The total amount of social insurance taxes you owe the federal government is $3,596.
The social insurance taxes will be tax rate (6.2%) of gross income amount of $58,000 which is calculated using this formula
Social insurance taxes=Social security tax rate× Gross income
Where:
Social security tax rate=6.2%
Gross income=$58,000
Let plug in the formula
Social insurance tax=6.2%×$58,000
Social insurance tax=$3,596
Inconclusion the total amount of social insurance taxes you owe the federal government is $3,596.
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Answer:
direct material charge = $8500
Explanation:
given data
April 1 balance = $24000
April 30 Direct materials = 80000
April 30 Direct labor = 60000
April 30 Factory overhead = 54000
April 30 finished goods = 200000
so balance is = finished goods - ( balance + Direct materials + Direct labor + Factory overhead )
put here value
balance = 200000 - ( 24000 + 80000 + 60000 + 54000 )
balance = 18000
so here balance above $18000 is total manufacture cost of job no 100
so direct material charge for job no 100 is
direct material charge = manufacturing cost - applied cost - direct labour cost
direct material charge = 18000 - 4500 - 5000
direct material charge = $8500
To add to my last answer: A Pure Market System is a more concise answer.
Answer:
The gross profit margin is B. 31.5%.
Explanation:
The gross profit is the profit earned by a company from trading and is also known as the trading profit. It is the difference between the Net sales revenue and the cost of goods sold. This profit does not take into account any other expenses either operating or non operating except for the cost of goods sold.
The net sales revenue = Gross sales revenue - Sales returns and allowances - sales discounts
Net sales revenue = 160000 - 19000 - 11000 = 130000
The cost of goods sold are $89000
The gross profit = 130000 - 89000 = $41000
The gross profit percentage = (Gross profit / net sales) * 100
Gross profit margin = (41000 / 130000) * 100 = 31.5%
Getting something but giving up something
