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
egoroff_w [7]
4 years ago
8

Suppose Jim worked 62 hours during this payroll period and is paid $14.00 per hour. Assume FICA is 6.2%, Medicare is 1.45% and w

ithholding tax is 10%.
1. Calculate Jim's net paycheck for the period.
2. Calculate Jim's employer's payroll tax expense for the period.
3. Calculate Jim's employer's total payroll tax liability for the period.
Business
1 answer:
lara31 [8.8K]4 years ago
5 0

Answer:

1. $714.798

2. $66.402

3. $141.484

Explanation:

1. Gross pay = 62 hours worked x $14.00 per hour

= $868

Net paycheck = Gross pay - Tax

= 868 - [(868) x (6.2%+1.45%+10%)

= $868 - $153.202

= $714.798

2. Employer's payroll tax expense = (6.2%+1.45%) x 868

= $66.402

3. Jim's employer's total payroll tax liability for the period.

868*6.2% (FICA taxes - Employee) + 868*6.2% (FICA taxes - Employer's share) + 868*1.45% (Medicare taxes - Employee) + 868*1.45% (Medicare taxes - Employer's share) + 868*10% (Withholding tax).

= 53.816 + 53.816 + 12.586 + 12.586 + 8.68

Total = $141.484

You might be interested in
Leon and Heidi decided to invest ​$3,500 annually for only the first seven years of their marriage. The first payment was made a
raketka [301]

Answer:

FV= $1,309,832.57

Explanation:

Giving the following information:

Annual investment (1 to 7)= $3,500

Interest rate= 9%

<u>First, we need to calculate the future value of the annual deposit using the following formula:</u>

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

FV= {3,500*[(1.09^7) - 1]} / 0.09

FV= $32,201.52

<u>Now, the value when they are 70:</u>

Number of periods= 70 - 27= 43

FV= PV*(1+i)^n

FV= 32,201.52*(1.09^43)

FV= $1,309,832.57

8 0
3 years ago
A quota is a A. quantitative restriction on an import imposed by the importing country. B. quantitative restriction on an import
slava [35]

Answer:

A. quantitative restriction on an import imposed by the importing country

Explanation:

In international trade when a country want to limit the quantity of a product that is being imported into the country they impose a quota.

A quota is a restriction of the number or monetary value of a product that can be imported into a country.

In most cases this is implemented to promote local industries that produce the product.

Less of the product imported from other countries, the more patronage local industries get.

8 0
3 years ago
1.different types of socialization?​
patriot [66]

Answer:

Primary and secondary

Explanation:

Generally there are 5 types of socialisation.

1. Primary

2. Secondary

3.Anticipatory

4. Development

5. Resocialisation.

But the common are primary and secondary

6 0
4 years ago
Read 2 more answers
olive corp direct materials $12 An outside supplier has offered to provide Olive Corp. with the 20,000 subcomponents at a $36 pe
qwelly [4]

Answer:

$32

Explanation:

The incremental cost:

Direct materials +Direct labor +Variable manufacturing overhead

$12 + $8 + $12 = $32

The maximum price Olive Corp. should pay the outside supplier is $32.

Fixed manufacturing overhead was not included because it is not relevant to the decision.

8 0
3 years ago
How much money does a therapyst make an hour/ and how much would they make in a year
enot [183]
An hour = the average hourly pay for a Therapist in the United States is $28.33 an hour. While ZipRecruiter is seeing hourly wages as high as $52.40 and as low as $12.74, the majority of Therapist wages currently range between $20.91 (25th percentile) to $31.01 (75th percentile) across the United States.

a year = the median annual salary for clinical, counseling, and school psychologists was $85,340 per year, according to the Bureau of Labor Statistics. The lowest 10 percent of workers earned less than $44,040, and the highest 10 percent earned more than $129,310.
3 0
3 years ago
Read 2 more answers
Other questions:
  • The following is a characteristic of international investment in recent years:
    15·1 answer
  • Help i need HELP!!!!
    15·1 answer
  • Carolina, the accountant for Duke Manufacturing, tells her friend, Jacob, who works in customer service for Duke, that she is wr
    11·1 answer
  • Property developers who build shopping malls like to have them "anchored" with the outlets of one or more famous national retail
    9·1 answer
  • For an institutional investor to qualify as a "QIB" under Rule 144A, the institution must have at least: A $1,000,000 of assets
    11·1 answer
  • Occasionally, ________________ may lead to pure monopoly; in other market conditions, they may limit competition _______________
    11·1 answer
  • Find two competing products. Evaluate consumer reviews and ratings regarding these two products. Decide which is the superior pr
    7·1 answer
  • When Jill was asked, she chose cars over stomach cancer as the cause of more U.S. deaths per year. When asked why she chose the
    7·1 answer
  • A minor bought an Ernie Banks baseball card from a baseball card store. The card was marked $12, and the inexperienced clerk who
    5·1 answer
  • Larry Ellison starts a company that manufactures high-end custom leather bags. He hires two employees. Each employee only begins
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!