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From the following information from the payroll register of Veronica's Auto Supply
Store, calculate the amount of taxable earnings for unemployment and FICA tax, and
prepare the journal entry to record the employer's payroll taxes as of April 30, 20--.
Social Security tax is 6.2% on the first $94,200 of earnings for each employee.
Medicare tax is 1.45% of gross earnings. FUTA tax is 0.8%, and SUTA tax is 5.4% each
on the first $7,000 of earnings.
Someone who performs a service for a fee and does not work under the control and
direction of the company paying for the service is known as a(n)
____________________.
Madame Shira began a fortune telling business on May 1. The following transactions
occurred:
Required:
Asset accounts normally have debit balances.
The Financial Accounting Standards Board develops generally accepted accounting
principles to provide some assurance that companies are reporting business activities in
a similar manner.
The balance sheet reports assets, liabilities, and owner's equity for a specific period of
time.
The journal is commonly referred to as a(n) ____________________, because it is here
that the first formal accounting record of a transaction is made.
A(n) ____________________ is a special multi-column record used to keep track of
payments from the petty cash fund as a supplement to the accounting records.
