John Jansen, an employee of Redwood Company, had gross earnings for the month of May of $4,000, FICA taxes are 8% of gross earni
1 answer:
Answer:
The correct answer is B) 2,880
Step I - Ascertain All Pre Tax Deductions
<em>Deduction 1 - Voluntary Deduction</em>
This is given as $5. This is the only pretax deduction given.
To obtain John Jansens net pay, first we need to establish all the other deductions.
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<em>Deduction 2 - FICA Taxes</em>.
FICA means “Federal Insurance Contributions Act.” FICA tax is mandatorily deducted from workers' paychecks to pay for the Social Security retirements and Medicare (Hospital Insurance) benefits for elderly Americans.
FICA Tax = 8% of Gros Earnings
Therefore FICA Tax =
FICA Tax = $319.60
<em>Deduction 3 - Federal Income Tax</em>
This has already been given as $ 675
<em>Deduction 4 - State Income Tax</em>
This is given as 3% of gross earnings.
That is 3995 x (3/100) or
=
= $119.85
Step 2 - To calculate the net pay, we need to seperate pre-tax deductions from after tax deductions.
The only pre tax item we have on the list is deduction 1 which is Voluntary deduction of $5.
Therefore Net Pay for John Jansen is ((Gross Pay Less Pretax Deductions) - Sum of other Taxes)
= [($4000 - $5) - ($319.60+$675+$119.85)
=$3,995 - $1,114.45
= $2,880.55 or $2 880 approximately.
Cheers!
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Answer:
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Explanation:
- these lighting are used to highlight specific areas of the store or specific offerings.
- they make products pop up and show their importance to shoppers
- some common examples are wall sconces, track lights and recessed lights.
- generally they are used within shelves, nook displays, and on display walls
- I have also attached a picture of footwear retail store for reference.
Answer:
The correct answer is option C.
Explanation:
Italy and Sweden both produce jeans and stained glass.
Italy's opportunity cost of producing a pane of stained glass
= 4 pairs of jeans
Sweden's opportunity cost of producing a pane of stained glass
= 10 pairs of jeans
Since Italy has a lower opportunity cost of producing glass, so we can say that it has a comparative advantage in the production of glass.
Italy's opportunity cost of producing a pair of jeans
=
= 0.25
Sweden's opportunity cost of producing a pair of jeans
=
= 0.1
Sweden has a lower opportunity cost in the production of jeans, so it has a comparative advantage in the production of jeans.
So, Italy will produce and export glass and Sweden will produce and export jeans.
Both the countries will gain from trade if the trade price lies between their opportunity cost.
So the trade price will be 8 pairs of jeans per pane of stained glass.