PAYROLL ACCT.,2019 ED.(LL)-TEXT
19th Edition
ISBN: 9781337619783
Author: BIEG
Publisher: CENGAGE L
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Textbook Question
Chapter 3, Problem 5SSQ
- _____1. Johnson Industries, a semiweekly depositor, pays its employees every Friday. When should the company deposit the employment taxes for each weekly payday?
- _____2. What rule should Bartlett Repair, a new company, follow in making its deposits for accumulated employment taxes?
- _____3. Quail Hollow Motors (a semiweekly depositor) accumulates taxes of $105,000 on Monday and must deposit this amount on Tuesday, the next banking day. On Tuesday, the company accumulates additional taxes of $20,000. What deposit rule should Quail Hollow Motors follow for depositing the additional $20,000?
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Maze Company has one employee that is paid $1,000 weekly. All of the employee's wages are subject to social security and Medicare taxes. Federal and state income tax withholding on the employee's pay are $100 and $40, respectively. Federal and state unemployment taxes amount to $8 and $56, respectively. What is the employer's weekly payroll tax expense?
Group of answer choices
$1,280.50
$280.50
$140.50
$1,000.00
For payroll tax purposes, monthly depositors:
(a) Are those whose payroll taxes were $50,000 or less during the lookback period.
(b) Excludes new employers.
(c) Must deposit their payroll taxes on the last day of every month.
(d) Will never have to make a next-day deposit.
Vulcan Company is a monthly depositor whose tax liability for March 20-- is $3,130.
1. What is the due date for the deposit of these taxes?
2. Assume that no deposit was made until April 29 (14 days late). Compute the following penalties. Assume a 365-day year in your computations. Round your answers to the nearest cent.
a.
Penalty for failure to make timely deposit.
$fill in the blank 2
b.
Penalty for failure to fully pay tax.
$fill in the blank 3
c.
Interest on taxes due and unpaid (assume a 6% interest rate).
$fill in the blank 4
d.
Total penalty imposed.
Chapter 3 Solutions
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Ch. 3 - Which of the following are covered by FICA...Ch. 3 - Prob. 2SSQCh. 3 - Prob. 3SSQCh. 3 - Lori Kinmark works as a jeweler for a local...Ch. 3 - _____1. Johnson Industries, a semiweekly...Ch. 3 - _____1. Employees FICA tax rates A. Severance pay...Ch. 3 - For social security purposes, what conditions must...Ch. 3 - Prob. 2QRCh. 3 - Prob. 3QRCh. 3 - Prob. 4QR
Ch. 3 - What are an employers responsibilities for FICA...Ch. 3 - Prob. 6QRCh. 3 - Prob. 7QRCh. 3 - Prob. 8QRCh. 3 - Prob. 9QRCh. 3 - Prob. 10QRCh. 3 - Prob. 11QRCh. 3 - Prob. 12QRCh. 3 - Prob. 13QRCh. 3 - Prob. 14QRCh. 3 - Prob. 15QRCh. 3 - During the year, employee Sean Matthews earned...Ch. 3 - In order to improve the cash flow of the company,...Ch. 3 - Prob. 3QDCh. 3 - Prob. 4QDCh. 3 - The biweekly taxable wages for the employees of...Ch. 3 - During 2019, Rachael Parkins, president of...Ch. 3 - Prob. 3PACh. 3 - Ken Gorman is a maitre d at Carmel Dinner Club. On...Ch. 3 - In 20-- the annual salaries paid each of the...Ch. 3 - Audrey Martin and Beth James are partners in the...Ch. 3 - Prob. 7PACh. 3 - Ralph Henwood was paid a salary of 64,600 during...Ch. 3 - Empty Fields Company pays its salaried employees...Ch. 3 - The monthly and hourly wage schedule for the...Ch. 3 - Prob. 11PACh. 3 - Prob. 12PACh. 3 - Prob. 13PACh. 3 - During the third calendar quarter of 20--, Bayview...Ch. 3 - Prob. 15PACh. 3 - Prob. 16PACh. 3 - Prob. 17PACh. 3 - Prob. 1PBCh. 3 - During 2019, Matti Conner, president of Maggert...Ch. 3 - Prob. 3PBCh. 3 - Moisa Evans is a maitre d at Red Rock Club. On...Ch. 3 - In 20-- the annual salaries paid each of the...Ch. 3 - Amanda Autry and Carley Wilson are partners in A ...Ch. 3 - Prob. 7PBCh. 3 - George Parker was paid a salary of 74,700 during...Ch. 3 - Prob. 9PBCh. 3 - The monthly and hourly wage schedule for the...Ch. 3 - Prob. 11PBCh. 3 - Prob. 12PBCh. 3 - Prob. 13PBCh. 3 - During the third calendar quarter of 20--, the...Ch. 3 - Prob. 15PBCh. 3 - Prob. 16PBCh. 3 - Prob. 17PBCh. 3 - Your assistant has just completed a rough draft of...Ch. 3 - Prob. 2CP
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