1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
IgorC [24]
3 years ago
10

Mr. Zee worked 48 hours during the week ended January 18, 2013. He is paid $10 per hour, and is paid time and a half for all hou

rs over 40 in a week. He had $100 withheld from his pay for federal income taxes, and $20 withheld for health insurance. The combined social security and Medicare tax rate is 7.65%, and the federal and state unemployment tax rates are .8% and 3.8%, respectively. All earnings are taxable. What is the total employer payroll tax expense for Mr. Zee's current paycheck
Business
1 answer:
Virty [35]3 years ago
4 0

Answer:

$63.70

Explanation:

The computation of the total employer payroll tax expense is shown below:

But before that we need to determine the gross salary which is shown below:

= 40 hours × $10 + 8 hours × $15

= $400 + $120

= $520

Now the total payroll tax expense is

= Gross salary × (social security and Medicare tax rate + federal tax +  state unemployment tax rates)

= $520 × (7.65% + 0.8% + 3.8%)

= $63.70

You might be interested in
Suppose the different income levels are as follows (N'billions) : Y=100,120,125,140,80,115,145,150,166,200. Calculate the corres
Zielflug [23.3K]
No you have a picture or something yes or ni
6 0
3 years ago
Katie wants to order a new shirt online. What should she do once she gets to the store's website?
Mariulka [41]
The answer is D. Find the shirt and add it to the electronic shopping cart.
7 0
4 years ago
You've arrived at the Pecan Shellers conference—your first networking opportunity. Naturally, you're feeling nervous, but to avo
olga55 [171]
D. Square your shoulders before entering the room.
4 0
3 years ago
Theo wants to have $40,000 for a down payment on a house five years from now. He can either deposit one lump sum today or he can
juin [17]

Answer:

$1932.37

Explanation:

To find out how much additional money he must deposit if he waits for 1 year rather than making a deposit today we need to find the difference:

Difference = Value after 1 year - Present value

We first convert the interest rate percentage by dividing interest rate value by 100

Present Value = $40 000 / (1 + 0.035)5 = $7729.47

Value after 1 year = $40 000 / (1 + 0.035)4 = $9661.81

Difference = $9661.81 - $7729.47 = $1932.37

4 0
3 years ago
Phipps Company borrowed $25,000 cash on October 1, 2016, and signed a nine-month, 8% interest-bearing note payable with interest
anzhelika [568]

Answer:

The correct option is C,$500

Explanation:

The amount of interest accrual is the interest on the sum borrowed from October 1 2016 to 31 December 2016,that is 3 months of interest,which is computed below:

Accrued interest =principal*stated interest rate*number of accrued months/12

principal is $25,000

stated interest is 8%

number of accrued months is 3

accrued interest =$25,000*8%*3/12=$500

The accrued interest is to be debited interest expense  because it is an increase in expense  and credited to interest payable as a liability

5 0
3 years ago
Other questions:
  • The Rink offers an annual $200 memberships that entitle members to unlimited use of ice-skating facilities and locker rooms. Eac
    8·1 answer
  • A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's una
    6·1 answer
  • Cove’s Cakes is a local bakery. Price and cost information follows: Price per cake $ 14.21 Variable cost per cake Ingredients 2.
    12·1 answer
  • Managerial accounting information: Select one: a. follows GAAP in the reporting process. b. can be tailored to the needs of the
    14·1 answer
  • To help finance a new plant, Roxxon, Inc. just sold a noncallable 40 year bond. This $1,000 par bond sells for $1,155 and has a
    15·1 answer
  • The first step in creating a budget is to identify your expenses.<br>A.True<br>B. False<br><br>​
    5·1 answer
  • Four financial statements are usually prepared for a business. The statement of cash flows is usually prepared last. The stateme
    5·1 answer
  • Rite Bite Enterprises sells toothpicks. Gross revenues last year were $8.0 million, and total costs were $3.9 million. Rite Bite
    6·1 answer
  • 1) Explain the following terms used in trading account cross profit, Gross loss carriage ​
    7·1 answer
  • The market has an expected rate of return of 9.8 percent. The current nominal expected yield on U.S. Treasury bills is 3.1 perce
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!