Accounting lend a hand! How do I journalize gross wages.?
Ok, here it is. It's almost 1:30 am, concluding dark at this time I have a kitchen full of leak and plumbers. So in a minute I am trying to read between the lines a homework assignment. My prof. wishes us to journalize the 'prerequisite entry' for Gross wages, FICA payable, Medicare taxes payable, State Taxes payable, Federal withholding taxes payable. My deed book sucks and I'm lost! Either the file dumbs it down too much and it doesn't engender sense or they wrote it so you remain clueless, at most minuscule I am. Someone backing, please!!Answers: Gross Wages (Debit)
S.S. Taxes Payable (Credit)
Medicare Taxes Payable (Credit)
Federal W/H Payable (Credit)
State W/H Taxes Payable (Credit)
Cash (Credit)
That is the rough and ready memoir. There is employer's portion of taxes if your prof is requiring that also.
Employer Tax Expense (Debit)
S.S. Taxes Payable (Credit)
Medicare Taxes Payable (Credit)
Federal Unemployment Taxes Payable (Credit)
State Unemployment Taxes Payable (Credit)
Note:
Social Security levy is at 6.2% and medicare at 1.45% for both member of staff and employer.
Of course you will not prepare a monthly entry for respectively check written, so that's when you bring out columnar weekly (or use excel) and team leader up respectively column near the information name across and catalogue respectively member of staff down the page. Grand total the worksheet. Then progress ahead and work out the employer's portion of the taxes and create one account entry for that.
Make sure adjectives your debit equals adjectives your credits. Ask the prof if he ever hear of Luca Pacioli. He be the Fransican monk that "invented" the double entry bookkeeping system.
If you ever entail backing on your accounting homework, e-mail me directly. See my profile for my e-mail address. Good luck to you!
How much within taxes are taken out from my paycheck?
In california i work at ralphsand i work 25 a week for 7.60
How much federal income toll, ssa levy, other taxes, and alliance fees will step out surrounded by total?
How much will i take rear legs for income duty return?
Answers: Dude. Look at your retribution stub. All of that info is supposed to be near. If you don't hold one attached to your check, you're getting screwed.
Educate yourself. This is not the brand of place that will dispense you the answers for that. You really hold to wrap your own organizer around it.
The minimum federal presumption is $5,350 (for Single who can be claimed Dependent). It appears that you will not gross more than $5,350 surrounded by 2007, and you will not be paying any federal income levy (FED W/H).
So when you record your return you should carry fund entire federal income excise withheld and almost adjectives of state income rates withheld.
You will not bring stern any of Social guarantee withholding, Medicare withholding, Union fees and State Disability insurance (SDI). Total percentage of adjectives these taxes will be smaller number than 10%.
So anything over 10% of your paycheck, you will surely bring back hindmost after you database your return.
This is an impossble interview to answer.
You didn't influence how you file your W-4.
But, newly guessing...I would speak at most minuscule 10% for federal taxes and at most minuscule like fo CA taxes. Then you will enjoy another 7.65% for SS/Medicare.
And, and later what ever your alliance dues are...so, my guess would be around 30 to 35% withholding.
And as far as a repayment...it will not be ample to count on for anything defining.
But, close to I said this is purely a guess. There isn't satisfactory info to answer your quiz.
How much tariff will an expat wage surrounded by Malaysia?
Hi, I will be working within Malaysia a few months from presently beside an earnings of 5,000RM. I would similar to to know how much excise will be deduct from my wages and what are the conditions. Thanks!Answers: It make no difference if you are an expat or not, The exact amount will depend on many things resembling the deduction and other claims you may know how to brand. You can also look up the excise organization website.
How much do I have need of to brand during the year, within decree to recieve the Earned Income Credit?
I am single, 1 child. I own a parttime chore.. that I own only just started surrounded by former times couple months. What is the minimum that wishes to be earn contained by writ to recieve EIC??Answers: As long as you enjoy ANY earn income, and you congregate adjectives the recommendation including that your total isn't over the restriction, you can grasp something for EIC. The amount you'll achieve vary though depending on the amount of your earn income. If for example your earn income be $1000 for the year, your EIC would be $348; if your earn income be $10,000 your EIC would be $2747.
Is any Bank name Nation Wide Bank Plc surrounded by UK and what is their Phone no?
Answers: Scam
The signature of the proper mound is Nationwide - one word. If you get a correspondence from Nation Wide Bank recounting you you won some money later delete it.
Dear friend,
the followings are the details which you ask,
NATION WIDE BANK UNITED KINGDOM.
THE DIVISIONAL DIRECTOR
FINANCE AND REMITTANCE
NATION WIDE BANK PLC
39 HIGH STREET, OLDHAM OL1 3BE
E-mail: nationwidebank_uk@infohq.com
TEL: +44 (0)702 402 1028
This information i get from e-mail lone and i don't know how mouch we can belive within that address,
They said i get some currency award from some company and impossible to tell apart is deposited surrounded by that sandbank,
if you hold impossible to tell apart experience, please share near me.
I own question more or less taxes!?
I get my first chore and i own no conception roughly speaking how taxes workHow much do they thieve sour directly from my paycheck including the association fees
and how does federal income tax/return work? What is it??
HELP!
Answers: Union dues depends totally on what confederation and local you are contained by, so there's no bearing anybody here can answer that.
They'll withhold 7.65% of your paycheck for social warranty and medicare.
Federal income tariff withholding depends on how much you receive and what you put on your W-4, so no passageway to answer that any. If you hold too much withheld, more than you finishing up owing for the year, you seize the excess posterior as a settlement. If you don't enjoy ample withheld, you'll discharge the difference when you profile your import tax return. The return is due April 15 of the year following the year you're file for.
Depending on where on earth you live, in that might also be state and local taxes withheld. Since you don't voice where on earth you live, no style to answer that any.
FICA is NOT your federal income charge.... FICA is your SOCIAL SECURITY TAX... your federal income import tax surrounded by a unharmed other separate animal. Whatever is taken OUT of your earnings depends on several factor... first, how much you net... the more you construct, the more they lift.... also, how you file your W-4 forms when you first go to the personel department of your employer on your first light of day of work----W-4 forms are packed out so that the Feds and State taxes (if any) are taken out base ont he exact number of exemptions you claim on the W-4 form---and your file status..... if you increase the exemptions on this form, they will give somebody a lift LESS money out surrounded by taxes respectively paycheck but your REFUND might be considerably smaller quantity come levy time OR you might even pause up PAYING if you kind too much. it's a complicated assignment to explain adjectives the different ways to stuff out a form and what they will miserable to the individual taxpayer, but if you budge to your personnel department, I'm SURE they can sit down next to you and explain adjectives the ways you can report and what it might anticipate to your paycheck..... also, what OTHER deduction you may enjoy on your paycheck.... vigour insurance, grouping dues, conceivably you enjoy some sort of debt to be exact man GARNISHED on your wages... etc. or a loan pay of some sort to be exact taken directly out of your check back it is issued to you. When you receive your W-2's (withholding import tax statements) which should come to you sometime between December 31 and February 1st, you will hold until April 15th to directory your income import tax forms. You can win these forms right online at IRS.com for the FEDERAL forms and what ever state you are from . com or .gov. for example, for my state I would look up NYS TAX DEPARTMENT and later click on FORMS and PUBLICATIONS on their website... you can print the forms OR, directory right online satisfying contained by the form on the computer and sending it electronically to the Feds and the STATE TAX Depts. the Forms are pretty self-explanatory especially if you use what they give the name EASY FORMS---for the feds the form is 1040EZ..... you a short time ago answer the question they ask string by row, if you own nought but wages and withholdings, you put those on the proper EXPLAINED lines on the form, permeate surrounded by the due procession, subtract the duty from what you have withheld and hopefully the result will be a return... it's really a bit simple until you bring back into ITEMIZED DEDUCTIONS and adjectives that ---but if you own no property, hold NO huge medical expenses, do not own big contributions to charity, and reward no college or property taxes, you will in recent times profile the simple 1040 EZ form and use the standard supposition... IF you have need of back at import tax time, you can other phone up your state toll department at the phone number within your local phone book within the State Government article, OR the IRS at 1-8oo-829-1040 for give a hand...
Should an automotive repair shop charge sale levy to their customers ?
In Texas an automotive repair shop that sale parts within the repair of a vehicle, not for over the counter sale but solitary sale items to be used by that repair shop within their hours of daylight to morning services offered to customers ?Answers: Texas list "Personal property maintenance" as a taxable service. Most states consider an automobile to be personal property.
Doesn't event if it's over the counter or the repair shop .
If the state say tariff parts , they better rates parts .
And if the state say levy labor , they better do that too .
What ever the state rules are ,
Do it or loose your business license .
>
They must payment the sale duty on the parts sale. They are not in actual fact required to collect it from their customers though virtually adjectives businesses do.
Are alaska residents charge exempt surrounded by adjectives states?
Answers: What give you the conception the AK residents are duty exempt anywhere at adjectives? Hint: They're not. Even within AK.
No.
Each state have different rules to determine residency.
No, they aren't. AK residents that earn income within other states are subject to that state's taxes ... as non-residents surrounded by that state.
If I label $26,400.00 a year, how much is that per hour?
how much is that per week?how much is that per month?
(After taxes)
I own 2 dependents I live contained by Queens, NY, I am pave the way of household, and I work surrounded by NYC.
Thanks within credit.
Answers: Asuming that you work adjectives year, 40 hours a week, that's $12.69 an hour or $2200 a month until that time taxes. Assuming that you be set to you enjoy two children, and they are beneath 17 so you capture the child duty credit for them, you won't owe any federal income charge and will attain $2090 for an Earned Income Credit but will remuneration $2019.60 for social shelter and medicare, so you'll break going on for even near the feds, coming out almost $70 ahead for the year.
You'll also remuneration NY state and NYC taxes will pinch in the region of $27 a week, or just about 68 cents per hour or $117 per month or $1404 per year. So overall you'll attain to hang on to around $2083 per month for the year. Unless you obtain your EIC within advanced payments through the year, you'd bring around $1909 respectively month during the year, later the EIC near your import tax return to spawn up the difference.
working a 40 hour week ... 26400/2080 = 12.69 per hr
you cant digit after taxes unless I own a W-4 form from you so I know how much to thieve out
Taxes and other deduction are usually between 7 & 13% more or smaller amount. Due to have different export tax rates every year, it's intricate to put in the picture how much export tax you stipulation to discharge. Following website might be capable of serve you next to taxes and due calculation. Or name the IRS and go and get a publication call Household Employer's Tax Guide [or publication 926] for go before of household and a form call Schedule H (Form 1040).
$26,400.00 per year = $12.70 per hour
$26,400.00 per year = $507.70 per week [pre-tax]
$26,400.00 per year = $2,200.00 per month [pre-tax]
Taxes and other deduction are usually between 7 & 13% more or smaller number? Due to have different export tax rates every year, it's intricate to relate how much excise you involve to wages. Following website might be capable of oblige you near taxes and levy calculation [office hours lone: 9-5, M-F].
On the page of second intertwine, click on D, and rummage below Dependents for the forms and publications you will entail.
Good rule of thumb is to divide by 2000.
That would be around 13.20
Can you choose to NOT exclude adjectives foreign earn income?
I want to contribute to a Roth IRA to plan for my retirement. But I currently live and work contained by a foreign country and adjectives of my income is excluded from US taxes per form 2555 and the "foreign earn income exclusion".According to documents I could find on the IRS website: "any amounts that you exclude from income, such as foreign earn income" is not considered "compensation" and so cannot be counted towards what I can contribute to an IRA.
However, I contacted a tariff professional and he commented that: "To my scholarship, in that is zilch wrong beside optimizing the exclusion to walk out plenty income to contribute to an IRA. Generally, this is done any by using the date contained by the physical presence audition to give rather income".
I would similar to to know if this is true. Or if anyone have any awareness around this. Would fudging the date for the physical presence theory test be considered lying to the IRS? (and contained by doing so would I be commiting fraud?)
Answers: You are not required to exclude foreign earn income. Alternatively you may nick a credit for the foreign income taxes remunerated instead. In lots cases that truly works out better for you if you live and work within a country next to difficult income taxes than the US. Most of the industrialized world if truth be told have superior taxes than the US so that's a better substitute for plentiful folks; it absolutely be for me when I lived and worked contained by Europe. If you pinch the credit, you can variety the Roth contribution.
The date contained by the physical presence theory test are a go/no-go interview. You cannot prorate the exculsion by fudging the date.
As you know, taxpayers who exclude adjectives their income by vehicle of Form 2555 cannot contribute to an IRA because they hold no qualified earn income.
So are you asking if you can finagle your income information and hold some income nonexcluded, and next contribute to an IRA?
No, you do not own the selection of choosing not to exclude $4K so that you can put it into a Roth IRA.
Are child support Liens 2x the amount owed?
the amount of my husbands lien is doubled from the amount owed to child support. Is this how it works?Answers: Shouldn't be. The lien should simply be for what is owed. Maybe the child support increased, or this is possibly including interest and penalty for not paying the child support. Try calling who the lien is from to find out why it's double.
If the lien is highly developed, near is probably extra unpaid child support added. He can give the name the district attorney's bureau and ask for an explanation.
Is at hand a deadline for wadding taxes if the IRS owes you money?
I own not file taxes however.The IRS owes us money.
Answers: Yes, the deadline is 3 years from any the inventive date, or if you file an extension, 3 years from that date. If it's the 2006 taxes you are discussion more or less, you would hold till April 15, 2010 to wallet a return and catch your compensation. You could profile taxes right in a minute for 2006, 2005, and 2004 and still procure refund. You could also folder for 2003, if you have file 1st extension (good till August 15) and 2nd extension (good for another 2 months, till October 15). Otherwise, you are bygone the date for 2003 settlement.
3 years from the unproved due date.
For 2006, it will be 4/15/2010......but I wouldn't keep on that long.
Yes. April 15th.
You're required to directory your taxes no subsequent than April 15th, and it doesn't business if the IRS owes you money or you owe the IRS money.