Answer:
it is an easiest type of business to set up because it requires small capital to start but has many disadvantages such as bearing all the risks alone.etc
<span>Answer:
Gross Pay: $1200
Less Health Ins: (42.50)
Taxable Pay: 1157.50
SS Tax: 71.77 (1157.50 *.062)
Medicare Tax: 16.78 (1157.50 *.0145)
FIT: 91.79
Net Pay: 977.17
FIT calcualted as follows: Taxable less allowances (1157.50 less (71.15*4) = 872.9
(872.9 * .15)-39.15 = 91.79</span>
Answer:
Gross pay:
- consultant $2,310
- computer programmer $2,100
- administrator $2,760
Net pay:
- consultant $1,694.73
- computer programmer $1,539.68
- administrator $1,945.78
Explanation:
regular earnings overtime withholding
allowances
Consultant $2,310 per week N/A 3
Computer programmer $30 per hour 1.5 2
Administrator $46 per hour 2 1
computer programmer worked 60 hours = ($30 x 40) + ($30 x 20 x 1.5) = $2,100
administrator worked 50 hours = ($46 x 40) + ($46 x 10 x 2) = $2,760
Social security taxes:
- Consultant = 6% x $2,310 = $138.60
- Computer programmer = 6% x $2,100 = $126
- Administrator = 6% x $2,760 = $165.60
Medicare taxes:
- Consultant = 1.5% x $2,310 = $34.65
- Computer programmer = 1.5% x $2,100 = $31.5
- Administrator = 1.5% x $2,760 = $41.40
Federal income taxes:
- Consultant: amount subject to withholding = $2,310 - (3 x $70) = $2,100. Federal income taxes = $356.90 + [28% x ($2,100 - $1,796) = $442.02
- Computer programmer = amount subject to withholding = $2,100 - (2 x $70) = $1,960. Federal income taxes = $356.90 + [28% x ($1,960 - $1,796) = $402.82
- Administrator = amount subject to withholding = $2,760 - $70 = $2,690. Federal income taxes = $356.90 + [28% x ($2,690 - $1,796) = $607.22
Gross pay:
- consultant $2,310
- computer programmer $2,100
- administrator $2,760
Net pay:
- consultant $2,310 - ($138.60 + $34.65 + $442.02) = $1,694.73
- computer programmer $2,100 - ($126 + $31.50 + $402.82) = $1,539.68
- administrator $2,760 - ($165.60 + $41.40 + $607.22) = $1,945.78
