Use the net futa tax rate of 0.6% on the first $7,000 of taxable wages. Faruga company had FUTA taxable payrolls for the four quarters of 2019 of $28,400; $19,600; $16,500; and $8,900, respectively. the company was located in a state that was subject to a futa credit reduction of 1.5%. what was the amount of faruga's first required deposit of FUTA taxes? round your answer to two decimal places.

As related to a company completing the purchase to pay process, is there an accounting journal entry "behind the scenes" when xyz company pays for the goods within 10 days of the invoice (gross method is used for discounts and terms are 2/10 net 30) that updates the general ledger?

On january 2, 2018, bering co. disposes of a machine costing $34,100 with accumulated depreciation of $18,369. prepare the entries to record the disposal under each of the following separate assumptions. exercise 8-24a part 2 2. the machine is traded in for a newer machine having a $50,600 cash price. a $16,238 trade-in allowance is received, and the balance is paid in cash. assume the asset exchange has commercial substance.

True or false payroll withholding includes income tax, social security tax, medicare tax as well as money you deduct for your retirement fund.