Which equation could be used to identify one of the following levels of Federal IncomeTax withholding?PERCENTAGE METHOD FOR FIT WITHHOLDING - SINGLE PERSONWEEKLY PAYROLL PERIODAllowance Rate =$63.46Weekly Taxable WageOverThe amount of FIT withholding is --ch wIf heBut not over...y rin$1$0.00 0.10(gross pay - $51)$14.40 + 0.15(gross pay - 195)$81.90 0.20(gross pay - $645)$1951956456451,482Select one:O A. FIT = 14.4 + 0.15g; where g = gross pay in dollars.O B. FIT = 81.9g +.2(645); where g = gross pay in dollars.O C. FIT = 81.9(0.20) + (g - 645); where g = gross pay in dollars.O D. FIT = 0.15g 14.85; where g = gross pay in dollars.

solution correct answer is option D : FIT =0.15g -14.85 ;where g= gross pay in dollars the above…

Answered: Which equation could be used to…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 10PA: Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and...

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Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.
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
How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.

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