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N76 [4]
3 years ago
5

You would like to have extra spending money, so you decide to work part time at the local gym. The job pays you $15 per hour and

you work 20 hours per week. Your employer withholds 10% of your gross pay for federal taxes, 7.65% for FICA taxes and 3% for state taxes.
a. What is your weekly gross pay?
b. How much is withheld per week for federal tax?
c. How much is withheld per week for FICA taxes?
d. How much is withheld per week for state taxes?
e. What is your weekly net pay?
f. What percentage of your gross net pay is withheld for taxes?
Business
1 answer:
iren [92.7K]3 years ago
6 0

Answer:

Gross Pay 300 dollar

Federal Income Tax $ 30

FICA $ 22.95

SUTA $ 9

Net Pay: 238.05

As a percentage of gross pay: 79.35%

Explanation:

Gross pay:

20 hours x $15 each = $ 300

Taxes:

income tax: 300 x 10% = 30

FICA 300 x 7.65% = 22.95

SUTA taxes 300 x 3% = 9

Net pay 300 - 30 - 22.95 - 9 = 238.05

Net pay as a percentage of gross pay:

238.05 / 300 = 0.7935 = 79.35%

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rjkz [21]

Answer:

The correct answer is letter "B": perform service work without pay.

Explanation:

Service-learning has similar features to <em>volunteer programs, community programs </em>or <em>internships </em>with the difference that service-learning only focuses on learning and the service objectives. It attempts to provide meaningful service through course content where the students must use their critical reflection to complete the tasks assigned. Anybody can be part of service-learning programs considered there is no economic compensation for it.

6 0
2 years ago
On June 15, Kersee Company sold merchandise on account to Eng Co. for $1,000, terms 2/10, n/30. On June 20, Eng Co. returns merc
Nookie1986 [14]

Answer:

The amount received on June 24 is $686

Explanation:

given data

sold  account = $1,000

terms = 2/10, n/30

returns merchandise = $300

to find out

amount of cash received on June 24

solution

we know here that payment is made within the discount period

that is discount period  =   10 days

so amount received will be here

amount received = sold  account  - returns

amount received = $1000 - $300

amount received = $700

and discount is here

discount = 2% of amount received

discount = 2% × $700

discount = $14

so

amount of cash received is = amount received - discount  

amount of cash received is = $700 - $14

amount of cash received is $686

8 0
3 years ago
Which property of an object describes how easily electricity travels trough it?
MaRussiya [10]
The conductivity of the object
7 0
3 years ago
Goofy Inc. had accounts receivable of $200,000 and an allowance for uncollectible accounts of $8,500 just before writing off as
SpyIntel [72]

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

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Download xlsx
7 0
3 years ago
A 2-year maturity bond with face value of $1,000 makes annual coupon payments of $80 and is selling at face value. What will be
il63 [147K]

Solution:

Annual coupon payment of the bond is $80

At the beginning of the year, remaining maturity period is 2 years.

Price of the bond is equal to face value, i.e. the initial price of the bond is $1000.

New price of the bond = present value of the final coupon payment + present value of the maturity amount.

New price of the bond = $\frac{80}{1+r} +\frac{1000}{1+r}$

where, r is the yield to maturity at the end of the year.

Substitute 0.06 for r in the above equation,

Therefore new price of the bond is  = $\frac{80}{1+0.06} +\frac{1000}{1+0.06}$

                                                           = $\frac{1080}{1.06}$

                                                           = $ 1010.87

Calculating the rate of return of the bond as

$\text{rate of return}=\frac{\text{coupon+new price-old price}}{\text{initial price}}$

                     $=\frac{80+1018.87-1000}{1000}$

                     = 0.09887

Therefore, the rate of return on the bond is 9.887%

                                                                    ≈ 10 %

4 0
3 years ago
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