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otez555 [7]
3 years ago
12

Mike Samson is a college football coach making a base salary of $646,800 a year ($53,900 per month). Employers are required to w

ithhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the FICA base amount is $128,400.
Requried:
a. Compute how much will be withheld during the year for Coach Samson's Social Security and Medicare. Through what month will Social Security be withheld?
b. What additional amount will the employer need to contribute?
Business
1 answer:
bazaltina [42]3 years ago
7 0

Answer:

Social Security Amount = $7,960.8

Medicare Amount = $9,378.6

Additional amount (FICA taxes) to contribute = $17,339.4

Explanation:

Given:

Base salary = $646,800.

Required to withhold = 6.2% Social Security tax

Medicare tax = 1.45%  

FICA base amount = $128,400.

Computation:

Social Security Amount = (FICA base amount)  × Social Security tax

Social Security Amount = $128,400 × 6.2%

Social Security Amount = $7,960.8

Medicare Amount = Base salary × Medicare tax

Medicare Amount = $646,800 × 1.45%

Medicare Amount = $9,378.6

Additional amount (FICA taxes) to contribute = $7,960.8 + $9,378.6

Additional amount (FICA taxes) to contribute = $17,339.4

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Barclay Enterprises manufactures and sells three distinct styles of bicycles: the Youth model sells for $440 and has a unit cont
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Answer:

$21,370

Explanation:

A composite unit is a set of different products grouped together in proportion to their sales mix. The unit is a basis for grouping products from different segments of an entity together with the aim of managing inventory levels, break even points, and sales.

The selling price of the composite unit can be calculated as follows:

||Bicycle model |No. of bicycles |Unit selling price |Total per composite unit

|Youth models| 5                         | 440                     |   2,200

|Adult models|   9                        | 990                     |   8,910

|Recreational models| 6              | 1,140                    |  <u>10,260</u>

                Selling price per composite unit               <u>21,370</u>

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3 years ago
Which employees should be aware of how to turn off power to a shop in an emergency?
Vinil7 [7]

Answer:

Last one.

Explanation:

All the workers should know how to turn off the power in an emergency. Just in case there isn't one, there is the other.

5 0
2 years ago
A former employee of your firm was dismissed when it was suspected that she had stolen from the petty cash account. It could not
Flura [38]

Answer:

I would reccomend her, but I would tell the other company to be careful. She may not have been proven guilty, but it doesn not mean that she did not do it. Now, it is all up to the company to make the choice.

Explanation:

5 0
3 years ago
The basic laws of forecasting help to avoid misapplication or misrepresentation of forecast results.
Zigmanuir [339]

Answer:

Law 2

Explanation:

In probability. As bigger the group we are trying to predict , the higher probability to be more accurate

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3 years ago
This information relates to Sage Hill Co.
fiasKO [112]

The preparation of the journal entries to record the transactions of Sage Hill Co. are as follows:

<h3>Journal Entries:</h3>

April 5 Debit Inventory $27,900

Credit Accounts Payable (Oriole Company) $27,900

Credit terms 4/10, n/30.

April 6, Debit Freight-in $520

Credit Cash $520

April 7, Debit Equipment $32,700

Credit Accounts Payable $32,700

April 8, Debit Accounts Payable (Oriole Company) $4,800

Credit Inventory $4,800

April 15, Debit Accounts Payable (Oriole Company) $23,100

Credit Cash $22,176

Credit Cash Discounts $924

<h3>Transaction Analysis:</h3>

April 5 Inventory $27,900 Accounts Payable (Oriole Company) $27,900

Credit terms 4/10, n/30.

April 6, Freight-in $520 Cash $520

April 7, Equipment $32,700 Accounts Payable $32,700

April 8, Accounts Payable (Oriole Company) $4,800 Inventory $4,800

April 15, Accounts Payable (Oriole Company) $23,100 Cash $22,176 Cash Discounts $924

Learn more about recording transactions at brainly.com/question/24835236

3 0
2 years ago
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