Identify each of the following payroll taxes as an (A) Employer Payroll Tax, (B) Employee Payroll Tax, or (C) Both and Employer and Employee Payroll Tax. 1. FICA–Social Security taxes 2. FICA–Medicare taxes 3. FUTA (federal unemployment taxes) 4. SUTA (state unemployment taxes) 5. Employee federal income taxes 6. Employee state and local income taxes  

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 earned 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 of net pay for the employee for the month of January? (Round your intermediate calculations to two decimal places.)

To include the personal assets and transactions of a business’s owner(s) in the records and reports of the business would be in conflict with the:

A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company’s unadjusted trial balance reported the following selected amounts:          Accounts receivable $ 35,000 debit Allowance for uncollectible accounts   500 credit Net Sales   180,000 credit All sales are made on credit. Based on past experience, the company estimates that 0.6% of net credit sales are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared?

Employees earn vacation pay at a rate of one day per month. The company estimated and must expense $1,500 of accrued vacation benefits for the year. Which of the following is the necessary year-end adjusting entry to record accrued vacation benefits?

A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company’s unadjusted trial balance reported the following selected amounts:          Accounts receivable $ 35,000 debit Allowance for uncollectible accounts   500 credit Net Sales   180,000 credit All sales are made on credit. Based on past experience, the company estimates that 0.6% of net credit sales are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared?

To include the personal assets and transactions of a business’s owner(s) in the records and reports of the business would be in conflict with the:

Employees earn vacation pay at a rate of one day per month. The company estimated and must expense $1,500 of accrued vacation benefits for the year. Which of the following is the necessary year-end adjusting entry to record accrued vacation benefits?

Ted Catering received $800 cash in advance from a customer for catering services to be provided in three months. Determine the general journal entry that Ted Catering will make to record the cash receipt. Assume the company’s policy is to initially record prepaid and unearned items in balance sheet accounts.

Which patient can safely be treated with a fluoroquinolone medication?