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vovangra [49]
3 years ago
5

George Clausen (age 48) is employed by Kline Company and is paid a salary of $42,640. He has just decided to join the company’s

Simple Retirement Account (IRA form) and has a few questions. Answer the questions for Clausen. (use 2015 tax information)
a.What is the maximum that he can contribute into this retirement fund? b.What would be the company’s contribution?
c.What would be his weekly take-home pay with the retirement contribution deducted(married, 2 allowances,wage-bracket method,and a 2.3%state income tax on total wages)?
d.What would be his weekly take-home pay without the retirement contribution deduction?
Business
1 answer:
Slav-nsk [51]3 years ago
3 0

Answer: a) Maximum contribution - $11,500

b). The contribution by the $1,279.20

C). Take home pay with the retirement contribution deduction = $487.26

d). Take home pay without the retirement contribution deduction = $675.41

Explanation: George being a contributor to the retirement savings account is entitled to some allowances.

The maximum contribution he can make is $11,500 while the complany contributes 3% of his salary. That is 3% × $42,640 = $1,279.20

Having a weekly pay of $820 ($42,640/52 weeks) and being married his take home will be; Weekly Retirement contribution ($11,500 ÷ 52 weeks) = (221.15)

FIT ($820.00 – $221.15 = $598.85 taxable) (30.00)

State income tax ($820.00 × 0.023) =$18.86

Therefore take home =$ 487.26 *Married, 2 allowances.

Finally, George’s take-home pay without the retirement contribution deducted:

Weekly pay =$820.00

FICA—OASDI =($50.84)

FICA—HI = (11.89)

FIT (on $820.00) =(63.00)

State income tax ($820.00 × 0.023) = (18.86)

Therefore, Take-home pay =$675.41

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3 0
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A graduated commission employee makes 3. 5% interest on the first $50,000 in sales and 6. 5% interest on all sales over $50,000.
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The correct form of expression to express the context earning on the sales of the products is  (0. 035)(50,000) (0. 065)(81,500).

The context is about a graduate who earns on the basis of commission on the fixed amount of stock. On the sale of the first $ 50,000, he is getting 3.5% and the sales above $50,000 he is getting a commission of 6.5%.

Thus, the rate of 3.5% will be multiplied with the sales of %50,000, and the rate of 6.5% will be multiplied by the number of sales above $50,000 that is $81,500.

Therefore, the correct option is a.

To know more about the expressions that express the total earning of the employee, refer to the link below:

brainly.com/question/2337923

8 0
2 years ago
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<h3>What exactly is socioeconomic inequality?</h3>

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Modern civilizations struggle with social inequality, which is a result of the uneven development of different parts of the world and the imposition of particular ideologies or human value judgments on some people over others. In fact, social inequality is the root of discrimination, which is the practice of treating individuals who are weaker than others in terms of their morals, social standing, or economic standing differently.

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Xelga [282]

Answer:

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Explanation:

The formula for calculating the present value of a perpetuity is:

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Where PV = Present Value, C = cash flow, r = discount rate.

A perpetuity is a stream of equal cash flows that lasts forever (perpetually).

The formula for calculating the present value of a perpetuity is simple, so there is no reason to spend time calculating the present value of each cash flow, since there are infinite cash flows.

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