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Thepotemich [5.8K]
3 years ago
5

Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $4,538. The F

ICA tax for social security is 6.2% of the first $118,500 earned each calendar year, and the FICA tax rate for Medicare is 1.45% of all earnings for both the employee and the employer. The amount of federal income tax withheld from his earnings was $680.70. What is the total amount of taxes withheld from the Trey’s earnings?
Business
1 answer:
Valentin [98]3 years ago
5 0

Answer:

$1,027.86

Explanation:

Total Taxes = Federal Income Tax + FICA-SS Tax + FICA-Medicare Tax

Total Taxes = $680.70 + ($4,538.00 × 0.062) + ($4,538.00 × 0.0145)

Total Taxes = $680.70 + $281.36 + $65.80

Total Taxes = $1,027.86

Therefore the total amount of taxes withheld from the Trey’s earnings is $1,027.86

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The Flint Fan Corporation is considering the addition of a new model fan, the F-27, to its current products. The expected cost a
Sav [38]

Answer:

$52.25 per unit

Explanation:

The computation of the selling price is shown below:

= (Unit production variable cost + unit selling variable cost) + {(Production fixed cost + selling fixed cost + Contribution margin) ÷ (annual sales units)}

= $34 + $4 + {($20,000+ $30,000 + $7,000) ÷ (4,000 units)}

= $38 + $14.25

= $52.25

We simply add the variable cost, contribution margin, and the fixed cost

6 0
3 years ago
A bond issue with a face amount of $500,000 bears interest at the rate of 7%. The current market rate of interest is 6%. These b
Dennis_Churaev [7]

Answer:

More than $500,000.

Explanation:

In the case when the coupon rate is more than the market interest rate so the bond would be on premium

And, if the coupon rate is less than the market interest rate so the bond would be on discount

And if both are equal so it should be in par

Now in the given case, since the rate of interest is 7% and the market rate of interest is 6% so it would be on premium

That means the bond price would sell at more than $500,000

8 0
3 years ago
How could two people showing a dominant trait have an offspring showing the recessive trait?
Andreyy89
The offspring must have two copies of the recessive allele to show that trait
5 0
3 years ago
Federal Reserve Banks directly affect the national economy by:
liubo4ka [24]
Increasing and decreasing money supply
3 0
3 years ago
Read 2 more answers
Boats R Us requires $800,000 in financing over the next 2 years. The firm can borrow the funds for 2 years at 12% interest per y
a_sh-v [17]

Answer: Short term is less costly

Explanation:

Total interest cost under long term financing = 800,000 × 12% × 2

= 800000 × 0.12 × 2

= $192,000

Total interest cost under short term financing = (800,000 × 7% ×1)+ (800,000 × 13.95% × 1) =

= (800000×0.07×1) + (800,000×0.139×1)

= $167,600

Based on the above solution, Short term financing is less costly.

4 0
3 years ago
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