Question 28: For an employer operating in only one state, Schedule A of Form 940 is completed if businesses within the state are subject to aAnswer:A.O credit reductionВ.O lookback periodC.O next-day deposit ruleD.semiweekly depositor status Question 29: Which form does NOT contain a third-party designee section?Answer:А.Form 941В.O Form 940C.Form W-3D.O All of these forms have a third-party designee section.

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Question 28: For an employer operating in only one state, Schedule A of Form 940 is completed if businesses within the state are subject to a Answer: А. credit reduction O lookback period В. C. next-day deposit rule D. semiweekly depositor status

Question 28: For an employer operating in only one state, Schedule A of Form 940 is completed if businesses within the state are subject to a Answer: А. credit reduction O lookback period В. C. next-day deposit rule D. semiweekly depositor status

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EB: Reference Figure 12.15 and use the following information to complete the requirements. A. Determine...

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Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)
Payroll Taxes Expense Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Note: Round your answers to 2 decimal places. General Journal View transaction list Journal entry worksheet 1 Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. Date September 30 Record entry General Journal Clear entry Debit Credit View general journal
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Instructions According to a summary of the payroll of Mountain Streaming Co., $770,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $42,000 was subject to state and federal unemployment taxes. Required: A. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. B. Journalize the entry to record the accrual of payroll taxes. Refer to the Chart of Accounts for exact wording of account titles.
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