Answer:
1. $714.798
2. $66.402
3. $141.484
Explanation:
1. Gross pay = 62 hours worked x $14.00 per hour
= $868
Net paycheck = Gross pay - Tax
= 868 - [(868) x (6.2%+1.45%+10%)
= $868 - $153.202
= $714.798
2. Employer's payroll tax expense = (6.2%+1.45%) x 868
= $66.402
3. Jim's employer's total payroll tax liability for the period.
868*6.2% (FICA taxes - Employee) + 868*6.2% (FICA taxes - Employer's share) + 868*1.45% (Medicare taxes - Employee) + 868*1.45% (Medicare taxes - Employer's share) + 868*10% (Withholding tax).
= 53.816 + 53.816 + 12.586 + 12.586 + 8.68
Total = $141.484
Answer:
constant returns to scale
Explanation:
Constant returns to scale describes a scenario when long run returns as the scale of production increases, when all input levels including physical capital usage are variable.
Answer:
Quick Books Online uses smart learning in its reconciliation tool to help find any rogue transactions by recognizing if transactions have been excluded erroneously from bank feeds. Because bank feeds includes all transactions of bank account. What 2 reasons might mean a transaction needs to be excluded in bank feeds?
Explanation:
It is given that the company failed to record $3,700 of insurance coverage that had expired and accrued salaries expense of $2,250. It means the company has failed to record the total expenses of (3700+2250) = $5,950. This understatement of the expenses shall result in an overstatement of the income in the Income statement. Further, it will also result in the overstatement of assets (Prepaid Insurance) by $3,700 and understatement of liabilities for salaries payable by $2,250.
As a result of these two oversights, the financial statements for the reporting period will show overstatement of the income by $5,950 in the Income statement and overstatement of assets (Prepaid Insurance) by $3,700 and understatement of liabilities for salaries payable by $2,250 in the balance sheet.
Answer:
The correct answer is a. production points outside the production possibility frontier are unattainable
Explanation:
Production possibility frontier graph is attached.
The production possibility frontier shows the possibilities of trade off between two products. The trade off in this frontier use all the resources available. So it is impossible to reach a point outside the frontier, there are not enough resources.
