a. Applying the FICA tax rates and rules for 2022, calculate how much you would pay in FICA taxes if you earned $175,000 in wages during that year.
Q: In 20X6, Dalia Corp., a calendar fiscal-year company, discovered that depreciation expense was…
A: Solution Double entry system is a system in which every transaction have two effects i.e debit and…
Q: Imports of $75,000 inclusive of Jmd$15,000 VAT
A: Given Imports =75000 VAT=15000
Q: Dan receives a duplex as a gift from his uncle. The uncle's basis for the duplex and land is…
A: Given: Basis of the duplex land - $110,000 Fair market value (FMV) of land & building -…
Q: Victoria Company produces two products, X and Y, which account for 60 percent and 40 percent,…
A: The break even sales are calculated as fixed cost divided by contribution margin ratio. Break even…
Q: Calculate Wiper's debt ratio and debt/equity ratio at December 31, 2020 and 2019. (Round "Debt…
A: Lets understand the basics. Debt equity ratio compares the total liabilities with the total equity…
Q: Prepare journal entries to record the following transactions entered into by the Marrow Company:…
A: As per the given question, we have to pass a few journal entries in the books of Marrow Company. The…
Q: How are profits and losses allocated to LLC members?
A: The IRS does not recognize the LLC as a business entity type. The agency requires LLC owners, known…
Q: Aji Fatou is thinking about opening a hardware store. She estimates that it would cost $525,000 per…
A: Total revenue minus explicit and implicit (opportunity) costs equals economic profit. Accounting…
Q: December 31 2021 2020 Assets Current assets: Cash Accounts receivable $ 273,440 85,400 105,000…
A: The cash flow statement records the cash transactions incurred during period classified as operating…
Q: Which of the following should be included as part of outstanding checks in preparing bank…
A: An outstanding check is something that has been issued but has not been cashed-deposited by the bank…
Q: Woolard Supplies (a sole proprietorship) has taxable income in 2021 of $300,000 before any…
A: 1. Office furniture belongs to 7 year, 200% class. Also in the year of purchase, half year…
Q: AT Travel Limited acquired a two-story building for use as an office on June 30, 2022, at $2…
A: Solution Carrying amount of asset is the amount in which accumulated depreciation is deducted from…
Q: Apnl 1 Paid rent, P 5.000. 3 Pertormed delivery services for P1.000: P600 in cash and PAC0 on…
A: Trial Balance: It is a bookkeeping worksheet where debit and credit balance of all ledgers are…
Q: The margin of safety can be defined as the amount by which sales can decrease before losses are…
A: Total sales of a company can be divided into Margin of safety sales and break even sales.
Q: Updraft Systems, Inc., makes paragliders for sale through specialty sporting goods stores. The…
A: The customer margin can be calculated as difference between sales revenue earned from one customer…
Q: Predictive validation is an ideal case of criterion-related validity and it is accordingly most…
A: The utmost straightforward method/way to determine if a test can be used to make meaningful…
Q: Recent and forecasted sales: October $280,000 December $161,000 February $413,000 April $280,000…
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: 2021 $ 464,837 225,622 22,638 2020 2915 $ 244,973 120,B87 16, ses 2018 sales cost of goods sold…
A: A trend percentage is a sort of horizontal analysis that depicts the evolution of a financial…
Q: ou are proposing a new project that involves buying a new grinding machine. You are confident in…
A: The probability has to be used to calculate the amount of salvage value to be used when it is not…
Q: Est. Percentage Uncollectible Age Interval Balance Not due $63,000 2% 1-30 days past due 7,100 31-60…
A: Formula: Estimated Uncollectible amount = Balance amount x Estimated Percentage Uncollectible.
Q: fers two credit terms to YVONE as follows: Credit term number 1: 2/15, net 30 C
A: A term that helps in indicating when the amount of payment is due for the sales and made on credit…
Q: Exercise 11-9A Calculate operating activities-indirect method (LO11-3) Software Distributors reports…
A: Lets understand the basics. Cashflow statement indicates cash inflow or outflow incur on various…
Q: Bettinghaus Corporation began business on January 2, 2019, with five employees. Its sick leave and…
A: The financial statements which covers a period of less than one year is known as interim financial…
Q: Trend Report, Non-Value-Added Costs Sanford, Inc., has developed value-added standards for four…
A: Horizontal analysis is a technique for examining a company's financial records throughout time. It's…
Q: Claudia wants to perform a break-even analysis on her very busy casual-dining operation. She has…
A: 1. Average sale per guest= Sales/ No. of guest =210000/25000 = $ 8.4 per guest Contribution margin=…
Q: McKenzie’s Soap Sensations, Inc., produces hand soaps with three different scents: morning glory,…
A: Solution Joint cost are cost that are incurred from buying or producing the two products at the…
Q: Conceptual framework was 1st adopted by IASB, on what particular date?
A: The Conceptual Framework sets out -the fundamental concepts for financial reporting that helps to…
Q: Werner's Fish House purchases a tract of land and an existing building for $870,000. The company…
A: When any land and building is purchased, initial expenditure is incurred to clean the land, tear…
Q: EXO Company is projecting its financial performance for the next year. It plans to set a target…
A: The fixed assets remains constant at every level of production till 100% capacity is being utilized.…
Q: Question 1 of 25. Courtney purchased the following shares of JZR stock: 60 shares for $1,700 in…
A: If shares are purchased on different dates and selling some shares, the cost should be computed…
Q: The average interest earned on the loans is 7 percent and the average cost of deposits is 6 percent.…
A: The strategy of liquidity management is a strategy to make arrangements for and to ensure the…
Q: On January 2, 2016, Dec Company purchased a patent for a new consumer product for P900,000. patent…
A: Patents are intangible assets (those which do not have physical appearance). Intangible assets are…
Q: ABC manufactures wreaths according to customer specifications and ships them to customers using a…
A: GIVEN ABC manufactures wreaths according to customer specifications and ships them to customers…
Q: elling expenses dministrative expenses ales Finished goods inventory, January 1 Finished goods…
A: Calculation of cost of Good sold Finished goods inventory, January 1 $47,600 (+) Cost od goods…
Q: What are the formulas used to get the answers in stock issuance (in dollars), stock issuance (in…
A: Stock Issuance refers to the amount that is generated by the company when it sold its shares /…
Q: Variable manufacturing overhead costs are treated as period costs under both absorption and variable…
A: Variable manufacturing overhead cost is treated as product cost under both absorption and variable…
Q: Tennessee Corporation is analyzing a capital expenditure that will involve a cash outlay of…
A: Capital Budgeting: Capital budgeting is a technique which enables an entity to know the…
Q: Which of the following condition that is likely to force the U.S. firms to establish a subsidiary in…
A: The trade of commodities, services, technology, capital, and/or information across national borders…
Q: Parker & Washington, Inc. borrows $120,000 on January 1, 2021 anuary 1, 2022. P&W closes its books…
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: Journalize the following merchandise transactions: (If an amount box does not require an entry,…
A: Formula: Introduction: Journals: Recording of a business transactions in a chronological order.…
Q: Absorption costing is more compatible with cost-volume-profit analysis than is variable costing.…
A: Variable costing simply covers the variable costs actually incurred in production, but not any of…
Q: Salaries and wages payable $1,700 Notes payable (long-term) $1,700 Salaries and wages expense 51,800…
A: Formula: Net income = Revenues - Expenses
Q: McCallum Tool Company has two departments, assembly and finishing. The assembly department takes…
A: Solution Work in process means goods are in process. Goods are partially completed .
Q: Calculate the Horizontal (Trend) Analysis and horizontal analysis % change for the year 2020, 2019,…
A:
Q: A firm sells 500,000 widgets at $40 each, the cost of the widgets is $25 each, expected general and…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: a)Evaluate the case in your own word.
A: Leander is laible to pay extra cost (jason has incurred.) If contract availbale before december…
Q: 1. How is the flexible budget used within the variance analysis system to evaluate effectiveness and…
A: 1) Flexible budget refers to a budget that flexes with change in volume or change in activity. It is…
Q: Dexter Construction Corporation is building a student condominium complex; it started construction…
A: Capitalized interest:- It is the unpaid interest that is added to the current principal balances of…
Q: Muscat company purchased office supplies costing OMR2,000 and debited Office Supplies for the ful…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On December 22, Travis Company purchased merchandise on account from a supplier for $7,500, terms…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Please answer fast in both
Step by step
Solved in 2 steps
- During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amounti need someone to please answer my math questions Given the following data: post -retirement contribution Annual contribution : 7500 tax bracket: 15%, Effective rate: 9% , Investment years: 25 Calculate the available retirement income (after tax) for the post-tax contribution by reducing the contribution amount by the tax you would have to pay on that amount BEFORE calculating the final annuity amount.In 2020, the amount of FICA (Social Security) amount due is_6.2_% on the first $137,700 earned for the calendar year. In2020, the amount of Medicare due is_0.9%_on all wages earned for the calendar year. Use the Worksheet Below to Calculate the Social Security and Medicare expenses due for each Self Employed Business Owner. Annual Wages Earned Annual Social Security Due Annual Medicare Contribution Due 1 $ 10,650 $25,500 $5,500 $18,300 $20,300 $120,000 $140,000 $225,000 $8,500 $257,000 2 3 4 5 7 8 10 Calculate: Self-Employed Taxes Owe for Business Owners. Use the Tax Table (brackets) to calculate the amount of Taxes each Business Owner will have to pay. MARRIED FILING so - $19,400 HEAD OF RATE SINGLE HOUSEHOL So - $13,850 10% SO - $9,700 12% $9,700 s39,475 $19,400 $78,950 $13,850 $52,850 22% S39,475 - S84,200 S78,950 - $168,400 $52,850 - S84,200 24% S84,200 - $160,725 S160,400 - $321,450 s84,200 - $160,700 S160,725 - $204,100 S321,450 - $408,200 S160,700 - $204,100 32% 35% $204,100 -…
- Q1. Your employer uses a flat benefit formula to determine retirement payments to its employees. The fund pays an annual benefit of $2,500 per year of service. Calculate your annual benefit payment for 25, 28 and 30 years of service.Self-employed persons can make contributions for their retirement into a special tax-deferred account called a Keogh account. Suppose you are able to contribute $20,000 into this account at the end of each year. How much will you have at the end of 25 years if the account pays 2% annual interest? (Round your answer to the nearest cent.) ___$There is a cap on the amount that an employee or employer has to pay for Social Security contributions. The cap for the 2023 tax year is $9,932.40. How much money would someone have to earn for that amount to be 6.2% of their income?
- Employees in 2020 pay 6.2% of their gross wages towards social security (FICA tax), while employers paid another 6.2%. How much social security tax will be paid on an income of $65,000 a year? (Enter your answer rounded as a whole number.In 2012 the maximum Social Security deposit by an individual was $8,386.75. Suppose you are 27 and make a deposit of this amount into an account at the end of each year. How much would you have (to the nearest dollar) when you retire if the account pays 2% compounded annually and you retire at age 65?_____$What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3,760.00, if she has already earned $46,560.00 this year? (Social security tax is 6.2% of gross wages up to $128,400. Medicare tax is 1.45% of all gross wages.) a. $249.39 b. $257.04 c. $272.34 d. $287.64
- 0. Assume that upon graduation you make$63,500per year. What are the legally required costs for Social Security, Old-age, Survivors, and Disability Insurance, \& Medicare for the firm you work for in both dollar values and percentages? How much will you have to pay yourself? How much would you pay if you were self-employed earning the same amount?Your employer contributes $75 a week to your retirement plan. Assume that you work for your employer for another 20 yrears and that the applicable discount rate is 7.5 percent. Given these assumptions, what is this employee benefit worth to you today?16. In 2011, the maxim the lesser of $22,450 or 18% of your earned mcome from the previous year. How much income do you need to claim a $22,450 contribution in 2011? amount that you could have contributed to your RRSP (Registered Retirement Savings Plan) was
