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
svlad2 [7]
4 years ago
9

Redford's salary was $123,000 in 2019. What would his total combined FICA tax (OASDI & Medicare) withheld from his salary be

for the year?
Business
1 answer:
Readme [11.4K]4 years ago
3 0

Answer:

$9,409.50

Explanation:

Calculation for the total combined FICA tax (OASDI & Medicare) withheld from Redford's salary for the year

For the year 2019 the total FICA tax rate is 7.65%

Which are :

OASDI tax = 6.2%

+ Medicare tax =1.45%

Now let calculated the amount of OASDI tax for Redford's salary

Using this formula

OASDI tax =Salary ×OASDI tax rate

Let plug in the formula

OASDI tax =$123,000×6.2%

OASDI tax =$7,626

Let let calculated the amount of the Medicare tax for Redford's salary

Using this formula

Medicare tax =Salary ×Medicare tax rate

Let plug in the formula

Medicare tax=$123,000*1.45%

Medicare tax=$1,783.50

Total combined FICA tax

OASDI tax =$7,626

Medicare tax=$1,783.50

Total=$9,409.50

Therefore what the total combined FICA tax (OASDI & Medicare) withheld from his salary will be for the year is $9,409.50

You might be interested in
Jeff believes in the principle of rights theory and uses it to make ethical decisions for his business. He must decide whether t
Anika [276]

Answer:

D. How his decision will affect the rights of his employees, his consumers, and others.

3 0
3 years ago
Calculate Payroll An employee earns $44 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume th
Ket [755]

Answer:

The correct answer for option (a) is $3,080 and for option (b) is $2,141.

Explanation:

(a). Current pay = $44

After 40 hours, Pay = $44 × 1.5 = $66

So, we can calculate the gross pay by using following formula:

Gross pay = (40 hours × $44 ) + (20 hours × $66)

= $1,760 + $1,320

= $3,080

(b).

Security Tax = Gross pay × 6% =  $3,080 × 6% = $184.8

Medicare Tax = Gross pay × 1.5% =  $3,080 × 1.5% = $46.2

Federal Income Tax = $708

So, we can calculate the net pay by using following formula:

Net Pay = $3,080 - $184.8 - $46.2 - $708

= $2,141

3 0
3 years ago
An investor buys a 10-year, 7% coupon bond for $1,050, holds it for 1 year, and then sells it for $1,040. What was the investor'
kirza4 [7]

Answer:

The answer is 5.71%

Explanation:

Solution

Given that

Coupon rate = 7%

Bond = $1050

Sale of the bond = $1040

n = 10 years, n = 1 year

Now we find the investor's rate of return

Thus

Coupon payment = 7%* 1000

=70

1050 = 70/(1+r) + $1,040/(1+r)

r= 5.71%

Therefore the rate of return of the investor is 5.71%

or

Rate of return = (P1-P0+ Interest ) /P0

= (1040 -1050 + 70 )/1050

= .0571 or 5.71%

6 0
4 years ago
Which account summarizes international asset transactions having to do with international purchases and sales of real assets?
tatuchka [14]

Answer:

The  <u>financial </u>account summarizes international asset transactions having to do with the international purchases and sales of real assets

5 0
2 years ago
Which key factors impact whether budding entrepreneurs around the world can start and own a business
Leno4ka [110]

Explanation:

There are several barriers to entry in a market that can hinder the creation of a new business, the ones that most impact new entrepreneurs are the financial, technical and structural barriers.

There is the configuration of a monopoly market where there is a single company that controls the market and resources, influencing prices and hindering new entrants.

There are also capital difficulties, where the cost of opening and maintaining a business makes it difficult for new entrepreneurs to enter the market in the long term in a competitive manner with larger companies, for example.

And there are also technical barriers, which can be understood as the lack of specific knowledge for a particular business operation.

7 0
3 years ago
Other questions:
  • Which of the following prices is most elastic?
    5·1 answer
  • The Federal Reserve decides that it wants to permanently reduce the inflation rate to 5 percent. To do​ this, the Fed would use_
    15·1 answer
  • For each form of private spending, indicate whether it represents consumption or investment.
    15·1 answer
  • If you put $700 in a savings account at an interest rate of 3 percent, how much money will you have in one year?
    9·1 answer
  • William Corporation has a contract with the labor union which guarantees its workers pay for at least 40,000 hours every quarter
    8·1 answer
  • 2. Which of the following is not an accurate statement as concerns competing in the markets of foreign countries? A. A multi-cou
    14·1 answer
  • Why does a more participative management style ("tipping the pyramid over") lead to greater responsiveness to customers’ needs,
    13·2 answers
  • How does better equipment affect Labour productivity
    8·1 answer
  • Fama’s Llamas has a weighted average cost of capital of 9.4 percent. The company’s cost of equity is 13 percent, and its pretax
    12·1 answer
  • Suppose you bought a gm corporate bond on january 25, 2001 for $750, on january 25, 2004 sold it for $650.00. what was your annu
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!