1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
Proposed by Richard Hackman and Greg Oldham, _________ states that work has five core dimensions that impact employee satisfacti
jok3333 [9.3K]

According to Richard Hackman and Greg Oldham, Job characteristics explain the effects of five core dimensions of employee satisfaction.  

Explanation:

The research work of Richard Hackman and Greg Oldham mainly relates to the nature of the work with the objective of the working goals to fulfill until it reaches its saturating point. It can be only accomplished only with the mentioned features of the labor like types of skills, the importance of the task, choosing the apt task, self-governance, and the review of the overall performance of the work.

The features of the work are collectively referred to as job characteristics. It will have a positive effect unless the above-mentioned features of the labor are utilized in a proper mix to ensure full employee satisfaction.

4 0
3 years ago
In the Month of March, Digby received orders of 104 units at a price of $15.00 for their product Dell. Digby uses the accrual me
Ilia_Sergeevich [38]

Answer:

$1,560 and $0

Explanation:

According to the accrual method of accounting, the revenue should be recognized when it is realized or when the sale is made not when the cash is received

Since Digby delivers 104 units in April

So for the March income statement, the amount is

= 104 units × $15

= $1,560

And, for the April income statement, it would be zero as the total units order received in March only

6 0
3 years ago
Bradley snapp has deposited $7,000 in a guaranteed investment account with a promised rate of 6% compounded annually. he plans t
allsm [11]
P = $7,000, principal
r = 6% = 0.06, rate
n = 1, compounding interval
t = 4 years

Calculate the value after 4 years.
A = 7000*(1 + 0.06)⁴
   = $8,837.34

Answer: d. $8,837.34
5 0
3 years ago
If the sender in a nonpersonal, paid promotion is identified, we define it as advertising. if the sender is not readily identifi
Ronch [10]
If the sender is not readily identified, we label it propaganda.
Usually, propaganda is used to advertise political causes, and to persuade you into believing that particular promotion. They want you to join them, and to follow their leader, which is why they are promoting their own causes, whilst not identifying themselves. 
4 0
3 years ago
During a period, an RV company purchased three vehicles for $33,000, $46,000, and $24,000, and sold two of them for $125,000. Us
Georgia [21]

Answer: $68,000

Explanation:

If the inventory that remains is the $46,000 then that means that the cars costing $33,000 and $24,000 have been sold.

With specific identification, the actual prices of the stock are used so the cost of goods sold is:

= 24,000 + 33,000

= $57,000

The gross profit is therefore:

= Sales - Cost of goods sold

= 125,000 - 57,000

= $68,000

7 0
2 years ago
Other questions:
  • In order for tqm to be successful, it is essential that most of the organization be _________.
    9·1 answer
  • Refer to the original data. assume that the company sold 18,000 units last year. the sales manager is convinced that a 10% reduc
    6·1 answer
  • This is a growth strategy with a goal to take customers away from competitors.
    13·1 answer
  • Identify the statement about NGOs that is false.
    15·1 answer
  • Q 5.28: Amanda Accountant works for a company that distributes birdseed. While walking through the plant, she notices birdseed s
    6·1 answer
  • PLEASE! I need help :): will mark brainliest! Describe Sinek's Golden Circle. What does he use this for? Sinek argues that "peop
    6·1 answer
  • Suppose the u.s. house of representatives is debating a bill to fund construction and maintenance for the nation's highway syste
    5·1 answer
  • Howrley-David, Inc., manufactures two models of motorcycles: the Fatboy and the Screamer. Both models are assembled in the same
    10·1 answer
  • The Sisyphean Company's common stock is currently trading for $25.50 per share. The stock is expected to pay a $2.80 dividend at
    12·1 answer
  • Spring Airlines is a small budget airline that is based in China. The company has a strict rule against passengers bringing any
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!