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accounting problems! help!
發問:
I have an accounting question and I have the solution too. But I dont understand the solution, can somebody explain teh answer to me? please?Major Co. has 5 employees, each of whom earns 2500 per month and has been employed since Jan 1. FICA Social Security taxes are 6.2 % of the first 94200 paid to each... 顯示更多 I have an accounting question and I have the solution too. But I dont understand the solution, can somebody explain teh answer to me? please? Major Co. has 5 employees, each of whom earns 2500 per month and has been employed since Jan 1. FICA Social Security taxes are 6.2 % of the first 94200 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.8% and SUTA taxes are 2.8% of the first 7000 paid to each employee. Prepare the March 31 journal entry to record the march payroll taxes expense. and the answer is: Payroll Taxes Expense 1316.25 FICA-SS Taxes payable 775 FICA-Medicare Taxes payable 181.25 State Unemployment taxes payable 280 Federal unemployment taxes payable 80 1: I have no idea why the SUTA and FUTA's amounts are 280 and 80. In the solution, the equation it gave me for SUTA is [5 x (7000-(2500 x 2))] x 2.8% = 280 what is 7000? why 2500 has to time 2? can somebody explains to me? thanks!!!
最佳解答:
1) what is 7000? that's the allowance for the 2.8% SUTA taxes. 2) why 2500 has to time 2? coming back to the first $7000, if you multiply by 3, that would be more than $7000. but the company pay the employee $2500 each of each month. 3) Why $80 for FUTA? again, based on 7500-5000 = 2000 (each employee) if 5 employee = 10000 and 0.08% of 10000 = $80 cheers
accounting problems! help!
發問:
I have an accounting question and I have the solution too. But I dont understand the solution, can somebody explain teh answer to me? please?Major Co. has 5 employees, each of whom earns 2500 per month and has been employed since Jan 1. FICA Social Security taxes are 6.2 % of the first 94200 paid to each... 顯示更多 I have an accounting question and I have the solution too. But I dont understand the solution, can somebody explain teh answer to me? please? Major Co. has 5 employees, each of whom earns 2500 per month and has been employed since Jan 1. FICA Social Security taxes are 6.2 % of the first 94200 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.8% and SUTA taxes are 2.8% of the first 7000 paid to each employee. Prepare the March 31 journal entry to record the march payroll taxes expense. and the answer is: Payroll Taxes Expense 1316.25 FICA-SS Taxes payable 775 FICA-Medicare Taxes payable 181.25 State Unemployment taxes payable 280 Federal unemployment taxes payable 80 1: I have no idea why the SUTA and FUTA's amounts are 280 and 80. In the solution, the equation it gave me for SUTA is [5 x (7000-(2500 x 2))] x 2.8% = 280 what is 7000? why 2500 has to time 2? can somebody explains to me? thanks!!!
最佳解答:
1) what is 7000? that's the allowance for the 2.8% SUTA taxes. 2) why 2500 has to time 2? coming back to the first $7000, if you multiply by 3, that would be more than $7000. but the company pay the employee $2500 each of each month. 3) Why $80 for FUTA? again, based on 7500-5000 = 2000 (each employee) if 5 employee = 10000 and 0.08% of 10000 = $80 cheers
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