Answer:
Dave Brown's FICA-OASDI tax for the week is $415.40; and his FICA-Medicare tax for the week is $97.15.
Explanation:
The following are given in the question:
Cumulative earnings = $90,000
Gross pay for the week = $6,700
FICA-OASDI tax rate = 6.2%
FICA-Medicare tax rate = 1.45%
Therefore, we have:
FICA-OASDI tax for the week = Gross pay for the week * FICA-OASDI tax rate = $6,700 * 6.2% = $415.40
FICA-Medicare tax for the week = Gross pay for the week * FICA-Medicare tax rate = $6,700 * 1.45% = $97.15
Therefore, Dave Brown's FICA-OASDI tax for the week is $415.40; and his FICA-Medicare tax for the week is $97.15.
Note:
The full meaning of FICA is Federal Insurance Contributions Act, and the full meaning of OASDI is Old Age Survivor and Disability Insurance.
Answer:
The answer is D. 7.22 percent
Explanation:
Interest payments are being made semiannually, this means it is being paid twice in a year
N(Number of periods) = 16 periods ( 8 years x 2)
I/Y(Yield to maturity) = ?
PV(present value or market price) = $987
PMT( coupon payment) = $35 ( [7 percent÷ 2] x $1,000)
FV( Future value or par value) = $1,000.
We are using a Financial calculator for this.
N= 16; PV = -987 ; PMT = 35; FV= $1,000; CPT I/Y= 3.61
3.61 percent is the Yield-to-maturity for semiannual
Therefore, the Yield-to-maturity of the bond annually is 7.22 percent (3.61 percent x 2)
The answer would be TRUE because its in the name: savings so the purpose is to add money in that account to save up for like a child adding money to a piggy bank, u can still earn money to add to the account and keep it for interest.
Answer:
d. $55,340
Explanation:
You begin to receive the annuity at the end of the year 1, so its begin to capitalize on year 2 because the first year
there is no money to capitalize.
The second year begin to apply over the first annuity the interest payment,the next ten 10 years from 2 to 11 the deposits start to capitalize compounded anually at 9% of interest.
Compound interest, means that each time that the account generate interests, this total amount apply to the next period as basis to calculate the next interests, not only grows the interest payment over the initial capital if not over the past interest generated.
At the end of the 25 years you will have $55,340 in the account available.
$ 1,000 $ 1,090 2 Year
$ 1,000 $ 2,278 3 Year
$ 1,000 $ 3,573 4 Year
$ 1,000 $ 4,985 5 Year
$ 1,000 $ 6,523 6 Year
$ 1,000 $ 8,200 7 Year
$ 1,000 $ 10,028 8 Year
$ 1,000 $ 12,021 9 Year
$ 1,000 $ 14,193 10 Year
$ 1,000 $ 16,560 11 Year
$ 18,051 12 Year
$ 19,675 13 Year
$ 21,446 14 Year
$ 23,376 15 Year
$ 25,480 16 Year
$ 27,773 17 Year
$ 30,273 18 Year
$ 32,997 19 Year
$ 35,967 20 Year
$ 39,204 21 Year
$ 42,733 22 Year
$ 46,579 23 Year
$ 50,771 24 Year
$ 55,340 25 Year