Martin will get a refund of about $370.
What is the estimated federal deductions from the gross pay of $30,135?
The estimated federal deductions is 15% of the gross pay of Martin, which is $30,135, in other words, the initial federal deductions before the actual federal deductions of $4,520 is known is as computed below:
Estimated federal deductions=15%*$30,135
estimated federal deductions=$4,520.25
The actual federal deductions of $4,150 is lower compared to the amount withheld from gross pay, hence, there would be a refund for Martin
refund=$4,520.25-$4,150
refund=$370.25
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A wage is a monetary compensation paid to a worker or an employee for the work done or service provide. In a firm or a factory there are two types of labor namely direct labor and indirect labor. Direct labor are the workers on the production line whose efforts directly produce what the company manufactures while indirect labor are all the other workers such as the watchman or security guard. In this case, the wages of a timekeeper would be classified as indirect labor.
Answer:
$7,372.99
Explanation:
Discounting is the method used to determine the present worth of a future amount which compounding is used to determine the future worth of a present amount. The relationship between both is such that;
Fv = Pv(1 + r)^n
where
Fv = future amount
Pv = present amount
r = interest rate and
n = time
The future amount = $11,700
time = 6 years
rate = 8%
$11,700 = Pv(1 + 0.08)^6
Pv = $11,700(1 + 0.08)^-6
Pv = $7,372.99
You need to deposit $7,372.99 today to reach your $11,700 goal in 6 years.
Answer:
Cash receipts journal
Explanation:
The cash receipt journal is an accounting journal system which keeps the track of all the transactions i.e the sales and cash credited.
Here in the given question the payment is received by the credit customer.
Hence, for the sales transaction the payment is credited in the account of the company.
Thus,
it will be recorded in the Cash receipts journal
