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tigry1 [53]
3 years ago
11

John worked 43 hours last week. His hourly rate is $9.00. He has the following deductions taken from his pay: Social Security ta

x at the rate of 6.2 percent, Medicare tax at the rate of 1.45 percent, health insurance premiums of $15.00, and 401(k) contributions of 5 percent of gross pay. John also has federal income tax withheld at the rate of 10 percent. Federal taxes do not apply to the 401(k) contribution. John’s net pay for last week was what? Please keep keep in mind the overtime hours beginning at 40 and overtime rate being 1.5 times more than usual pay.
Business
1 answer:
DochEvi [55]3 years ago
4 0

Net pay is calculated by subtracting deductions from Net Pay.

In this case:

Gross Pay is 40 hours X $9/hr (regular pay) PLUS 3 hours X (13.50 -- 1.5 times the normal pay) for overtime

Once you have Gross Pay, you multiply that by the percentages given for the deductions and subtract that total from Gross Pay.

One note, in this case, federal taxes are not withheld from the amount given to 401(k). So to figure the taxes you would:

(Gross Pay - 401(K) contribution) X 10%

Gross Pay - deductions = net pay

You might be interested in
The following data were taken from the records of Township Corporation at December 31 of the current year: Sales revenue $ 90,00
wlad13 [49]

Answer:

Administrative expense = $17,500

Explanation:

Administrative expense is classified as operating expense. It will be deducted from the gross profit to calculate the Pretax Income.

Sales revenue                            $90,000

Gross profit                                 $37,000

Selling (distribution) expense   ($5,700)

* Administrative expense        ($17,500)

Pretax income                            $13,800

Income tax rate 35%                 ($4,830)

After Tax Income                        $8,970

Shares of stock outstanding 2,800

Pretax income is calculated as follow

Pretax Income = Gross profit - Selling (distribution) expense - Administrative expense

$13,800 = $37,000 - $5,700 - Administrative expense

$13,800 = $31,300 - Administrative expense

Administrative expense = $31,300 - $13,800

Administrative expense = $17,500

4 0
3 years ago
Attorneys Arianna and Alexander share an office that has a sign reading: "A & A, a law firm." Their billing invoices have bo
Mamont248 [21]

Answer: Both Arianna and Alexander

Explanation: This is a general partnership. In a general partnership, all partners are personally liable for all business debts. They do not need to have any agreement to be partners or register their partnership formally to enter into a general partnership. The fact that they share an office, have a joint sign and an account is sufficient to establish this form of partnership.

Also, in a general partnership, each partner is held severally liable, that is if  one of them is liable to pay a business debt and cannot afford to pay, the other partner has to.

5 0
3 years ago
When consumers and businesses have greater confidence that they will be able to repay in the future, _______________________. Qu
Viefleur [7K]

When consumers and businesses have greater confidence that they will be able to repay in the future, <u>the quantity demanded of financial capital at any given interest rate will shift to the right.</u>

6 0
3 years ago
Division X makes a part with the following characteristics:
rodikova [14]

Answer:

If Division X refuses to accept the $19 price internally and Division Y continues to buy from the outside supplier, the company as a whole will be:_________.

c. worse off by $28,600 each period.

Explanation:

The $28,600 loss the company incurs is from the lost contribution that Division Y's purchase of Division X's parts could have brought to the company if it buys parts inhouse.  This is calculated as follows:

Division X's variable cost per unit = $17

Division X's selling price to outside customers = $23

Division Y's offered buying price = $19

The contribution = $2 ($19 - $17)

7 0
3 years ago
Sanford Co. sells $500,000 of 10% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the
Triss [41]

Answer:

ATTACHED file with the bonds schedule

Explanation:

First, we solve for the proceed from the issuance:

PV of the coupon:

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

C 25,000.000 (500,000 x 10%/2)

time 7 (3 and a half year x 2 payment per year)

rate 0.06 (12% annual / 2)

25000 \times \frac{1-(1+0.06)^{-7} }{0.06} = PV\\

PV $139,559.5360

PV of maturity:

\frac{Maturity}{(1 + rate)^{time} } = PV  

Maturity   500,000.00

time   7.00

rate  0.06

\frac{500000}{(1 + 0.06)^{7} } = PV  

PV   332,528.56

PV c $139,559.5360

PV m  $332,528.5568

Total $472,088.0928

Then we construct the bonds schedule as follows:

procceds 472,088

face value 500,000

discount on bonds payable -27,912

bond rate 0.05

market rate 0.06

ionterest expense: carrying value times market rate:

472,088 x 0.06 = 28,325.29

cash outlay          25,000

amortization          3,325.29

carrying value after first payment:

472,088 + 3,325.29 = 475,413.29

and the process repeat for all periods.

3 0
3 years ago
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