All of the following are employer payroll taxes except:


1. All of the following are employer payroll taxes except: a. State unemployment tax. b. Federal unemployment tax c. Federal income tax equal to that withheld from employees d. Social Security tax equal to that withheld from employees. e. Medicare tax equal to that withheld from employees. 2. Contis Tire Sales had fixed interest expense of $22,250, its income before interest expense and income taxes is $67,000, and its net income is $36,800. The companys times interest earned ratio equals: a. 1.8 b. 2.4 d. 3.4 3. Boles Industrial issued a $75.000.6%,-140-day note payable to Johnson Company on June 8. What is the due date of the note? a. October 28 b. October 27 c. October 26 d. October 25 4. Loftus Inc. recorded the following information for the pay period of June 15-30: Gross payroll $16,000 Federal income tax $4,000 Social security Medicare rate 6% 1.5% Federal unemployment State unemployment 0.8% 5.4% Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be recorded for a. $16,000 b. $9,808 c. $10,800 d. $11,040

Answer

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Answer 1
Answer is option c.
Federal Income tax equal to that withheld from employees.
Answer 2
Times interest earned= Income before interest and taxes/ interest expense
Times interest earned= 67,000/ 22250
Times interest earned=                3.0
Answer is option d.
Answer 3
October 26
Answer is option c.
Answer 4
Total tax to be deducted Amount $
Social Security 6%
Medicare Rate 1.50%
Total 7.5%
Gross Payroll 16,000.00
Tax to be deducted     1,200.00
Add: Federal income tax      4,000.00
Salary payable 10,800.00
Answer is option c.

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