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Multiple choice hw An employee earned $37.000 during the year...

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Accounting

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An employee earned $37.000 during the year working for an employer when the maximum limit for Social Security was $137700. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45%. The employee's annual Federal Insurance Contributions Act (FICA) taxes amount is: Multiple Choice $2,294.00 $536.50. $2,830,50 $1.996.65 On July 9, Mifflin Company receives an $8,500, 90-day, 8% note from customer Payton Summers to replace an account receivable. What entry should be made by Mifflin on July 9 to record receipt of the note? Multiple Choice Debit Accounts Receivable-P.Summers $8,500credit Sales $8,500 Debit Notes Receivable $8,670, credit Sales $8,670 Debit Notes Receivable $8,500, credit Accounts Receivable --P.Summers $8,500, Debit Notes Receivable $8.500, credit Sales $8.500. Debit Notes Receivable $8,725, credit interest Revenue $225. credit Accounts Receivable-Summers $8.500

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