Joe, an employee of Time Travel, Inc, has gross salary for March of $5,200
The entire amount is under the OASDI limit of $117,000, and thus subject to FICA. He is also subject to federal income tax at a rate of 29%. His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA. The journal entry to record employer's payroll tax expense includes a credit to FICA-Medicare Taxes Payable for $150.80. (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.)
Indicate whether the statement is true or false
FALSE .FICA—Medicare Tax Payable = $5,200 x 1.45% = $75.40
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If a contract is divisible, the court:
A. rules that the entire contract is unenforceable. B. voids the entire contract. C. enforces the legal parts of the contract. D. enforces the entire contract.
Failure to record a liability probably will
a. result in an overstated net income. b. result in overstated total liabilities and stockholders' equity. c. have no effect on net income. d. result in overstated total assets.
Answer the following statements true (T) or false (F)
1. In a production process, the total time consumed by all tasks is 300 min. The total time available is 270 min. Given this information the balance efficiency of the production process is 33%. 2. ASYBL stands for Assembly Line Configuration Program. 3. ASYBL is used to solve problems related to line balancing. 4. The most-frequent-following-tasks rule is used in balancing an assembly line.
Which of the following is true of a firm that has high market dependence?
A. Its competitive advantages are more sustainable B. It is likely to respond strongly to attacks threatening its market position. C. Its position helps protect it from attacks by competitors. D. It will respond quickly to any threat to its position.