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3 years ago

What is the purpose of a FICA tax?

Business

2 answers:

posledela3 years ago

5 0

A should be the answer

dexar [7]3 years ago

3 0

Federal Insurance Contributions Act (FICA) tax is a United States federal payroll (or employment) tax<span> imposed on both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for retirees, the disabled, and children of deceased workers.

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MMS Corp borrows $1,650,000 today for a new building. The loan is an equal principal payment loan with an APR of 6.5% compounded

astraxan [27]

Answer:The Current Portion of debt in month 16 is $1461958.53 (rounded off to two decimals)

Explanation:

The question requires us to calculate the balance of the loan in 16 months time. The Balance of the Loan is calculated by taking the loan amount and calculates the Future Value of the amount (in 16 months) and subtract the Future Value of Monthly Loan Payments.

The Monthly Payments were not provided in the question so the first thing we need to do is to calculate monthly payments

Loan Amount = $1650 000

Interest Rate (r) = 6.5/12 .Interest rate is compounded monthly there for the annual Percentage rate of Interest must be divided by 12

Period (N) = 9 years x 12 = 108 months

Monthly Payments Formulae = (r)Loan Amount/(1 -(1 + r)^-n)

Monthly Payments = (0.065/12)1650 000/(1 - (1 + 0.065/12)^-108)

Monthly Payments = 8937.49989/0.4420139495

Monthly Payments = 20219.949846

MMS Corp would pay $20219.949846 for the loan. we will not round of this answer because we want to get an accurate answer wen we calculate Loan Balance (current potion of debt in 16 months time)

Loan Balance (current potion of debt in 16 months time)

Loan Future Value Formulae = Loan Amount (1 + r)^n

Future Value of Monthly Payments = Payments ((1 + r)^n - 1)/r

Current Porting of debt = Loan Amount (1 + r)^n - Payments ((1 + r)^n - 1)/r

Current Porting of debt = 1650 000(1 + 0.065/12)^16 - 20219.949846((1 + 0.065/12)^16 - 1/(0.065/12)

Current Porting of debt = 1798958.8403 - 337000.31512

Current Porting of debt = 1461958.5252

The Current Portion of debt in month 16 is $1461958.53 (rounded off to two decimals)

6 0

4 years ago

Read 2 more answers

An investment in an available-for-sale security is transferred to trading because the company anticipates selling the stock in t

meriva

Answer:

It's fair value at the date of the transfer

Explanation:

Transfers of securities between categories of investments should be accounted for at FAIR VALUE, with unrealized holding gains or losses treated in accordance with the nature of the transfer.

Available-for-sale securities are reported at fair value; changes in value between accounting periods are included in accumulated other comprehensive income in the equity section of the balance sheet.

The fair value option gives companies the option to report most financial instruments at fair value with all gains and losses related to changes in fair value reported in the income statement.

8 0

4 years ago

Many depressants, including alcohol, reduce your __________.

sergey [27]

I think the answer is a. I'm not 100 sure though.

7 0

4 years ago

The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives eac

icang [17]

Answer:

Thailand

Ireland

Explanation:

Thailand has the highest annual growth rate so it is fastest economy to grow in rela income per person form 1960 to 2010 that is 4.91%

Irleand has the highest real income per person in year 2010 that is $41,558

Ireland, Pakistan and Thailand had lower real income per person than Finland in 1960 but only Ireland had higher real income per person than Finland in 2010.

8 0

3 years ago

Kaspar Corporation makes a commercial-grade cooking griddle. The following information is available for Kaspar Corporation’s ant

Andrej [43]

Based on the costs incurred by Kasper Corporation to make the commercial-grade cooking griddle, the total cost per unit is <u>$55.00.</u>

<h3>What is Kaspar Corporation's cost per unit?</h3>

This can be found as:
= Direct materials + Direct labor + Variable manufacturing overhead + Fixed manufacturing overhead per unit + Variable selling and administrative expenses + Fixed selling and administrative expenses per unit

Solving gives:

= 17 + 8 + 11 + (300,000 / 30,000) + 4 + (150,000 / 30,000)

= $55

Find out more on the total cost of produced units at brainly.com/question/18089483.

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6 0

2 years ago