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antoniya [11.8K]
3 years ago
13

Flem is an employee of Glo Goods, Inc. Flem reports to state officials that Glo is illegally shipping unsafe goods to unsuspecti

ng customers. When Glo learns of Flem's report, Glo fires him. He successfully sues Glo for wrongful discharge. With respect to the employment-at-will doctrine, this is?
Business
1 answer:
Anika [276]3 years ago
4 0

Answer:

With respect to the employment-at-will doctrine, this is "An exception based on public policy"

Explanation:

Under the public-policy exception to employment at will, an employee is wrongfully discharged when the termination violates an explicit, well-established public policy of the state. For example, in most states, an employer can't terminate an employee for filing a workers' compensation claim after being injured on the job, or for refusing to engage in illegal activity at the request of an employer.

Public policy may be found in a state constitution, statute, administrative rule, or other state policy. The public-policy exception is the most commonly accepted exception, recognized in the vast majority of states.

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All wages paid were subject to FICA. FICA tax rates were 7% each for employee and employer. In InterSlice’s jurisdiction employe
BARSIC [14]

Answer:

Payroll tax expense is $1,080 and Withholdings due to IRS is $2,280

Explanation:

InterSlice Co.'s payroll for the month ended March year 8, is summarized as follows:

Total wages

$12,000

Federal income tax withheld

1,440

All wages paid were subject to FICA. FICA tax rates were 7% each for employee and employer. In InterSlice's jurisdiction employers must also pay unemployment taxes under FUTA at a 2% rate. InterSlice remits taxes on the 15th of the following month. As a result of March  year 8 wages, what amounts should InterSlice record in its journal entry for March payroll tax expense and March withholdings due to IRS?

The payroll of an employer tax expense includes all the taxes the employer is required to pay based on its payroll. This taxes would include FICA at 7% and FUTA at 2% thereby making a total of 9% (2% + 7%) of $12,000 in wages.

Withholding's due to the IRS are taxes paid by employees as a result of employers withholding the taxes from the employees wages and paying it to the taxing authority. This includes fedral income taxes withheld of $1,440 and the employees' FICA, which is 7% of $12,000

Payroll tax = 12000 × 9% = 12000 × 0.09 = 1080

Payroll tax = $1080

Withholding due to IRS = 1440 + (12000 x 0.07) = 2280

Withholding due to IRS = $2280

Reasoning

Payroll exp you only own the portion that you pay for

Withholding due to IRS Liability is because you own them what you have taken out of the checks to your workers, and the amount your going to take out of their checks.

3 0
3 years ago
The income statement of Dolan Corporation for 2014 included the following items: Interest revenue $121,000 Salaries and wages ex
zalisa [80]

Answer:

$17,400

Explanation:

<em>Equation to be used is as follows: </em>Beginning Prepaid Insurance Expense balance + Cash paid for insurance premium - Ending prepaid insurance balance = Insurance expense

$3,000 + Cash paid - $2,200 = $18,200

$800 + Cash paid = $18,200

Cash paid = $18,200 - $800

Cash paid = $17,400

So, the cash paid for insurance premiums during 2014 was $17,400

4 0
3 years ago
If a $10,000 investment earns interest of $600 in 1 year, what is its rate of return?
crimeas [40]

Answer:

5%

Explanation:

3 0
2 years ago
Which of the following is especially crucial in the approach stage of the selling​ process?
Rashid [163]

Answer:

(E) ensuring the customer understands the​ company's history.

Explanation:

Approach phase is the third stage of selling process, in this the sales person meets the customer for the first time.

First 2 steps are prospecting and preparation.

Under prospecting the customers are identified who needs the products of the company.

Under preparation the slides are prepared about the company's product, that how it will be presented to the customer.

Under approach stage the salesperson meets the customer, and introduces where he came from, why he came, ad what does the company do.

After that only he further moves to understand and confirm with the estimated needs of customer.

Thus, statement (E) confirms that the customer knows about the company, and why the salesperson is here to meet him.

8 0
3 years ago
A bond par value is $1,000 and the coupon rate is 4.3 percent. The bond price was $945.46 at the beginning of the year and $976.
Snezhnost [94]

Answer:

The bond's real return for the year was 5.49%

Explanation:

In order to calculate the bond's real return for the year we would have to calculate the following formula:

bond's real return for the year=(1+Nominal rate of return)/(1+Inflation) -1

According to the given data Inflation=2.2 percent

To calculate the Nominal rate of return we would have to calculate the following:

Nominal rate of return=(Selling price + Interest coupon - Purchase price)/Purchase price

According to the given data:

Selling price=$976.26

Interest coupon=$43

Purchase price=$945.46

Therefore, Nominal rate of return=($976.26 + $43 - $945.46)/ $945.46

Nominal rate of return=7.81%

Therefore, bond's real return for the year= (1+7.81%)/(1+2.2%) -1

bond's real return for the year=5.49%

The bond's real return for the year was 5.49%

6 0
3 years ago
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