Mrs. lincoln was employed by ggh inc. until october, when he accepted a new position with murdock inc. mrs. lincoln earned $145,000 compensation from ggh and $36,000 compensation from murdock. which of the following statements is false? multiple choice both ggh and murdock must pay the full amount of employer payroll tax on the compensation paid to mrs. lincoln. murdock must withhold medicare tax from mrs. lincoln's $36,000 compensation. mrs. lincoln is entitled to an income tax credit for both excess social security tax and excess medicare tax withheld by her employers this year. murdock must withhold social security tax from mrs. lincoln's $36,000 compensation.

Walsh company manufactures and sells one product. the following information pertains to each of the company’s first two years of operations: variable costs per unit: manufacturing: direct materials $ 25 direct labor $ 12 variable manufacturing overhead $ 5 variable selling and administrative $ 4 fixed costs per year: fixed manufacturing overhead $ 400,000 fixed selling and administrative expenses $ 60,000 during its first year of operations, walsh produced 50,000 units and sold 40,000 units. during its second year of operations, it produced 40,000 units and sold 50,000 units. the selling price of the company’s product is $83 per unit. required: 1. assume the company uses variable costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 2. assume the company uses absorption costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 3. reconcile the difference between variable costing and absorption costing net operating income in year 1.

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Retail industry fundamentals credential exam, part 1 all answers