The following data have been provided by Lopus Corporation:
Required:
Compute the variable overhead rate variances for lubricants and for supplies. Indicate whether each of the variances is favorable (F) or unfavorable (U). Show your work!
Definitions:
FICA Withholding
The process by which employers withhold social security and Medicare taxes from their employees' paychecks, contributing to the FICA taxes owed.
Social Security Limit
The maximum amount of earnings on which Social Security payroll taxes are levied, also affecting the amount that can be received as Social Security benefits.
AGI
Adjusted Gross Income is your gross income minus allowable deductions, used to determine your taxable income on your federal income tax return.
Estimated Taxes
Periodic advance payments of taxes on income that is not subject to withholding, such as earnings from self-employment, interest, dividends, and rental income.
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