Unlike federal income tax, FICA tax is a percentage of each employee's taxable wages. It consists of two types of taxes: Social Security and Medicare. ... Social Security includes the old-age, survivors, and disability insurance taxes. Medicare includes hospital insurance tax.
Answer:
c. to make a lower wage in Illinois
Explanation:
Attorney refers to a person who is responsible for legal matters in a business.
In the given question, as the New York bar exam is very difficult to pass compared with Illinois's exam, the attorney would expect <u>to make a lower wage in Illinois</u> and higher wages in New York assuming all other things equal.
Answer:
$320,000 or $0.32 million
Explanation:
In accounting, the percentage of bad debt expenses is applied to the outstanding accounts receivable at the end of a particular accounting period.
In the question, the end of the accounting period is given as December 31 and the outstanding accounts receivable as at that December 31 is a total of $6.40 million. Therefore, we will disregard other values and simply apply 5% to the the outstanding accounts receivable of $6.40 million as at that December 31 as follows:
Bad debt = Outstanding accounts receivable × 5%
= $6.40 million × 5%
= $6,400,000 × 5%
= $320,000
Therefore, the amount of bad debt expense to recognized for the year is $320,000 or $0.32 million.
Answer:
D. Specialization leads employees to focus on a single skill or task
while cross-training deals with training employees in multiple skills
or tasks.
Explanation:
Job specialization can be defined as a strategic process which typically involves the ability of employees working in an organization to develop specific skills, knowledge, great expertise or professionalism and experience to perform their duties, tasks or job functions effectively and efficiently.
In order to gain the requisite skills, expertise and knowledge for job specialization, it is very important for the employees to have undergone an extensive training and a good number of years in work experience.
The primary purpose of job specialization is to increase efficiency and productivity because the employees are able to specialize in the use of specific tools (equipments) to accomplish their tasks, as well as limit the level of error or mistakes in the production process.
On the other hand, cross-training can be defined as a learning process which typically involves teaching an individual or group of people multiple skills that are relevant to their job position or roles in an organization.
Hence, the difference between specialization and cross-training is that, specialization leads employees to focus on a single skill or task while cross-training deals with training employees in multiple skills or tasks.
Answer:
$3.50
Explanation:
Absorption Costing is a Costing Method that takes into account all the Manufacturing Cost of a product (that is Variable Manufacturing Costs and Fixed Manufacturing Costs) to determine Product Cost.
Any other costs (Non - Manufacturing) are regarded as Period costs to be expensed in the Income Statement. Examples of Period Costs are Administrative Costs, Sales Commissions and Adverting Costs
<u>Calculation of Product Cost per cupcake under absorption costing</u>
Product Cost = VC + FC
= $3 + $1,400/ 2,800
= $3.50