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kolezko
2 months ago
12

Jean Michaud pays his two employees $900 and $1,200 per week. Assume a state unemployment tax rate of 5.7% and a federal unemplo

yment tax rate of 0.6%. What state and federal unemployment taxes will Jean pay at the end of quarter 1 and quarter 2
Business
1 answer:
Katen [3.5K]2 months ago
4 0
During the quarter, employee wages exempt from FUTA or SUTA hinges on 15 weeks of service. Employee 1 received wages computed as 15 weeks × $900 totaling $13,500, with exemptions totaling $6,500 after deducting the $7,000 threshold. Employee 2 accrued wages of 15 weeks × $1,200 amounting to $18,000, thus $11,000 exempt. With total payments of $13,500 and $18,000 across both employees, computations yield a collective taxable wage of $14,000 by deducting exemptions from gross wages. Consequently, SUTA and FUTA taxes at the end of the first and second quarters result in SUTA at 0.057 multiplied by $14,000 equating to $798 and FUTA at 0.008 multiplied by $14,000 amounts to $112.
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Sweet Dreams Chocolatiers Ltd. began operations on January 1, 2020. During its first year, the following transactions occurred:
arsen [3447]

Answer:

Explanation:

The journal entry serves as a documentation of transactions corresponding to their accounts utilizing the debit and credit framework. A debit signifies an increase while a credit denotes a decrease.

S / NO             Particulars       Debit          Credit  

 1                      Cash                200,000

                       Share stock                               200,000

2                       Inventory             483,000

                   Account payable                             483,000

3.                 Account receivable   675,000

                              Sales                                       675,000

                      Cost of goods sold             405,000

                         Inventory                                       405,000

4                            Cash                        562,000

                     Account receivable                              562,000

5                    Account payable               431,000

                            Cash                                                  431,000

6                       Motor Vehicle                 39,000

                               Cash                                                  39,000

7                            Rent                        25,200

                     Prepaid rent                       2,100

                           Cash                                                         27,300

8                    Operating Expenses      20,000

                              Cash                                                       18,000

                       Operating expenses payable                                  2,000

9                            Depreciation                 2,000

                             Motor Vehicle                                              2,000

10                  Dividends payable                   8,500

                               Cash                                                             8,500

7 0
2 months ago
Areas that once had vast economic growth and large amounts of industry, but are now suffering from the effects of outsourcing ar
harina [3808]

Answer:

de-industrialization

Explanation:

Deindustrialization signifies a period in social and economic history characterized by a reduction or complete removal of the industrial sector within a specific area or nation, especially concerning manufacturing or mining sectors. It is essentially the reverse process of industrialization.

This phenomenon typically occurs when industrial activities are no longer deemed economically viable. It marks a stage where industrial growth diminishes or vanishes in a certain locale, often as a result of significant social or economic changes.

7 0
2 months ago
From the beginning of 2000 until its peak in 2012, Apple’s stock price rose from $27.97 to $702.10, an increase of 25 times. Yet
Free_Kalibri [3773]

Response:

Steve Jobs' return, new innovations, and Tim Cook assuming the COO role

Clarification:

Stock price variations are linked to the company’s success in achieving its goals and the belief that it will continue to thrive.

Initially, there was a notable rise in Apple’s stock from $27.97 to $702.10, marking a 25-fold increase.

This surge is attributed to Steve Jobs returning as CEO, which instilled confidence. Innovations such as the iPhone, iMac, iPod, and iTunes also contributed to enhanced performance and, subsequently, stock value.

However, after Tim Cook became COO, production was cut by 50%, leading to a decline in stock by 37% from its peak in September 2012 to $442.66 by the end of March 2013, down from $702.10.

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1 month ago
Lisa Frees and Amelia Ellinger have been operating a catering business for several years. In March, the partners plan to expand
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Answer:

Refer to the explanation

Explanation:

To find the correct answer, please look at the image provided below:

3 0
2 months ago
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