Chapter 11: Q10RQ (page 604)
What payroll taxes is the employer responsible for paying?
Short Answer
An employer is responsible for paying FICA, SUTA, and FUTA payroll taxes.
Chapter 11: Q10RQ (page 604)
What payroll taxes is the employer responsible for paying?
An employer is responsible for paying FICA, SUTA, and FUTA payroll taxes.
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Rios Raft Company had the following liabilities.
a. Accounts Payable
b. Note Payable due in 3 years
c. Salaries Payable
d. Note Payable due in 6 months
e. Sales Tax Payable
f. Unearned Revenue due in 8 months
g. Income Tax Payable
Determine whether each liability would be considered a current liability (CL) or a long-term liability (LTL).
How is sales tax recorded? Is it considered an expense of a business? Why or why not?
O’Conner guarantees its vacuums for four years. Prior experience indicates that warranty costs will be approximately 6%ofsales. Assume that O’Conner made sales totaling $200,000 during 2018. Record the warranty expense for the year.
Coltrane Company has a \(5,000 note payable that is paid in \)1,000 instalments over five years. How would the portion that must be paid within the next year be reported on the balance sheet?
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