1. Show what Penske will report for the foregoing on its income statement for the year and on its year-end balance sheet. (If an input field is not used in the table leave the field empty; do not select a label or enter a zero.)
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- Great has an annual payroll of $170.000. In addition, the company incurs payroll tax expense of 7% of the annual payroll. At December 31, Great owes salaries of $7.900 and FICA and other payroll tax of $750. The company will pay these amounts early next year. Requirement 1. Show what Great will report for the foregoing on its income statement for the year and on its year-end balance sheet, (If an input field is not used in the table leave the field empty; do not select a label or enter a zero.) Start with the income statement. Income Statement Account AmountMatrix Corporation estimated at the beginning of 20-- that its income tax for the year would be $140,000. 1. Calculate the estimated income tax payment per quarter and show one of the quarterly entries to pay the taxes. If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apr. 15 1 2. As of December 31, 20--, Matrix Corporation had an actual tax liability of $143,200. Calculate the income tax due and make the necessary adjusting entry. If an amount box does not require an entry, leave.it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Dec. 31 2 2.Cee & Co.’s fiscal year begins April 1. At the beginning of its fiscal year, Cee & Co. estimates that it will owe $17,400 in property taxes for the year. On June 1, its property taxes are assessed at $17,000, which it pays immediately. Required: 1. Prepare the related journal entries for April 1, May 1, and June 1. 2. Then compute the monthly property tax expense that Cee & Co. would record during July through March.
- Fanta Ltd has paid the following PAYG tax installments for the year ended 30 June: September quarter $11,000 December quarter $11,000 March quarter $11,000 June quarter $11,000 Total $44,000 Taxable income for the year ended 30 June, was $168,000. Company tax rate is 30%. Required: Prepare general journal entries to record the company’s income tax instalments and final payment.In January, gross earnings in Vaughn Company totaled $68,000. All earnings are subject to 7.65% FICA taxes, 5.40% state unemployment taxes, and 0.80% federal unemployment taxes. Prepare the entry to record January payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)From the following information, calculate the payroll tax expense for Bowling Company for the payroll of April (Click the icon to view the payroll) The FICA tax rate for OASDI is 6.2% on the first $127.200 eamed, and Medicare is 1.45% on all earnings. Federal unemployment tax is 0.6% on the first $7,000 eamed by each employee. The SUTA tax rate for Bowling Company is 5.4% on the first $7,000 of employes earnings for state unemployment purposes. (Round to the nearest cent as needed) Total CELES
- 24) Jacobs Company owes $700 of federal corporate income taxes. The amount will be paid next month. The journal entry to record the amount of federal income tax owed would be: A) Income Tax Expense Cash 700 B) Income Tax Expense Income Tax Payable C) Income Tax Payable Income Tax expense D) Income Tax Payable Cash 700 700 700 700 700 700 700In January, gross earnings in Concord Company totaled $88,000. All earnings are subject to 7.65% FICA taxes, 5.40% state unemployment taxes, and 0.80% federal unemployment taxes.Prepare the entry to record January payroll tax expense.In January, gross earnings in Coronado Company totaled $74,000. All earnings are subject to 7.65% FICA taxes, 5.40% state unemployment taxes, and 0.80% federal unemployment taxes.Prepare the entry to record January payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 31 Click if you would like to Show Work for this question: Open Show Work
- Nishi Corporation prepares financial statements for each month-end. As part of its accounting process, estimated income taxes are accrued each month for 30% of the current month’s net income. The income taxes are paid in the first month of each quarter for the amount accrued for the prior quarter. The following infor-mation is available for the fourth quarter of the year just ended. When tax computations are completed on January 20 of the following year, Nishi determines that the quarter’s Income Taxes Payable account balance should be $28,300 on December 31 of the year just ended (its unadjusted balance is $24,690). October net income . . . . . . . $28,600 November net income . . . . $19,100 December net income . . . . . $34,600 1. Determine the amount of the accounting adjustment (dated as of December 31) to get the correct ending balance in the Income Taxes Payable account. 2. Prepare journal entries to record (a) the December 31 adjustment to the Income Taxes Payable account and…Keller Systems, Inc., completed payroll transactions during the period January 1 to February 15 of the current year. Payroll tax rates are as follows: social security, 6.2%; Medicare, 1.45%; FUTA, 0.8%; SUTA, 5.4%. No total earnings have exceeded the tax base for calculating unemployment taxes. Keller Systems is a monthly schedule depositor for payroll taxes. Journalize the transactions shown in Question Assets on page 14 of the cash payments journal and page 13 of the general journal given in the Working Papers. Source documents are abbreviated as follows: memorandum, M. Paid cash for December’s payroll tax liability. Withheld taxes from December payrolls: employee income tax, $790.00; social security tax, $1,557.44; and Medicare tax, $364.24. C621. Paid cash for semimonthly payroll. Total earnings, $6,420.00; withholdings: employee income tax, $410.00; health insurance premiums, $360.00 (calculate the social security and Medicare deductions). C622. Recorded…Leap Off Tours had a payroll tax liability of $67,553 during the lookback period. How frequently must the firm deposit its payroll taxes? Multiple Choice Next Business Day Annually Monthly Semi-weekly