information related to its accounts receivable. Last year 12...
A: Allowance for Doubtful debts is a contra asset account, presented as a deduction from Accounts recei...
Q: A piece of equipment costing $3,000 was stolen. The insurance company reimbursed the company $1,000....
A: Equipment stolen of $ 3000. Loss= $ 2000-$1000 = $1000
Q: Galvanized Products is considering the purchase of a new computer system for their enterprise data m...
A: In this question firm wants to buy a new computer system.It will require an initial investment of $...
Q: QUESTION 7 Match the statement on the left with the category on the right. v "Everyone is going to c...
A: An audit is when an auditor examines or inspects numerous accounting records, accompanied by a physi...
Q: Carla Vista Company purchases a patent for $147,200 cash on January 2, 2021. Its legal life is 20 ye...
A: Intangible assets such as patents, copyright etc are initially recorded at cost.
Q: t the end of November 2016, Caribbean Productions Ltd had 700 units of product BMR400 in store. For ...
A: Contribution margin per unit is the excess of the sales price per unit over variable cost per unit.
Q: BE5-3 Prepare the journal entries to record the following transactions on Graff Com- pany's books us...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: Future orientation is one of the major themes of Management Accounting. Why must the information pro...
A: Management accounting is the act of creating reports regarding corporate operations to assist manage...
Q: At the beginning of the year, Anna began a calendar-year business and placed in service the followin...
A: Cost recovery is the process of subtracting a portion of the cost of an item used in a business or t...
Q: CPL contemplates a change in technology that would reduce fixed costs from P 800,000 to P 700,000. H...
A: Break even sales = Fixed costs / Contribution margin ratio where, Contribution margin ratio = 100% -...
Q: 3. A business is generating an annual income of $100,000 for the next ten years with a salvage value...
A: Answer) Calculation of amount to be paid today Amount to be paid today will be the Present Value of ...
Q: A pharmacy is planning to purchase a second-hand scanning microscope at a cost of BD10,500, and its ...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: Purchase of Goods. Paid in Cash 100,000.00 Sale of Goods. Received in cash 150,000.00 Paid Utilities...
A: A statement of cash flows, is a financial statement that reflects how changes in balance sheet accou...
Lukas Douglas' filing status is married filing separately, and he has earned gross pay of $2,100. Each period he makes a 403(b) contribution of 11% of gross pay and contributes $80 to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $137,500.
Social Security tax =
Answer not $110.918
Step by step
Solved in 2 steps
- Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He records positive AMT adjustments of 80,000 and preferences of 35,000. Arthur itemizes his deductions, and his regular tax liability in 2019 is 153,694. a. What is Arthurs AMT? b. What is the total amount of Arthurs tax liability? c. Draft a letter to Arthur explaining why he must pay more than the regular income tax liability. Arthurs address is 100 Colonels Way, Conway, SC 29526.Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
- Leroy and Amanda are married and have three dependent children. During the current year, they have the following income and expenses: Salaries 120,000 Interest income 45,000 Royalty income 27,000 Deductions for AGI 3,000 Deductions from AGI 9,000 a. What is Leroy and Amandas current year taxable income and income tax liability? b. Leroy and Amanda would like to lower their income tax. How much income tax will they save if they validly transfer 5,000 of the interest income to each of their children? Assume that the children have no other income and that they are entitled to a 1,050 standard deduction.During the 2019 tax year, Brian, a single taxpayer, received $ 7,400 in Social Security benefits. His adjusted gross income for the year was $14,500 (not including the Social Security benefits) and he received $ 30,000 in tax-exempt interest income and has no for-AGI deductions, Calculate the amount of the Social Security benefits that Brian must include in his gross income for 2019. SIMPIFIED TAXABLE SOCIAL SECURITY WORKSHEET (FOR MOST PEOPLE) 1. Enter the total amount of Social Security income. 2. Enter one-half of line 1 3. Enter the total of taxable income items on Form 1040 except Social Security income. 4. Enter the amount of tax-exempt interest income. 5. Add lines 2,3, and 4 6. Enter all adjustments for AGl except for student loan interest, the domestic production activities deduction, and the tuition and fees deduction. 7. Subtract line 6 from line 5 . If zero or less, stop here, none of the Social Security benefits are taxable. 8. Enter $ 25,0001 $ 32,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 9. Subtract line 8 from line 7 . If zero or less, enter -0 - Note: If line 9 is zero or less, stop here; none of your benefits are faxable. Otherwise, go on to line 10 10. Enter $ 9,0001 $12,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 11. Subtract line 10 from line 9. If zero or less, enter -0 -. 12. Enter the smaller of line 9 or line 10 . 13. Enter one-half of line 12 14. Enter the smaller of line 2 or line 13 . 15. Multiply line 11 by 85 (. 85 ). If line 11 is zero, enter -0 -. 16. Add lines 14 and 15 17. Multiply line 1 by 85(.85) 18. Taxable benefits. Enter the smaller of line 16 or line 17 . 1.____________ 2.____________ 3.____________ 4.____________ 5.____________ 6.____________ 7.____________ 8.____________ 9.____________ 10.____________ 11.____________ 12.____________ 13.____________ 14.____________ 15.____________ 16.____________ 17.____________ 18.____________