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docker41 [41]
3 years ago
8

The chief executive officer earns $20,000 per month. as of may 31, her gross pay was $100,000. the tax rate for social security

is 6.2% of the first $118,500 earned each calendar year and the fica tax rate for medicare is 1.45% of all earnings. the current futa tax rate is 0.6%, and the suta tax rate is 5.4%. both unemployment taxes are applied to the first $7,000 of an employee's pay. what is the amount of fica-social security withheld from this employee for the month of june?
Business
2 answers:
omeli [17]3 years ago
5 0

The total is $1,437.

Before June she had already paid social security on $100,000 in earnings. So, in June she only needs to pay social security on $18,500.

$18,500 x .062 = $1,147

She pays Medicare on all of June’s earnings = $20,000 x .0145 = $290

The total amount of FICA -social security withheld from this employee in June is $290 + $1,147 = $1,437

Vilka [71]3 years ago
5 0

Answer:

total amount of social security that witheld is = $ 1147

Explanation:

Given data:

income of chief officer is $20,000

gross pay of officer is $100,000

tax rate of 6.2%  on first $118,500

FICA tax rate of 1.45% on all earning

current futa tax rate 0.6%

suta tax rate 5.4%

total amount of social security that witheld is calculated as below

= (118,500 - 100,000) \times \frac{6.2}{100}

total amount of social security that witheld is = $ 1147

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The markets for prostitution in Nevada and New Jersey have two important differences: 1) prostitutes in New Jersey face higher c
natima [27]

Answer:

Given these facts, which state would you expect the price of prostitution services to be higher? Why?

  • Since the risks associated to prostitution are higher in New Jersey, we could assume that the price for these services will be higher there. The supply curve of prostitution shift to the left, increasing the price and decreasing the quantity.

Which state would have the higher amount of services consumed (adjusted for population differences)? Why? What are the underlying economic issues of this market?

  • Since the price is higher in New Jersey, the quantity demanded will be lower. Also, the risks associated to consuming the service will shift the demand curve to the left, reducing the quantity.

7 0
3 years ago
__________ is a contra asset account representing the amount of accounts receivable that we do not expect to collect.
maw [93]

Answer:

Allowance for uncollectible accounts

Explanation:

This account is a contra asset account which says that the account receivable amount is not collected in near future

It is shown in the asset side of the balance sheet

Assets side

Current Assets

Accounts receivable                           XXXXX

Less: Allowance for doubtful debts   (XXXXX)

Net accounts receivable                       XXXXX

It is an estimated amount which is not to be paid by the customer in respect to goods delivered to them

The journal entry would be

Bad debt expense A/c Dr XXXXX

     To Allowance for uncollectible accounts A/c XXXXX

(Being the uncollected amount is recorded)

6 0
3 years ago
A company's chart of accounts is: a detailed list of the accounts that make up the five financial statement elements. the set of
polet [3.4K]

Answer:

A detailed list of the accounts that make up the five financial statement elements.

Explanation:

The company's chart of accounts is the listing of all the accounts that the company has included as part of the five financial statement elements during a specific period of time.

The five financial statement elements are: assets, liabilities, equity (part of the balance sheet), expenses and revenues (part of the income statement).

Examples of accounts that can be part of a firm's chart of accounts are: land (asset), cash (asset), notes payable (liabilities), outstanding stock (equity), operating expenses (expenses), and sales revenue (revenues).

The chart of accounts can differ greatly from company to company simply because companies engage in vastly different economic activities.

8 0
3 years ago
If you wish to accumulate $125,000 in 7 years, how much must you deposit today in an account that pays a quoted annual interest
elixir [45]

Answer:

You need to deposit $58,481.53 today.

Explanation:

a) Data and Calculations:

Future value expected = $125,000

Period of investment = 7 years

Interest rate = 11% compounded quarterly

The amount of deposit needed today to earn $125,000 in 7 years at annual interest rate of 11% is calculated as follows:

N (# of periods)  28

I/Y (Interest per year)  11

PMT (Periodic Payment)  0

FV (Future Value)  125000

Results

PV = $58,481.53

Total Interest $66,518.47

7 0
3 years ago
How is the price elasticity of demand​ measured? A. by multiplying the percentage change in the​ product's price by the percenta
Lapatulllka [165]

Answer:

How is the price elasticity of demand​ measured?

c. by dividing the percentage change in the quantity demanded of a product by the percentage change in the product's price

Explanation:

Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price when nothing but the price changes. More precisely, it gives the percentage change in quantity demanded in response to a one percent change in price.

8 0
3 years ago
Read 2 more answers
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