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Vlada [557]
3 years ago
11

Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 8,888. The

FICA tax for social security is 6.2% of the first $128,400 of employee earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,474.77. Her net pay for the month is:_________
a. $7161.43
b. $6185.67
c. $6,566.00
d $6.61967
e. $5116.13
Business
2 answers:
slavikrds [6]3 years ago
6 0

Answer:

$6736.4

Explanations:

Net pay is the amount of money that is taken home by employees after all deductions have been deducted from gross pay, can be calculated using the formula below;

Net Pay = Gross Pay − Federal Income Tax − FICA-SS Tax − FICA-Medicare Tax

Net Pay = $8,888 − $1,474.77 − $547.96 − $128.87

= $6,736.4

FICA-SS Tax= $8,888 × 0.062 = $551.056

FICA-Medicare Tax =$8,888 × 0.0145 = $128.876

Marina86 [1]3 years ago
6 0

Answer:

$6,733.298

Explanation:

Net Pay = Gross Pay - Federal Income Tax - FICA-SS Tax - FICA-Medicare Tax

Gross pay $8,888.00

Less: Federal Income Tax $1,474.77

FICA-SS Tax (6.2%×$8,888) $551.056

FICA-Medicare Tax (1.45%×$8,888) $128.876

Net Pay ($2154.702-$8,888) $6,733.298

Therefore her net pay for the month is:$6,733.298

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Recording Transactions Using Journal Entries and T-Accounts Receive $40,000 cash in exchange for common stock. Purchase $4,000 o
Paladinen [302]

Answer:

a. See the explanation below for the journal entries.

b. each of the following accounts have an ending balance (in red color) after the recording as follows:

Cash, $27,000;

Common stock, $40,000;

Accounts payable, $4,000;

Accounts receivable, $3,000;

Equipment, $10,000.

However, each of the other accounts will have a zero ending balance.

Explanation:

a. Recording Transactions Using Journal Entries

The journal entries will look as follows:

<u>Accounts Name                               Dr ($)                 Cr ($)    </u>

Cash                                               40,000

Common stock                                                         40,000

<em><u>(To record cash receipts for common stock.)                          </u></em>

Inventory                                           4,000

Accounts payable                                                      4,000

<em><u>(To record inventory purchase.)                                               </u></em>

Account receivable                          6,000

Sales                                                                           6,000

<em><u>(To record credit sales.)                                                            </u></em>

Cost of sales                                     4,000

Inventory                                                                     4,000

<em><u>(To record cost of sales.)                                                             </u></em>

Cash                                                  3,000

Account receivable                                                    3,000

<u><em>(To cash collected from credit sales.)                                        </em></u>

Equipment                                       10,000

Note payable                                                            10,000

<em><u>(To record purchase of equipment by issuing note.)                </u></em>

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Cash                                                                            2,000

<em><u>(To record wages paid in cash.)                                                 </u></em>

Note payable                                   10,000

Cash                                                                            10,000

<em><u>(To record note due paid.)                                                           </u></em>

Dividend                                            4,000

Cash                                                                             4,000

<em><u>(To record cash dividend paid.)                                                   </u></em>

b. Recording Transactions Using T-Accounts

Note: See the attached excel file for the  T-Accounts.

From the attached excel file, each of the following accounts have an ending balance (in red color) after the recording as follows:

Cash, $27,000;

Common stock, $40,000;

Accounts payable, $4,000;

Accounts receivable, $3,000;

Equipment, $10,000.

However, each of the other accounts will have a no or zero ending balance.

Download xlsx
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Answer:

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Dividend yield 4.55%

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Answer:

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