Questions from General Accounting


Q: What is the combined amount (in percent) of the employee

What is the combined amount (in percent) of the employee and employer Social Security tax rate? (Assume wages do not exceed $200,000 per year.)

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Q: What is the current Medicare tax rate? This rate is applied

What is the current Medicare tax rate? This rate is applied to what maximum level of salary and wages?

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Q: Which payroll taxes are the employee’s responsibility and which are the employer’s

Which payroll taxes are the employee’s responsibility and which are the employer’s responsibility?

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Q: What determines the amount deducted from an employee’s wages for federal income

What determines the amount deducted from an employee’s wages for federal income taxes?

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Q: Kay, Kat, and Kim are partners. In a liquidation

Kay, Kat, and Kim are partners. In a liquidation, Kay’s share of partnership losses exceeds her capital account balance. Moreover, she is unable to meet the deficit from her personal assets, and her p...

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Q: Identify the main difference between (a) plant assets and

Identify the main difference between (a) plant assets and current assets, (b) plant assets and inventory, and (c) plant assets and long-term investments.

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Q: Assume a partner withdraws from a partnership and receives assets of greater

Assume a partner withdraws from a partnership and receives assets of greater value than the book value of his equity. Should the remaining partners share the resulting reduction in their equities in t...

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Q: Apple began as a partnership. What does the term mutual agency

Apple began as a partnership. What does the term mutual agency mean when applied to a partnership?

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Q: How does a general partnership differ from a limited partnership?

How does a general partnership differ from a limited partnership?

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Q: Can partners limit the right of a partner to commit their partnership

Can partners limit the right of a partner to commit their partnership to contracts? Would such an agreement be binding (a) on the partners and (b) on outsiders?

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