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]
3 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]3 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
If a marketing manager queries a marketing information system to determine the effect of three different levels of price for a n
9966 [12]

Answer:

sensitivity analysis

Explanation:

Based on the information provided within the question it can be said that in this scenario the marketing manager would be using sensitivity analysis. This is a method of analyzing the uncertainty outputs that a mathematical model will have on something. Which in this case would be the different price levels on a new product.

6 0
3 years ago
In which of the following situations would each of the members be responsible for producing an equal share of the total amount o
Natasha_Volkova [10]

Answer:

In which of the following situations would each of the members be responsible for producing an equal share of the total amount of output sold by the cartel engaged in joint profit maximization?

When marginal costs of production are the same for each of the members of the cartel.

Explanation:

D

8 0
3 years ago
Holliman Corp. has current liabilities of $407,000, a quick ratio of 1.90, inventory turnover of 4.50, and a current ratio of 3.
Sati [7]

Answer:

Cost of goods will be $4670325

Explanation:

We have given current liabilities = $407000

A quick ratio = 1.90

Current ratio is 3.40 and inventory turnover = 4.50

We know that current ratio is the ratio of current assets and current liabilities

So 3.4=\frac{current\ assets}{current\ liabilities}

So current assets = $1383800

Now quick ratio is equal to = \frac{current\ assets-inventory}{curtrent\ liabilities}

So 0.85=\frac{1383800-inventory}{407000}\\

Inventory = $1037850

Inventory turnover is given 4.5

So 4.5=\frac{cost\ of\ goods\ sold}{average\ inventory}

4.5=\frac{cost\ of\ goods\ sold}{1037850}

So cost of goods sold = 4.5×$1037850 = $4670325

5 0
3 years ago
The post-closing trial balance consists only of Group of answer choices Asset and liability accounts. Nominal accounts. Revenue
mariarad [96]

Answer:

Permanent accounts

Explanation:

The post-closing trial balance consists only of permanent accounts. These permanent accounts are assets, liabilities, and equity. Permanent accounts are not closed when an accounting period ends. Temporary accounts (revenue, expense, dividend) on the other hand is a direct opposite as they are closed or cleared to zero when an accounting period ends.

4 0
3 years ago
How will you conquer your to-do list and stay stress-free
eimsori [14]

Answer:

dont overwhelm yourself, take your time and enjoy life.  

Explanation:

7 0
3 years ago
Other questions:
  • The purpose of the snapple video is to help students understand how _________ is an effective strategy implementation tool.
    8·1 answer
  • Delos, Inc. reports the following information for​ April: Sigma Gamma Units sold 2 comma 000 units 800 units Sales price per uni
    9·1 answer
  • One possible negative effect of texting and other forms of instant messaging is that
    9·1 answer
  • A Romer economy starts off with an initial stock of ideas equal to 100. The total population in the economy is 60, two of the wo
    14·1 answer
  • What was Henry Ford's output
    11·1 answer
  • Liabilities are what??
    13·1 answer
  • Which of these situations would give rise to the free-rider problem? Items (6 items)
    7·1 answer
  • Home Bepot Inc. has a cost of equity of 11.3 percent. The company has an aftertax cost of debt of 4.9 percent, and the tax rate
    6·1 answer
  • A contract in which an owner provides a user the right to use an asset in return for periodic cash payments over a period of tim
    6·1 answer
  • The accounting measure of a firm's stock price is called ________. book value market value liquidation value tobin's q
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!