COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 11, Problem 1.6SRA
To determine

Mention the duration at which deposit of payroll tax should be made by the business.

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The Anderson Company started its business on August 1st. On August 15th it paid wages for the first time and accumulated a tax liability of $47,000. On August 29th, it incurred an additional tax liability of $53,000. How is the Anderson Company treated as a payroll tax depositor?
The Sirap Co had sales for the year at $150000. Only $105000 was collected in cash, The remaining $45000 should be collected in cash next year. The income is not taxable until it is collected in cash. The only expense for the business in income tax and the rate is 25% for this year and in all future years. how do you Make all journal entries necessary to record income tax for the year. ?
According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was subject to the 1.5% Medicare tax.  Federal income tax withheld was $98,000.  Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record the accrued payroll taxes would include a ​   a. debit to SUTA Payable for $18,900   b. debit to SUTA Payable for $630   c. credit to SUTA Payable for $18,900   d. credit to SUTA Payable for $630
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