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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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Suppose a three-person comittee is formed for a culb by drawing names out of a hat. If the expected number of women is 2 and the
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Answer: 20 women

Explanation:

Making the total number of women in the club 'x', we can then do the following,

Total Number of Names in Hat, N

N = x + 10 ( total number of men)

therefore total number of names in the hat N=x+10

We need to select 3 people so sample size = 3

Using the Hypergeometric Distribution then we can then use the formula,

Expected number of women on the Committee = k * n / N

Where k is the total number

2 = x * 3 / (x + 10)

2 = 3x/(x +10)

3x = 2x +20

x = 20

There are 20 women in the club.

8 0
3 years ago
A(n) ____________ portfolio maximizes return for a given level of risk, or minimizes risk for a given level of return.
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An efficient portfolio maximizes return for a given level of risk or minimizes risk for a given level of return.

Having an efficient portfolio when preparing a financial planning is undeniably important as this helps you in your decision-making; whether you engage in something while knowing the specific risk of doing that certain action.

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3 years ago
Zen Co. sells a copier machine for $2,000. The copier cost Zen $6,000 and at the time of sale, accumulated depreciation was $2,5
Alenkinab [10]

Answer:

The correct option is: Debit to Loss on Disposal of Machinery for $1,500.

Explanation:

As at the time of sale, the net book value (cost - accumulated depreciation) of the copier machine was $3,500 ($6,000 - $2,500). Then, the proceed from sale is $2,000. The full accounting entries to record the transaction will be:

Debit Accumulated depreciation                          $2,500

Debit Cash (sales proceed)                                   $2,000

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8 0
3 years ago
Rad, a manufacturer of luxury watches, charges a higher price for its products than its competitors. Despite the high prices, th
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More-for-more

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Answer:

The Correct Options are "1" and "3"

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6 0
2 years ago
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