An employee earns $5,500 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 of earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. The employee has $182 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $150 and contributes $75 to a retirement plan each month. What is the amount the employer should record as payroll taxes expense for the employee for the month of January?
The accountant for Crusoe Company is preparing the company's
statement of cash flows for the fiscal year just ended. The
following information is available:
|Retained earnings balance at the beginning of the year||$||132,500|
|Cash dividends declared for the year||52,500|
|Proceeds from the sale of equipment||87,500|
|Gain on the sale of equipment||8,300|
|Cash dividends payable at the beginning of the year||24,500|
|Cash dividends payable at the end of the year||27,800|
|Net income for the year||98,500|
What is the ending balance for retained earnings?
Green Company reports depreciation expense of $47,000 for Year
2. Also, equipment costing $161,000 was sold for a $5,700 gain in
Year 2. The following selected information is available for Green
Company from its comparative balance sheet. Compute the cash
received from the sale of the equipment.
|At December 31||Year 2||Year 1|
|Retained earnings at the beginnig of the year||132500|
|Less:cash dividends declared||-52500|
|Retained earnings balance||178500|
|Year 2 balance||535000|
|Acc dep on equipment sold||126000|
|Gross value of asset sold||161000|
|Add:gain on sale||5700|
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