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mariarad [96]
3 years ago
9

Mobile Sales has five employees which receive weekly paychecks. Each earns $11.50 per hour and each has worked 40 hours in the p

ay period. Each employee pays 12% of gross in Federal Income Tax, 3% in State Income Tax, 6% of gross in Social Security Tax, 1.5 % of gross in Medicare Tax, and 1/2% in State Disability Insurance. None of the employees is subject to a ceiling amount for Social Security. What is the amount of Sales Wages Expense
Business
1 answer:
Oliga [24]3 years ago
3 0

Answer:

$2,300

Explanation:

Sales wages expense = Number of employees * Hourly rate * Number of hours worked = 5 * $11.50 * 40 = $2,300

Note: The calculated $2,300 is the actual Sales Wage Expense. Other rates are just withholding tax that will be deducted before the net pay is paid to the employees.

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Which statement does not accurately describe a characteristic of cash value for whole life insurance?
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3 years ago
Assume again that the cost of capital is 7 percent and the effective tax rate is 40 percent. How would the payback, internal rat
vfiekz [6]

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3 years ago
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4 0
2 years ago
g n a process cost system, 108,000 units of a product are assembled in Department F with total product cost (DM, DL, and FO) $90
ivolga24 [154]

Answer:

Journal Entry

Debit Department G Work in Process $90,000

Credit Department F Work in Process $90,000

To record the transfer of product cost from Department F to Department G.

Explanation:

a) Data and Calculations:

Number of units assembled in Department F = 108,000

Total product cost (DM, DL, and FO) = $90,000

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Total product cost = $116,000 ($90,000 + $26,000)

Transfer of product cost from Department F to Department G:

Department G Work in Process $90,000

Department F Work in Process $90,000

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2 years ago
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