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Nadusha1986 [10]
2 years ago
9

Sally hires a maid to work in her home for $280 per month. The maid is 25 years old and not related to Sally. During 2019, the m

aid worked 9 months for Sally.Do not round immediate computations and round your final answers to two decimal places. a. What is the amount of Social Security tax Sally must pay as the maid's employer? b. What is the amount of Medicare tax Sally must pay as the maid's employer? c. What is the amount of Social Security and Medicare tax which must be withheld from the maid's wages? d. Sally should withhold for Social Security and Medicare tax of ___.
Business
1 answer:
Black_prince [1.1K]2 years ago
3 0

Answer:

Explanation:

Since we know that the current Social Security tax is 12.4% with employees and employers each paying 6.2%; and the Medicare tax rate is 2.9%. Employers and employees split that cost with each paying 1.45%

a. Social Security Tax

Wage per month = 280$

social security tax = ( wage per month x number of months worked) x tax rate

social security tax = ( 280 x 9 ) x 6.20%

social security tax = 156.24 $

b. Medicare Tax

Medicare tax = ( wage per month x number of months worked) x tax rate

Medicare tax = (280 x 9) x 1.45%

Medicare tax = 36.54$

c. Social security and medicare tax withheld

Social Security and Medicare tax = ( wage per month x number of months worked) x tax rate

Social Security and Medicare tax = (280 x 9) x (6.2 + 1.45)

Social Security and Medicare tax = (280 x 9) x 7.65

Social Security and Medicare tax = 192.78$

d. Sally should withhold for social security and medicare tax of 192.78$

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7 0
3 years ago
Martinez Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $
Artemon [7]

Answer:

Martinez Company

a) Journal Entries

Jan. 2, 2020:

Debit Accounts Receivable (Danone Inc.) $630,000

Credit Cash Discounts $9,100

Credit Sales Revenue $639,100

To record the sale of goods on account,  with trade terms, 5 days $9,100, net 30.

Debit Cost of goods sold $480,000

Credit Inventory $480,000

To record the cost of goods sold.

Jan. 28, 2020:

Debit Cash $639,100

Credit Accounts Receivable (Danone Inc.) $630,000

Credit Cash Discounts $9,100

To record the full receipt of cash on account and the revision of the cash discounts not taken.

Explanation:

a) Data and Analysis:

Jan. 2, 2020:

Accounts Receivable $630,000 Cash Discounts $9,100 Sales Revenue $639,100, terms, 5 days $9,100, net 30.

Cost of goods sold $480,000 Inventory $480,000

Jan. 28, 2020:

Cash $639,100 Accounts Receivable $630,000 Cash Discounts $9,100

7 0
3 years ago
The Bank of Key West is not going to have enough reserves at the end of the business day to meet its reserve requirement of 10%.
kipiarov [429]

Answer:

1. 0.35%

2. 1.15%

Explanation:

The federal funds rate is the rate at which a bank can borrow funds from other depository institutions such as other banks and credit unions for overnight without collaterals. It is a very short term interest rate.  

Discount rate at which the federal reserve system provides funds to commercial banks at the discount window. The federal reserve can control the money supply by changing the discount rate.  

Here, in the given example, the federal reserve rate is 0.35%, as it is the rate at which the bank can borrow from other banks. While the discount rate is 1.15%, as this is the rate at which banks can borrow from the federal reserve.

5 0
3 years ago
Stephanie’s company uses a job order cost system. Stephanie just made a $15,000 debit to the Work in Process Inventory account f
serious [3.7K]

Answer:

B. Posting a $15,000 increase in Direct Materials to the job cost sheet for job 1074

Explanation:

According to the given situation, Materials account of the specific work will be debited as costs are allocated to Jobs. Assigning those costs to operate would reduce the balance of inventories.

Therefore from the above explanation the correct answer is b as it has been posted $15,000 which is rising the direct material to the job cost sheet for job 1074.

6 0
2 years ago
Metlock, Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at Decemb
AURORKA [14]

Answer:

The $5,434 is the the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis.

Explanation:

Based on the Generally Accepted Accounting Principles (GAAP), the inventory value should be recorded at the cost or net realizable value whichever is lower.

So, by using the above information. Now we can compute the ending inventory.

For Camera :

1. Minolta = Unit price × lower cost of Net realizable value or cost

                 = 3 × 156

                = $468

2. Canon = Unit price × lower cost of Net realizable value or cost

                = 10 × 147

                = $1,470

For Light Meters:

1. Vivitar = Unit price × lower cost of Net realizable value or cost

               = 15 × 104

               = $1,560

2. Kodak = Unit price × lower cost of Net realizable value or cost

              = 16 × 121

              = $1,936

So, the ending inventory is sum of the value of all products which is equals to

Minolta + Canon + Vivitar + Kodak

$468 + $1,470 + $1,560 + $1,936

$5,434

Hence, $5,434 is the the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis.

7 0
3 years ago
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