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Dima020 [189]
3 years ago
11

Mike Samson is a college football coach making a base salary of $651,600 a year ($54,300 per month). Employers are required to w

ithhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the FICA base amount is $128,400.Compute how much will be withheld during the year for Coach Samson’s Social Security and Medicare.
What additional amount will the employer need to contribute towards FICA taxes?
Business
1 answer:
Ratling [72]3 years ago
4 0

Answer:

$7960.80; $9948.20 ; $17,409

Explanation:

Given the following :

Coach base salary = $651,600 ($54,300/month)

Social security tax = 6.2% upto maximum base amount

Medicare tax = 1.45% with no maximum

FICA base amount = $128,400

Coach Samson Social security and Medicare tax:

Social Security tax amount = 6.2% of $128,400

= 0.062 * $128,400 = $7,960.80

Medicare tax amount :

1.45% of $651,600

(1.45 / 100) * $651,600

0.0145 * $651,600

= $9948.20

Additional amount towards FICA taxes:

$7,960.80 + $9,948.20 = $17,409

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3 years ago
Which countries signed in the North American Free Trade Agreement in 1992?
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The correct answer is Canada, the United States, and Mexico

Explanation:

The North American Free Trade Agreement or NAFTA was an economic alliance between three important countries: Canada, the United States, and Mexico (main countries in North America). Additionally, the purpose of this alliance was to facilitate trade between these countries, and in this way promote the development of the economy in these territories. In terms of history, all countries signed for the agreement in 1992, but the alliance was official only in 1993 because of the opposition of some citizens and groups. Thus, in 1992 Canada, the United States, and Mexico signed this agreement.

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3 years ago
Pauline is about to open a new hardware store. She is making decisions regarding lighting, colors, and layout of merchandise. Pa
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Answer:

Store atmosphere

Explanation:

There are various techniques used by companies to attract more customers. One of them is to design the shop in the best way possible. Pauline is thinking about designing the place and making decisions about the colours and layout because Pauline understands that the store atmosphere and the looks can certainly affect the customer's purchase decision.

8 0
3 years ago
The table below presents the average and marginal cost of producing cheeseburgers per hour at a roadside diner.
Butoxors [25]

Answer:

a. At a quantity of 40 cheeseburgers per hour, the average total cost of production is<u> falling </u>and the marginal cost of cheeseburger production is <u>rising</u>.

b. At a quantity of 60 cheeseburgers per hour, the average variable cost of production is <u>  rising </u> and the average total cost of cheeseburger production is <u>at a minimum</u>.

Explanation:

a. At a quantity of 40 cheeseburgers per hour, the average total cost of production is<u> </u><em><u>falling </u></em>and the marginal cost of cheeseburger production is <em><u>rising</u></em>.

From the table in the question, it can be observed that the average total cost of production at a quantity of 30 cheeseburgers per hour is higher than the average total cost of production at a quantity of 40 cheeseburgers per hour, while the average total cost of production at a quantity of 50 cheeseburgers per hour is lower than the average total cost of production at a quantity of 40 cheeseburgers per hour. This implies that at a quantity of 40 cheeseburgers per hour, the average total cost of production is<u> falling.</u>

Also from the table in the question, it can be observed that the marginal cost of production at a quantity of 30 cheeseburgers per hour is lower than the marginal cost of production at a quantity of 40 cheeseburgers per hour, while the marginal cost of production at a quantity of 50 cheeseburgers per hour is higher than the marginal cost of production at a quantity of 40 cheeseburgers per hour. This implies that at a quantity of 40 cheeseburgers per hour, the marginal cost of production is<u> rising.</u>

b. At a quantity of 60 cheeseburgers per hour, the average variable cost of production is <u> </u><em><u> rising</u></em><u> </u> and the average total cost of cheeseburger production is <em><u>at a minimum</u></em>.

From the table in the question, it can be observed that the average variable cost of production at a quantity of 50 cheeseburgers per hour is lower than the average variable cost of production at a quantity of 60 cheeseburgers per hour, while the average variable cost of production at a quantity of 70 cheeseburgers per hour is higher than the average variable cost of production at a quantity of 60 cheeseburgers per hour. This implies that at a quantity of 60 cheeseburgers per hour, the average variable cost of production is<u> rising.</u>

Also from the table in the question, it can be observed that the average total cost of cheeseburger production at quantities of 50 and 60 cheeseburgers per hour are equal and the lowest on the table, this implies that the average total cost of cheeseburger production is <u>at a minimum</u> at a quantity of 60 cheeseburgers per hour.

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3 years ago
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xxTIMURxx [149]

When bank charged another company's check against our account this would be included on the bank reconciliation as a addition to the balance per books.

A bank reconciliation statement summarizes banking and business activities and reconciles a company's bank accounts and its financial records. A bank reconciliation statement confirms that the payment has been processed and the cash collection has been credited to your bank account.

Withdraw an outstanding check. This will give you a reconciled bank balance. Then, use the cash balance at the end of the business to add up the interest earned and any outstanding bills. Deduct all bank charges, penalties and NSF checks.

Procedures for verifying the accuracy of both company bank statements and cash accounts. - Must be completed at the end of each month. A common cause of differences between the bank's ending balance and the cash book's ending balance.

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