Given that Jenny earned $44,500 in 2016.
Her contribution to the Social Security is given by: 6.2% of $44,500 = 0.062 x 44500 = $2,759
Her employer's contribution to the Social Security is given by: 6.2% of $44,500 = 0.062 x 44500 = $2,759
Her contribution to the medicare is given by: 1.45% of $44,500 = 0.0145 x 44500 = $645.25
Her employer's contribution to the Social Security is given by: 1.45% of $44,500 = 0.0145 x 44500 = $645.25
Therefore, her total FICA tax is 2(2,759) + 2(645.25) = $5,518 + $1,290.50 = $6,808.50
Answer:
work in process debit
raw materials inventory credit
--to record assignment of DM to work in process--
work in process debit
wages payable credit
--to record assignment of Labor to work in process--
work in process debit
manufacturing overhead credit
--to record assignment of MO to work in process--
Explanation:
We are n't given with numbers but we can determinate the account and were to post the value
a) Our materials stock decrease so we credited. We will debit WIP in order to balance the entry.
b) WIP as qualifies as assets (later it will become finished product that once sold will generate cash for the company) Thus, we need to debited. In the credit side there are two possible options:
if labor weren't paid then it will wages payable. If they were; we will credit cash to represent it.
c) for MO we credit for the allocate amount and debit WIP
At the end of the period, once we got the actual Manufacturing Overhead we will adjust
Answer:
a. You would expect the yields to rise due to increased default risk.
c. You would expect the yields to rise to compensate investors for the loss of the tax-exempt status.
Explanation:
The foreign government is threatened with bankruptcy which means that the government might be unable to pay their bond obligations. This means that the risk of default has now increased and so yields will rise as a result of this.
Tax exempt bonds like Municipal bonds generally have lower yields because of their tax savings. If the Government was to impose taxes on previously tax exempt bonds, people would be getting less and so would have to be compensated for this loss by increased yields.
Answer:
after-tax cost odf debt 0.035 = 3.5%
Explanation:
the debt provides a tax shield for companies, as the interest expense, decrease the net income. Interest decrease income and therefore, the tax income associate with the income.
So the cost of debt with taxes is lower, because it lower the income tax expense
<u>the formula will be:</u>
cost of debt ( 1 - tax-rate)
<u>in this case:</u>
0.05 ( 1 - 0.3) = 0.05 x 0.7 = 0.035
When comparing a retail business to a service business, the financial statement that changes the most is the b.balance sheet.
The income declaration, stability sheet, and declaration of cash flows are required financial statements. These 3 statements are informative gear that buyers can use to analyze an employer's economic electricity and provide a brief photograph of an organization's economic health and underlying value.
Monetary statements are formal information on the economic activities and position of an enterprise, individual, or other entity. Applicable financial facts are presented in a structured way and in a shape that is simple to recognize.
Economic statements are written records that convey the commercial enterprise sports and the financial performance of an organization. Monetary statements are regularly audited by using authority groups, accountants, corporations, and so forth. to ensure accuracy and for tax, financing, or making investment purposes.
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