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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List the various forms of the ethical norms of security and justice
What will be an ideal response?
Bob is camping in the mountains one cold winter with a friend of his, Alfred. Bob writes a
postcard to his college roommate that says, "Dear Frank, I am giving you the antique desk in my Denver home. Come pick it up once I am back in town. With kind regards from your freezing cold friend, Bob." Bob freezes to death at his campsite an hour later. Bob has no will but his wife is his only heir. What is true? A) Bob made an effective gift causa mortis to Frank. B) Frank will be entitled to the desk if, after Bob's death, he learns of the unmailed postcard. C) An effective gift has not been made here. D) Bob has made a voidable promise. E) So long as Frank wants the desk, he has the required donative intent.