resource from Cengage Learning - Microsoft Edge ssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false Calculator Dixon Sales has five sales employees that receive weekly paychecks. Each earns $12.00 per hour and each has worked 40 hours in the pay period. Each employee pays 12% of gross in federal income tax, 3% of gross in state income tax, 6% of gross in Social Security tax, 1.5% of gross in Medicare tax, and 0.5% of gross in state disability insurance. Journalize the recognition of the pay period ending January 19 which will be paid to the employees January 26. If an amount box does not require an entry, leave it blank. Present your answers to the nearest cent. Jan. 19 All work saved e to search 0000000 0000000

resource from Cengage Learning - Microsoft Edge ssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false Calculator Dixon Sales has five sales employees that receive weekly paychecks. Each earns $12.00 per hour and each has worked 40 hours in the pay period. Each employee pays 12% of gross in federal income tax, 3% of gross in state income tax, 6% of gross in Social Security tax, 1.5% of gross in Medicare tax, and 0.5% of gross in state disability insurance. Journalize the recognition of the pay period ending January 19 which will be paid to the employees January 26. If an amount box does not require an entry, leave it blank. Present your answers to the nearest cent. Jan. 19 All work saved e to search 0000000 0000000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 14EA: Toren Inc. employs one person to run its solar management company. The employees gross income for...

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Marc Associates employs Janet Evanovich at its law firm. Her gross income for June is $7,500. Payroll for the month of June follows: federal income tax of $650, state income tax of $60, local income tax of $30, FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, health-care insurance premium of $300, donations to a charity of $50, and pension plan contribution of $200. The employee is responsible for covering 40% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of June; dated June 30, 2017. B. Record remittance of the employees salary with cash on July 1.
Toren Inc. employs one person to run its solar management company. The employees gross income for the month of May is $6,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $400, state income tax of $75, health-care insurance premium of $200, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. B. Record remittance of the employees salary with cash on June 1.
Jason Diesel owns the Fredonia Barber Shop. He employs 6 barbers and pays each a base salary of $1,480 per month. One of the barbers serves as the manager and receives an extra $600 per month. In addition to the base salary, each barber also receives a commission of $10.55 per haircut. Other costs are as follows. Advertising Rent Barber supplies Utilities Magazines $260 per month $1,010 per month $0.30 per haircut $160 per month plus $0.15 per haircut $25 per month Jason currently charges $20.00 per haircut.
Matthew Diesel owns the Fredonia Barber Shop. He employs 6 barbers and pays each a base salary of $1,490 per month. One of the barbers serves as the manager and receives an extra $600 per month. In addition to the base salary, each barber also receives a commission of $10.40 per haircut. Other costs are as follows. Advertising $ 220 per month Rent $950 per month Barber supplies $0.50 per haircut Utilities $195 per month plus $0.10 per haircut Magazines $30 per month Matthew currently charges $20.00 per haircut.mpute the break-even point in sales units and in sales dollars. Break - even point haircuts Break-even point sales Break-even point Compute the break-even point in sales units and in sales dollars. Break-even point sales $ 3 Tauthooke sød Madis c haircuts
Brenda Sheldon, CPA, pays her new staff accountant, Abby , a salary equivalent to $21 per hour while Brenda receives a salary equivalent to $37 per hour. The firm's predetermined indirect cost allocation rate for the year is $11 per hour. Sheldon bills for the firm's services at 34% over cost. Assume Brenda works 6 hours and Abby works 8 hours preparing a tax return for Mikayla Touchstone. 1. What is the total cost of preparing Touchstone's tax return? 2. How much will Brenda bill Touchstone for the tax work?
Sheridan Diesel owns the Fredonia Barber Shop. He employs 4 barbers and pays each a base rate of $ 1,570 per month. One of the barbers serves as the manager and receives an extra $ 500 per month. In addition to the base rate, each barber also receives a commission of $ 9.05 per haircut. Other costs are as follows. Advertising $ 270 per month Rent $ 1,060 per month Barber supplies $0.45 per haircut Utilities $ 195 per month plus $ 0.10 per haircut Magazines $ 15 per month Sheridan currently charges $ 16 per haircut. Determine the variable costs per haircut and the total monthly fixed costs. (Round variable costs to 2 decimal places, e.g. 2.25.) Total variable cost per haircut 2$ 9.6 Total fixed 24 8320 eTextbook and Media Compute the break-even point in units and dollars. Break-even point haircuts Break even sales 2$ eTextbook and Media Determine net income, assuming 1,590 haircuts are given in a month. Net income / (Loss) $
Lisa Claussen, CPA, pays her new staff accountant, Gina, a salary equivalent to $27 per hour while Lisa receives a salary equivalent to $39 per hour. The firm's predetermined indirect cost allocation rate for the year is $16 per hour. Claussen bills for the firm's services at 25% over cost. Assume Lisa works 1 hours and Gina works 16 hours preparing a tax return for Mikayla Jones. 1. What is the total cost of preparing Jones's tax return? 2. How much will Lisa bill Jones for the tax work? 1. What is the total cost of preparing Jones's tax return? Enter the direct and indirect costs for preparing Jones's tax return. Direct Cost: Lisa's time Direct Cost: Gina's time Total Direct Cost: Indirect Cost: Total cost of preparing tax return hrs. hrs. hrs.
Mark Diesel owns the Fredonia Barber Shop. He employs 7 barbers and pays each a base salary of $1,200 per month. One of the barbers serves as the manager and receives an extra $560 per month. In addition to the base salary, each barber also receives a commission of $6.10 per haircut.Other costs are as follows. Advertising $270 per month Rent $970 per month Barber supplies $0.40 per haircut Utilities $175 per month plus $0.10 per haircut Magazines $20 per month Mark currently charges $12.00 per haircut. Determine the unit variable costs per haircut and the total monthly fixed costs. (Round variable costs to 2 decimal places, e.g. 2.25.) Total unit variable cost per haircut $enter total variable cost per haircut rounded to 2 decimal places in dollars Total fixed costs $enter total fixed cost in dollars
Sanders Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor) time spent on each return is 4 hours. The direct labor standard wage rate at the firm is $13.50 per hour. Last month, 3,580 direct labor hours were used to prepare 900 tax returns. Total wages were $50,120. Read the requirements. Requirement 1. What is the actual (direct labor) wage rate per hour paid last month? (Round your answer to the nearest cent.) The actual (direct labor) wage rate per hour paid last month is Requirements 1. What is the actual (direct labor) wage rate per hour paid last month? 2. What is the direct labor rate variance? 3. What is the direct labor efficiency variance? 4. How might the direct labor rate variance for the firm last month be causing the direct labor efficiency variance? X
1.A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross earnings of $395 per week. What is the total social security and Medicare tax (in $) the company must send to the Internal Revenue Service for the first quarter of the year? $ ______ 2.National Storage employs 88 workers with a gross monthly payroll of $131,000. Fringe benefits are 8.2% of payroll for a profit sharing plan and $9.23 per employee for life insurance. What percent of payroll is the total cost of fringe benefits? Round your answer to the nearest tenth of a percent. _____ %
Given the information below, what are the Assistant Project Manager's total wages and allowances? . . . . . . Assistant Project Manager Makes $65,000 per year Gets a $2000 Christmas bonus Gets $500/mo truck allowance Medicare tax is 1.45% of entire wage Social Security tax is 6.2% of first $128,700 of wages No SUTA . . .. . . (FUTA) Company can take the full 5.4% credit against the FUTA liability Company's compensation insurance rate is $2.04 per $100 in wages Company's general liability insurance rate for office personnel is 0.70% of wages Company pays $150/month to health insurance with $250 deducted from . 4 employee's paycheck Company matches employee's contributions to a 401(k) plan at a rate of $0.50 per $1.00 contributed by the employee on the first 6% of employees' wages (including allowances) 50% match up to 6% of wages for 401(k) plan O $68,000 $73,000 $70,000 $65,000
JYD Accounting Firm pays its employees at a rate of P50/hr. The tax and other deductions amount to 20% of monthly income in excess of P1,000 if an employee works 40 hours in a 120 hours in a month. Required : Compute the following: A. Gross Pay B. Net Pay