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DerKrebs [107]
3 years ago
9

A high school student working part-time as a cashier had a gross income of $6727 last year. If his federal tax rate was 10% and

his state tax rate was 4.3%, what was the amount withheld from his pay last year in federal tax, state tax, and FICA combined?
Business
1 answer:
8_murik_8 [283]3 years ago
3 0

Federal tax rate = 10%

State tax rate = 4.3%

Social security = 6.2%

Medicare = 1.45%

Total deductions = 21.95%

Amount withheld = 21.95%*6727 = $1476.58

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Explanation:

Classical economists believe that the economy is self-regulating. This means that if the economy is not at equilibrium, it will return to equilibrium if it is left without interference.

For this to happen, inputs such as wages have to flexible to enable them to adjust to market conditions and thus take the Economy back to equilibrium.

For instance, if there is a recession, wages will reduce so that the prices that the producers can charge will reduce as well which will enable supply to match demand and bring the economy back to equilibrium.

4 0
3 years ago
_____ systems are generally used by managers at lower levels of an organization. a. tactical support b. internal support c. bott
emmainna [20.7K]

Operations support systems are generally used by managers at lower levels of an organization. Therefore, the correct answer is option 'D'.

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An OSS is also referred to as a business support system (BSS).

Hence, the correct option is 'D'.

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4 0
2 years ago
Of the types of U.S. compliance laws, there are a number of laws that are designed to provide confidence in the markets. _______
Gala2k [10]

Answer:

The correct word for the blank space is: Shareholders.

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Which of the following statements about cover letters is false?
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<h3>What is a cover letter?</h3>

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7 0
2 years ago
Hubert works for MRK all year and earns a monthly salary of $ 11,900. There is no overtime pay. Brooke​'s income tax withholding
Rom4ik [11]

Answer:

monthly salary $11,900

income tax withholding 10%

United Way contribution 5%

health insurance $125

cumulative earnings until September 30 = $107,100

Brooke's net pay for October:

Gross pay $11,900

federal income tax withholding -$1,190

United Way contribution -$595

Social Security -$737.80

Medicare -$172.55

health insurance -$125

net pay = $9,079.65

October 31, 202x, wages and payroll taxes expense

Dr Wages expense

Dr FICA tax (OASDI) expense

Dr FICA tax (Medicare) expense

    Cr Federal income tax withholding payable 1,190

    Cr United Way contribution payable 595

    Cr FICA tax (OASDI) withholding payable 737.80

    Cr FICA tax (OASDI) payable 737.80

    Cr FICA tax (Medicare) withholding payable 172.55

    Cr FICA tax (Medicare) payable 172.55

    Cr Health insurance 125

    Cr Wages payable 9,079.65

No FUTA or SUTA tax expense because they only apply for the first $7,000 earned per year. Since we are not told if the employer also pays a % of the health insurance, then we cannot calculate it, nor any 401k contribution.

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3 years ago
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