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Anna [14]
3 years ago
13

Phildell Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,288. The FICA tax rate f

or social security is 6.2% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $1,375.17. What is the total amount of taxes withheld from the Phoenix's earnings?Select one:a. $3,097.17b. $2,443.21c. $2,009.21d. $1,722.00e. $1,495.36
Business
1 answer:
AysviL [449]3 years ago
3 0

Answer:

Total deduction                               2,443.21

Explanation:

8,288

x 6.20% Sccial Security                      513.856

x 1.45% Medicate                                120.176

x 6.20% FUTA&SUTA  (for 7,000)       434              

Income tax witheld                           1,375.17

Total deduction                               2,443.21

We will multiply his taxable wages for period by the tax rate.

We must noticew FUTA and SUTA applies fdor the first 7,000 only so we multiply by 7,000 not by 8,288

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Suppose you borrow $10,000 right now to start a business. If the terms of the loan require you to pay back $16,000 in 5 years, w
Alexxandr [17]

Answer:

r = 9.86%

Explanation:

The formula for calculating the future value of an invested amount yielding a compound interest is given by:

FV=PV(1+\frac{r}{n})^{nt}

where:

FV = future value = $16,000

PV = present value = $10,000

r = interest rate = ?

n = number of compounding period per year = 1

t = time in years = 5

∴ 16000=10000(1+\frac{r}{1})^{5}

dividing both sides by 10,000

\frac{16000}{10000} =\frac{10000(1+\frac{r}{1})^{5}}{10000}

1.6 = (1 + r)^{5}

to remove the power of 5, we have to take the 5th root of both sides:

(1.6)^{1/5} = (1 + r )^{5 * 1/5}

Using your calculator:

1.09856 = 1 + r

∴ r = 1.09856 - 1 = 0.09856

r = 0.0986 = 9.86%

∴ r = 9.86%

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3 years ago
Modern machinery encouraged businesses to move out of homes and workshops to factories. True False
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False....Get a A lol your welcome
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3 0
3 years ago
The Endangered Species Act, passed by Congress nearly four decades ago, has spawned a continuous series of debates between those
WINSTONCH [101]

Answer:

anthropocentrists and ecocentrists

Explanation:

Ecocentrism exposes a love towards nature as a total abstract being; It is related to the Gaia hypotheses. Unlike anthropocentrism, that sensocentrism and that biocentrism, ecocentrism is concerned with preserving ecosystems and species, not preserving the lives of specific individuals.

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8 0
3 years ago
Brad's Diner is expanding and expects operating cash flows of $32,000 a year for 4 years as a result. This expansion requires $3
lawyer [7]

Answer: $57,101.73

Explanation:

First find the present value of the cash inflows. The $32,000 is a constant payment so is an annuity. The net working capital will be realized at the end of the project as well.

Present value of cash inflows = (32,000 * Present value interest factor of an annuity, 4 years, 12%) + 3,000/ (1 + 12%)⁴

= (32,000 * 3.0373) + 1,906.55

= ‭$99,101.73

NPV = Present value of inflows - Outflows

= ‭99,100.15‬ - (39,000 + 3,000)

= $57,101.73

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