Directional Lock Question #4: This investment is a basic good that can be 5 points

Mandy Feng employs Jay Johnson at a salary of $35,000 a year. Feng is subject to employer Social Security taxes at a rate of 6.2

Elden [556K]

Answer: $38,097.50

Explanation:

Mandy Feng has to pay Johnson $35,000 for the year as well as various taxes. Adding all of these up is the total cost of hiring Johnson to Mandy Feng.

Calculating therefore we have,

= Salary + Social Security Taxes + Medicare Taxes + SUTA Tax + FUTA Tax

Remember, it is stated that FUTA and SUTA are applicable to only the first $7,000 of Johnson's pay.

= 35,000 + (6.2% * 35,000) + (1.45% * 35,000) + ( 5.4% * 7,000) + ( 0.6% * 7,000)

= 35,000 + 2,170 + 507.50 + 378 + $42

= $38,097.50

The total cost to Feng of employing Johnson for the year is $38,097.50

7 0

3 years ago

According to the "J curve effect," a weakening of the U.S. dollar relative to its trading partners' currencies would result in a

liraira [26]

Answer:

Option B

Explanation:

In economics, the J-curve impact is frequently used to explain, for example, how a nation's trade balance negatively affects briefly after a depreciation of its exchange rate, then gradually recovers, and eventually exceeds its previous results.

If the currency of a country is appreciated, economists note, there may be a reverse J-curve. For importing nations, the country 's products unexpectedly become more competitive. When other countries will meet the gap at a cheaper profit, the stronger currency would weaken its advantage on exports.

5 0

3 years ago

Which is true about vendor files?

AVprozaik [17]

Answer:

A. They can be in electronic or paper form.

7 0

3 years ago

Ed runs an auto repair business out of the garage attached to his personal residence. How should he account for each of the foll

soldi70 [24.7K]

Answer:

a. Cash received from repair services, $28,000. Repair business

b. Interest paid on his home mortgage, $7,300.Personal expenses

c. Power jack hoist purchased at a cost of $12,000. Repair business

d. Electricity bills, $3,600. (Ed does not have separate electricity service to the garage.)Personal expenses

e. Checks received from customers that were returned by his bank, $1,600. Repair business

The bank charged Ed’s account $35 for processing the bad checks.Repair business

f. Telephone bill for phone in the garage, $420. (Ed has a separately listed phone in his house.)Repair business

g. Advertising in the local newspaper, $800.Repair business

h.Interest paid on home furniture loan, $600.Personal expenses

Explanation:

Under the entity concept, Ed must segregate the income and expenses associated with his auto repair business from those that are personal. The importance of this segregation is that all trade or business expenses are deductible for adjusted gross income, while most personal expenditures are not deductible.

c

7 0

3 years ago

Conditions of confinement lawsuits often allege what?

sergeinik [125]

They allege that officials have deprived inmates of their constitutional rights

8 0

3 years ago