Income tax was $150,000 for the year. Income tax payable was $20,000 and $30,000 at the beginning and end of the year, respectively. Cash payment for income tax reported on the cash flow statement using the direct method is ________
a. $140,000
b. $150,000
c. $180,000
d. $170,000
a
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An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $120; cumulative earnings for the year prior to this week, $24,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state
unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, .8% on the first $7,000. What is the net amount to be paid the employee? A) $568.74 B) $601.50 C) $660.00 D) $574.90
A lawsuit brought by a citizen against another citizen who has defrauded the
government is called a(n): a. qui tam action b. writ of mandamus suit c. primary jurisdiction suit d. res judicata action
The Fair Labor Standards Act (FLSA) of 1938: I. sets maximum hours II. requires minimum wages III. requires compliance with child labor standards IV. covers farmer workers
a. I. and II only b. III and IV only c. I, II and III only d. I, II, III and IV
Research has shown that openness to experience is an important component of leadership effectiveness and seems particularly important at higher organizational levels or for success in overseas assignments.
Answer the following statement true (T) or false (F)