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Kay [80]
3 years ago
7

Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $11,300. He is single

and claims 1 deduction. Before this payroll, Barrett’s cumulative earnings were $128,070. (Social Security maximum is 6.2% on $128,400 and Medicare is 1.45%.) Calculate FIT by the percentage method. (Use Table 9.1 and Table 9.2) (Round your answers to 2 decimal
Business
1 answer:
FromTheMoon [43]3 years ago
8 0

Answer:

1) social security taxes = (accumulated earnings - social security maximum) x 6.2% = ($139,370 - $128,070) x 6.2% = <u>$700.60</u>

2) medicare taxes = monthly earnings x 1.45% = $11,300 x 1.45% = <u>$163.85</u>

3) in order to calculate federal income taxes, I used the 2019 tables and allowance:

2019 allowance = $350 per person

monthly paycheck between $7,333 - $13,710

must withhold $1,198.46 plus 24% in excess of $7,333

federal income taxes under percentage method = $11,300 - $350 (1 monthly allowance 2019) = $10,950

$1,198.46 + [($10,950 - $7,333) x 24%] = $1,198.46 + $868.08 = <u>$2,066.54</u>

For 2020, there are no more personal allowances.

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Larkin Company accumulated the following standard cost data concerning product I-Tal.
Alex_Xolod [135]

Answer:

Standard cost per unit= $282.6

Explanation:

Giving the following information:

Direct materials per unit: 3.00 pounds at $4.20 per pound

Direct labor per unit: 9.00 hours at $12 per hour

Manufacturing overhead: Allocated based on direct labor hours at a predetermined rate of $18.00 per direct labor hour

The standard cost per unit is the sum of direct material. direct labor, and allocated overhead:

Standard cost per unit= 3*4.2 + 9*12 + 9*18

Standard cost per unit= $282.6

6 0
3 years ago
John's Locomotive Works manufactures a model locomotive. It comes in two versions: a standard (X1) and a deluxe (X2). The locomo
Law Incorporation [45]

Answer:

Explanation:

X1                    X2              Z

0                      0                0

16                     0                 4,000

0                      10                3,500

8                       6                 4,100

check the picture attached for more explanation

3 0
3 years ago
Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company’s recor
ahrayia [7]

Answer:

Equity at August 1st                                       0

adds: Carmen Camry Investment    101,4000

Net Income                                               5,410

Subtotal                                                106,810

Withdrawals                                           -5,950

Carmen Camry capital account at the end of August 31th  100,860

Explanation:

We have to calculae the net income

Fees earned                            26,960

office                           5,200

rent expense                   9,500

salaries expense           5,560

telephone expense      820

miscellaneous expenses    470

Total Expenses         21,550

Net Income                            5,410

Then we do the equity stamtent:

beginning + investment + net income - withdrawals = ending

Equity at August 1st                                       0

adds: Carmen Camry Investment    101,4000

Net Income                                               5,410

Subtotal                                                106,810

Withdrawals                                           -5,950

Carmen Camry capital account at the end of August 31th  100,860

7 0
3 years ago
Read 2 more answers
Whenever Madelyn thinks about being a veterinarian, she experiences a positive, enthusiastic feeling. Because her feeling isn’t
dmitriy555 [2]

Answer:

The correct option is <u>C. intuition</u>

Explanation:

Intuition can be described as a quality in which a person thinks of something to be right due to his/her instinctive feeling. There is no logical reason for that thing to be right but still, a person understands or believes it to be true. For example, in the above question, Madelyn does not have any conscious reasoning for her being a veterinarian yet it just feels right to her. Hence, this is her intuition.

3 0
3 years ago
Read 2 more answers
During 2018, Montoya (age 15) received $2,200 from a corporate bond. He also received $600 from a savings account established fo
Ann [662]

Answer:

The correct answer is option (C) $ 1,750

Explanation:

Given data:

Amount received from corporate bond = $ 2,200

Amount received from a savings account = $ 600

Thus, the total income = $ 2,200 + $ 600

or

The total income = $ 2800

Now,

the standard deduction for the person claimed as dependent's on another's tax return = $ 1,050

Hence, the total taxable income = Total income - standard deduction

or

the total taxable income = $ 2,800 - $ 1,050 = $ 1,750

Hence, the correct answer is option (C) $ 1,750

3 0
3 years ago
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