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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 17
Depositing payroll taxes.
The amounts of employee income tax withheld and social security and Medicare taxes (both employee and employer shares) shown below were owed by different businesses on the specified dates. In each case, decide whether the firm is required to deposit the sum in an authorized financial institution. If a deposit is necessary, give the date by which it should be made. The employers are monthly depositors.
1. Total taxes of $550 owed on July 31, 2013.
2. Total taxes of $1,650 owed on April 30, 2013.
3. Total taxes of $1,200 owed on March 31, 2013.
4. Total taxes of $8,750 owed on February 28, 2013.
The amounts of employee income tax withheld and social security and Medicare taxes (both employee and employer shares) shown below were owed by different businesses on the specified dates. In each case, decide whether the firm is required to deposit the sum in an authorized financial institution. If a deposit is necessary, give the date by which it should be made. The employers are monthly depositors.
1. Total taxes of $550 owed on July 31, 2013.
2. Total taxes of $1,650 owed on April 30, 2013.
3. Total taxes of $1,200 owed on March 31, 2013.
4. Total taxes of $8,750 owed on February 28, 2013.
Explanation
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Employers should deposit taxes owed by t...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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