Samuel Mena Block 3 6/7/14 Payroll Essay Payroll taxes have become a big thing in our country’s funding today. Payroll taxes are paid with anyone who has a job. We pay these taxes to fund multiple things in our country, things like our education or military. We need to pay these taxes to keep our country’s programs going. Payroll taxes are the base of our country’s funds. Payroll taxes are paid by anyone with a job in the USA; this is the best way of getting things done for the funds such
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The exact amounts may not be known at the time that the financial statements are prepared so the liabilities had to be recorded by using estimated amounts. (http://www.accountingcoach.com/) The amount an employee clears on her or his payroll check after deductions and taves are taken out is the net amount: Gross pay is the amount of an employee's pretax compensation based on hours worked times an hourly rate of pay. (Weiss, 2015 livechat,). An employee may have additional
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000 Interest Payable 1,000 51,000 Notes Payable 81,000 Less Discount 4,500 76,500 13-8 Salaries and Wages Expense 480,000 Withholding Taxes Payable 80,000 FICA Taxes Payable 28,040 Union Dues Payable 9,000 Cash 362,960 Payroll Tax Expense 29,440 FICA Taxes Payable 28,040 FUTA Taxes Payable 560 SUTA Taxes Payable 840 13-13 1. Maverick Inc. reports a liability of 800,000 at 12/31/12 2. The insurance recovery is a gain contingency that is not recorded until
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. . . . . . . . . . . . . . . . 11 5. Wages and Other Compensation . . . . . . . . . . . . 11 6. Tips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 7. Supplemental Wages . . . . . . . . . . . . . . . . . . . . . 15 8. Payroll Period . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 9. Withholding From Employees’ Wages . . . . . . . . 16 10. Required Notice to Employees About the Earned Income Credit (EIC) . . . . . . . . . . . . 20 11. Depositing Taxes . . . .
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dependent children. Benefits were to be paid based on the primary worker and was to be funded through payroll taxes deducted from the worker’s check. Social security numbers were set up in 1936 in order to track how much an individual paid into social security through their payroll taxes. (www.ssa.gov/history) In January 1937 the first FICA taxes were collected from worker’s paychecks. The payroll taxes were invested in Special Trust Fund Accounts. Payments would be made as lump sum payments until
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AC1220 Lab 5.2 Introduction On July 25, 20x1, Jake’s Computer Sales and Repair enters into an agreement with Inner-Tech, a local computer software development firm. Inner-Tech pays Jake’s Computer Sales and Repair $45,000 in advance for ongoing computer repair services. At year-end, Jake determines that $38,500 of this amount has been earned. Requirement 1 a. Journalize the unearned revenue transaction on July 25, 20x1. DATE | Account and Explanation | DEBIT | CREDIT | Jul 25 |
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The Culpability of Accounting Fraud: Auditors, Managers or Both ACC 503 – Accounting for Management Abstract The purpose of this term paper is to provide insight to the reader about accounting fraud and on whom the responsibility lays whenever there is an allegation of accounting misconduct. Based on the rash of accounting fraud by major respectable corporations in recent years, no one organization is immune to accounting fraud and it is prevalent in the Federal
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“Unearthing Pharma Fraud” article discusses the case of Rew Cook who is the sales manager at Good Health Inc. (GHI). The firm distributes pharmaceutical products and medical/dental equipment to pharmacies in France. An audit by the outsourced internal audit firm Alan & Blanche revealed fraudulent activity in Cook’s sales department. Cook took advantage of the internal control weaknesses present in GHI operations and was able to make a personal gain to the tune of $200,000. Cook’s main fraud was a result
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CATCH ME IF YOU CAN SEC 1 of NIL states the requirements of an instrument to be negotiable. SEC 185 of NIL defined a check that is a bill of exchange drawn on a bank payable on demand. Frank Abagnale Jr. uses forges payroll checks from PanAm Airlines. Cashier’s check means that it is drawn by the cashier of a bank upon the bank itself, payable on demand to the payee and it is accepted practice in the business sector that a cashier’s check is deemed as cash. Frank uses this kind of check in order
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in the “The CPA Journal”, “many studies suggest fraud is more likely to occur when someone has an incentive (pressure) to commit fraud, weak controls or oversight provide an opportunity for the person to commit fraud, and the person can rationalize the fraudulent behavior (attitude).” This is known as the fraud triangle. There are two types of fraud: fraudulent financial reporting and misappropriation of assets. For the first one, this kind of frauds came from the top management. Most of the pressures
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