Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 31 Jul 2017 My Price 7.00

Colonial Company

Colonial Company has completed the payroll for January 2010, reflecting the following data:
Salaries and wages earned …………… $86,000
Employee income taxes withheld …….. 10,000
FICA payroll taxes* …………………….. 6,000
*Assessed on both employer and employee (i.e., $6,000 each).

Required:
1. What amount of additional labor expense to the company was due to tax laws? What was the amount of the employees’ take-home pay?
2. List the liabilities and their amounts that are reported on the company’s January 31, 2010, balance sheet, assuming the employees have been paid.
3. Would employers react differently to a 10 percent increase in the employer’s share of FICA than to a 10 percent increase in the basic level of salaries? Would financial analysts react differently?

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Jul 2017 10:07 AM My Price 7.00

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