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Alexxandr [17]
2 years ago
11

An employee receives an hourly wage rate of $16, with time and a half for all hours worked in excess of 40 hours during a week.

Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $360; social security tax rate, 6.0%; and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid to the employee? Select the correct answer. $1,053 $365 $784 $1,045
Business
1 answer:
kondaur [170]2 years ago
8 0

Answer:

$365

Explanation:

The calculation of net amount to be paid to the employee is shown below:-

Net pay = (40 × $16) + (6 × $16 × 1.5)

= $640 + 144

= $784

Net amount to be paid to the employee = Net pay - Social security tax - Medicare - Federal income tax withheld

= $784 - ($784 × 6%) - ($784 × 1.5%) - $360

= $784 - $47.04 - $11.76 - $360

= $365.2

or

= $365

So, for computing the net amount to be paid to the employee we simply applied the above formula.

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which of the following entries records the adjustment for revenue earned, but not yet collected? multiple choice debit accounts
Yanka [14]

various options Debit receivables from customers, credit sales. Accounts Receivable is debited and Sales Revenue is credited. Sales revenue is debited and deferred revenue is credit. Debit receivables and credit deferred revenue are the two balances.

<h3> What are debit and credit?</h3>

An accounting entry that decreases an asset or cost account is known as a debit. or reduces an equity or liability account. In an accounting entry, it is placed on the left. An accounting item known as a credit raises a liability or equity account's balance. or lowers an account for an asset or expense.

The money that is placed into your checking account is a credit to the bank even if it is a debit to you (an increase in your asset) because it is not their money. It is your money, and the bank owes it to you, so it is a liability on their books. A credit is an increase in a liability account.

Explain debit and credit with an example:

Debit what comes in, credit what leaves, first. Second, credit all gains and revenue while debiting all expenses. Thirdly, debit the sender and credit the recipient.

<h3>Can you credit revenue and debit accounts receivable?</h3>

An accounts receivable transaction in journal entry form debits accounts receivable and credits a revenue account. Credit accounts receivable (to eliminate the receivable) and debit cash (to show that you have been paid) when your customer pays their invoice.

Debit or Credit Account: As a business owner, your equity grows as a result of your revenue. Revenues must be reported as credits rather than debits because your equity typically has a credit balance.

Revenue from sales is it an accounts receivable?

When a business sells anything, it reports the revenue from the transaction on its income statement. They list the amount owed as accounts receivable on their balance sheet if the consumer hasn't yet paid them for the purchase. The amount indicated on the income statement is offset by accounts receivable.

To know more about Debit or Credit , visit:

brainly.com/question/12269231

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7 0
1 year ago
Environmental factors that can directly affect your business​
marysya [2.9K]

Answer:

Examples of environmental factors affecting business include:

Climate.

Climate change.

Weather.

Pollution.

Availability of non-renewable goods.

Explanation:

Hope it helps

4 0
3 years ago
Calloway department store buys jackets for $19.75 each and sells them for $37.88 each. what is the markup rate based on cost?
Svet_ta [14]

Answer : The markup rate based on cost is 91.79747%.

We have

Selling price per jacket = $37.88

Cost per jacket = $19.75

Markup rate =[\frac{Selling Price - Cost}{Cost}] * 100

Substituting the values in the formula above we get,

Markup rate = [\frac{37.88-19.75}{19.75}] *100

Markup rate = [\frac{18.13}{19.75}] *100

Markup rate = 91.79746835%

8 0
3 years ago
Rodarta Corporation applies manufacturing overhead to products on the basis of standard machine-hours. The company's predetermin
marta [7]

Answer:

$357 Unfavorable

Explanation:

Fixed manufacturing overhead volume variance identifies the amount by which actual production differs from budgeted production.

<em>Fixed manufacturing overhead volume variance = Actual Output at Budgeted rate - Budgeted Fixed Overheads</em>

                                                                  = (5,230 × $5.10) - ($5.10 × 5,300)

                                                                   = $26,673 - $27,030

                                                                   = $357 Unfavorable

7 0
3 years ago
What is the acronym for this
laiz [17]

The acronym for the formula to find the inflation rate, [(New Price - Original Price)/Original Price] (100) is <u>B. NOO</u>.

<h3>What is the inflation rate?</h3>

The inflation rate is the rate of increase in prices from one period of time to the next.

In the United States, the Consumer Price Index (CPI) is often used to gauge inflation.

Thus, the acronym for the formula to find the inflation rate, [(New Price - Original Price)/Original Price] (100) is <u>B. NOO</u>.

Learn more about inflation at brainly.com/question/1082634

5 0
2 years ago
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