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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 Elmo Company purchased equipment on January 1, Year 1 at a cost of $26,000. The equipment was estimated to last for 8 years
Grace [21]

Answer:

The Elmo Company

a. The amount of the depreciation expense recorded in year 1 = $3,000

b. The amount of the depreciation expense recorded in year 6 = $1,500

Explanation:

a) Data and Calculations:

Cost of equipment on January 1, Year 1 = $26,000

Estimated useful life = 8 years

Salvage value = $2,000

Depreciable amount = $24,000 ($26,000 - 2,000)

Annual depreciation expense = $3,000 ($24,000/8)

Accumulated depreciation after 5 years = $15,000 ($3,000 * 5)

Net book value after 5 years = $11,000

Sixth year appraisals:

Remaining useful life = 6 years

Salvage value = unchanged at $2,000

Depreciable value = $9,000 ($11,000 - 2,000)

Annual depreciation expense = $1,500 ($9,000/6)

3 0
2 years ago
The price of a certain property increased by 10% in the first year, decreased by 20% in the second year, and increased by 25% in
Fynjy0 [20]

Answer:

Let suppose the value of property is 100 dollars currently.

The price of a certain property increased by 10% in the first year, means the value of property at this point is (100 *1.1) 110 dollars.

In the second year the value of property decreases by 20% mean the value of property at this point is (110*0.80) 88 dollars, that is 80% of previous value determine.

In the third year the value of property increases by 25% mean the value of property at this point is (88*1.25) 110 dollars that is 25% more than previous value determine.

So in second year the value in dollars is 88 dollars.

3 0
3 years ago
Mountain Dental Services is a specialized dental practice whose only service is filling cavities. Mountain has recorded the foll
Ivenika [448]

Answer:

Instructions are listed below

Explanation:

Giving the following information:

The high-low method involves taking the highest level of activity and the lowest level of activity and comparing the total costs at each level.

Mountain has recorded the following for the past nine months:

January:

Number of Cavities= 375

Total cost= $5,300

February:

Number of Cavities  500

TC= 5,850

March

Number of Cavities 350

TC= 5,200

April

Number of Cavities 600

TC=6,250

May

Number of Cavities 325

TC= 5,150

June

Number of Cavities 475

TC= 5,700

July

Number of Cavities 525

TC= 6,100

August

Number of Cavities  575

TC= 6,300

September

Number of Cavities  450

TC= 5,550

A) Variable cost= (Highest activity cost - lowest activity cost) / (Highest activity units - lowest activity units)

Variable cost= (6300 - 5150) / (600 - 325)= 4.18 per unit

Fixed cost= HACost - (variable cost per unit * HAUnits)= 6300 - (4.18*600)= 3792

Fixed cost= LACost - (variable cost per unit* LAUnits)= 5150 - (4.18*325)= 3792

B)  Q= 400

Total cost= 3792 + 4.18*400= $5464

8 0
3 years ago
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Answer:

franchisor; franchisee

Explanation:

Franchising is the system for the expanding business and distributing the goods and the services to meet the higher demand.

Franchisor is the big name and big company or business which offers small business for franchising in order to gain profits and expanding business.

Franchisee is small business owner who has purchased right to use existing business's trademarks and then uphold same standards as first business.

Hence, in the given case, Dog N' Cat is the <u>franchisor</u> and you are the <u>franchisee</u>.

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3 years ago
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