Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. thomas longbow is the only employee of presido, in

Thomas Longbow is the only employee of Presido, Inc. During the first week of January,...

70.2K

Verified Solution

Question

Accounting

image
image
Thomas Longbow is the only employee of Presido, Inc. During the first week of January, Longbow earned $2,000.00 and had federal and state income tax withholdings of $100.00 and $37.50, respectively. FICA taxes are 7.65% on earnings up to $117,000. State and federal unemployment taxes for the period are $125.00 and $20.00, respectively. What would be the amount of Longbow's payroll check for the first week of January? Multiple Choice $1,709.50 $1,564.50 $2,000.00 $1,847.00 Thomas Longbow is the only employee of Presido, Inc. During the first week of January, Longbow earned $2,600.00 and had federal and state income tax withholdings of $130.00 and $48.75, respectively. FICA taxes are 7.65% on earnings up to $117,000. State and federal unemployment taxes for the period are $162.50 and $26.00, respectively. What is Presido's payroll tax expense for the week? Multiple Choice $367.25 $566.15 $387.40 $765.05

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

In this discussion, you will examine ways in which muscles can be weakened or strengthened. Objectives Describe the...

Medical Sciences
Q

What are your general stressors? What are your specific stressors? Why do these things cause you...

Psychology
Q

Describe briefly with the aid of suitable diagrams the mechanism of the lightning stroke generation.

Electrical Engineering
Q

Which of the following statements is correct about the reaction 1 on page 27 of...

Biology
Q

For f(x) = 2x - 4 and g(x) = 4x-2, find the following functions.a. (fog)(x);...

Algebra
Q

Which of the following is a deduction for Adjusted Gross Income? - Self Employed Health...

Accounting
Q

can someone check this?? Comparative financial statement data for Carmono...

Accounting
Q

A decedent's estate may claim a charitable deduction if the Charitable contribution was paid...

Accounting
Q

Question 1 Not yet answered Marked out of 1.00 P Flag question The major key...

Accounting
Q

Cool Sky reports the following for its first year of operations. The company produced 46,000...

Accounting
Q

COMMISSION EARNINGS Penny works for TSX in Ontario where she is a commissioned salesperson TSX...

Accounting
Q

Question 2 Dr. Leeper computed a ratio of firm value (which he defined as market...

Finance