Excel Products Inc

question 99

Essay

Excel Products Inc. pays its employees semimonthly. The summary of the payroll for December 31, 2012 indicated the following:
For the year ended 2012, $40,000 of the December 31 payroll is subject to social security tax of 6%; $120,000 is subject to Medicare tax of 1.5%; $10,000 is subject to state unemployment tax of 4.3% and federal unemployment tax of 0.8%. As of January 1, 2013 all of the $120,000 is subject to all payroll taxes. Present the journal entries for payroll tax expense if the employees are paid (a) December 31 of the current year, (b) January 2 of the following year.

Evaluate the role of skepticism and critical thinking in assessing information and claims.

Understand the concept of perception and its reliability in representing the real world.

Recognize the importance of skepticism in evaluating information presented by others.

Identify the philosophical stances of rationalism and empiricism and distinguish between them.

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Definitions:

Transracial Adoption

The adoption of a child that is of a different race than the adoptive parents, aimed at providing a loving home to children while also navigating cultural and identity issues.

Vicarious Parenthood

Experiencing the roles and responsibilities of parenting indirectly, such as through caring for a relative's or friend's child.

Infertility

The inability to conceive a child after trying for a certain period, usually around a year.

Pelvic Inflammatory Disease

A serious infection of the female reproductive organs, often caused by sexually transmitted bacteria.