Question Details

(Solved) (Latest ver. Aug 2020) - Johansen tax deduction for payroll and related taxes

Brief item decscription


Item details:

Question:

For the current month, Johansen Rubber Cement Co. incurred
payroll expenses as follows:

Gross salaries and wages $675,000
Payroll Taxes:
OASDI (Social Security Tax) employer's share $41,850
HI (Medicare tax)--employer's share $9,788

Total: $726,638

Amounts withheld and paid to the government:
Employee income taxes withheld $(108,990)
OASDI--employees's share $(41,850)
HI--employees's share $(9,788)

Total: $(160,628)

a. What amount can Johansen Rubber Cement Co. claim as a tax deduction for
salary and wage expense?

b. How much can Johansen Rubber Cement Co. deduct as tax expense?

 







About this question:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Sep 16, 2020

PRICE: $11.5

Solution~00010473.zip (18.37 KB)

Buy this answer for only: $11.5

Pay using PayPal (No PayPal account Required) or your credit card. All your purchases are securely protected by PayPal.
SiteLock

Need a similar solution fast, written anew from scratch? Place your own custom order

We have top-notch tutors who can help you with your essay at a reasonable cost and then you can simply use that essay as a template to build your own arguments. This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student. New solution orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

Order Now