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Ymorist [56]
3 years ago
4

Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare,

and federal income tax withholding (FIT) may be incorrect. Larren is paid a salary of $4,100 weekly. She is married, claims 3 deductions, and prior to this payroll check, has total earnings of $128,245. What are the correct deductions for Social Security, Medicare, and FIT?
Business
1 answer:
SpyIntel [72]3 years ago
6 0

Complete question:

Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, and federal income tax withholding (FIT) may be incorrect. Larren is paid a salary of $4,100 weekly. She is married, claims 3 deductions, and prior to this payroll check, has total earnings of $128,245. What are the correct deductions for Social Security, Medicare, and FIT?Assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare

Answer:

Social Security $604.19

Medicare $59.45

FIT $230.70

Explanation:

Total earning = $128,245

Weekly salary= $4,100

Social security tax = ($128,245 - $118,500) × 0.062 = $604.19

Medicare tax = $4,100 × 1.45 = $59.45

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3 years ago
What should you do if you determine the root cause and find that it is out of your control?
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Answer:

The correct answer is the option A: Nothing. Once you determine the root cause, your work is done whether it is in your control or not.

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3 years ago
Presented below is information related to Crane Company at December 31, 2020, the end of its first year of operations.
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Follows are the solution to the given points:

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In point a:

Formula:

= \text{sales-Cost of product sold -Selling and Administrative expense}

=316,550-150,400-53,900\\\\=112,250

In point b:

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=\text{Income from operation + Gain on sale of plant assets} - \text{Interest Expense} -\text{Loss from discontinued operations}\\\\=112,250+30,560- 5,840- 11,990\\\\=124,980

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=\text{Net Income-  Allocation to noncontrolling interest}

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In point e:

Formula:

=\text{Net Income - Dividends declared and paid}\\\\=124,980- 4730\\\\=120,250\\\\

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3 years ago
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