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Snowcat [4.5K]
3 years ago
7

An employee earns $5,550 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400

earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $184 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $152 and contributes $76 to a retirement plan each month. What is the amount of net pay for the employee for the month of January
Business
1 answer:
Klio2033 [76]3 years ago
3 0

Answer:

$4,713.425

Explanation:

The computation of amount of net pay for the employee for the month of January is shown below:-

Deductions = (Gross earning × Social security tax rate) + (Gross earning × Medicare tax rate) + Federal income taxes + Health insurance + Contribution of retirement plan

=  ($5,550 × 6.2%) + ($5,550 × 1.45%) + $184 + $152 + $76

= $344.1 + $80.475 + $184 + $152 + $76

= $836.575

Net pay = Gross earning - Deductions

= $5,550 -  $836.575

= $4,713.425

Therefore for computing the net pay we simply applied the above formula.

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Answer:

The Journal entries are as follows:

(i) In 2018,

Income Tax Expense A/c                      Dr. $24

Deferred Tax Assets A/c ($40 × 30%)  Dr. $12

To Income Tax Payable ($120 × 30%)                        $36

(Being income tax and deferred tax recorded for 2018)

(ii) In 2019,

Income Tax Expense A/c                         Dr.  $45

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To Deferred Tax Assets ($10 × 30%)                          $3

(Being income tax and deferred tax recorded for 2019)

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3 years ago
If the effective annual yield on a bond is equal to the bondʹs coupon rate, the bond will have a market value that is
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If the effective annual yield on a bond is equal to the bondʹs coupon rate, the bond will have a market value that is equal to the principal value of the bond. Option B. This is further explained below.

<h3>What is a bond?</h3>

Generally, a Bond is simply defined as fixed-income investments such as bonds that reflect a loan from an investor to a borrower, often a corporation or the government.

In conclusion, In this case, the bond's market value will be equal to the principal value of the bond. if the bond's effective yearly yield is equal to the bond's coupon rate

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1 year ago
Supervisors are apt to be directly involved in which activities related to human resources? (Select all that apply) Multiple sel
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Supervisors are apt to be directly involved in  activities related to human resources which includes job analysis and design, recommendation of pay increases, performance appraisals, and  employee training.

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A supervisor refers to a person who take all the administrative in charge within a company. He analyze and evaluate the performance of each employee and help them in involving in the activities related to human resources.

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1 year ago
Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common
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Answer:

Power Drive Corporation

Journal Entries:

March 1:

Debit Cash Account with $2,548,000

Credit Common Stock with $52,000

Credit APIC - Common Stock with $2,496,000

To record issue of 52,000 additional shares of $1 par value common stock for $49 per share.

May 10:

Debit Treasury Stock with $4,700

Debit APIC - Common Stock with $239,700

Credit Cash Account with 244,400

To record repurchase of 4,700 shares of treasury stock for $52 per share.

June 1:

Debit Dividends- Common Stock with $198,855

Credit Dividends Payable with $198,855

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June 15:

No records required

July 1:

Debit Dividends Payable with $198,855

Credit Cash Account with $198,855

To record payment of cash dividend.

October 21:

Debit Cash Account with $133,950

Credit Treasury Stock with $2,350

Credit APIC - Common Stock with $131,600

To record reissue of treasury stock for $57 per share.

Explanation:

1. Issue of 52,000 additional shares results to a credit to the Common Stock account with 52,000 x $1 par value.  This is equal to $52,000.  The additional $48 x 52,000 goes to the Additional Paid-in Capital.

2. Treasury stock is the repurchase of outstanding stock by the company.  When repurchase at more than the par value, the difference is a debit to the Additional Paid-in Capital account, when the par value method is adopted.  The other method, which records the whole costs in the Treasury Stock account is the cost method.  Remember that the Treasury Stock account is a contra account to the Common Stock account.

3. Dividends are payable on outstanding stock.  The outstanding stock on June 1 to June 15 is calculated as follows:

Opening balance = 100,000 shares

New issue = 52,000 shares

less Treasury = (4,700)

Total = 147,300 shares

Dividends are then payable on 147,300 shares at $1.35 per share.  This gives a total of $198,855.

4. The resale of Treasury stock reduces the balance of the treasury stock account at par value and increases the Additional Paid-in Capital account with the premium.

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Answer:

B. a task analysis

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In the example above, Brent's goal is to ensure that Mason will never repeat his mistake in using bad ingredients ever again.

After he defined the goal, he analyze the situation and create a steps that needed to be taken to achieve the goal. That 'step' is putting Mason in an additional training

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