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abruzzese [7]
2 years ago
14

Kelly received a $60,000 salary during 2017. Her federal income tax withholding rate was 20%, and the Social Security base amoun

t for 2017 was $118,500.What is the total amount that her employer should have withheld in 2017?
A. $15,390
B. $16,590
C. $15,979
D. $6,849
Business
1 answer:
Rus_ich [418]2 years ago
3 0

Answer: B. $16,590

Explanation:

The FICA tax rate which is the combined Social Security and Medicare rate for 2017 was 7.65%.

Assuming a base of $118,500 this means that you are taxed on your first $118,500 in earnings.

Kelly only made $60,000 so the tax rate will apply to her $60,000.

Adding that to the 20% that she is due to pay on Federal Income tax the total amount her employer withheld was,

= (60,000 * 20%) + (60,000 * 7.65%)

= 12,000 + 4,590

= $16,590

<em>Option B is correct. </em>

You might be interested in
A "Name That Tune" contest has a grand prize of $500,000. However, the contest stipulates that the winner will receive just $200
Alexxx [7]

Answer:

The correct answer is (C) $401,302

Explanation:

To get how much the contest winner actually won, we have to calculate the amount receive at the end of each year discounted at this moment. Then,  we added  all the payments.  

For example, the first payment in  $200,000 at this moment,  so we add  $200,000.  

At the end of the first year we receive $30,000, and the rate of discount is 8%

The formula of discount is P=A/ (1+r)ⁿ

A=Final amount  

P= Principal

r= interest rate

n= time

Year 1 = A/ (1+r)ⁿ =$30,000/1,08¹= 27777,77

Year 2 =$30,000/1,08²= 25720,16

Year 3=23814,96

Year 4=22050,89

Year 5=20417,49

Year 6=18905,08

Year 7=17504,71

Year 8=16208,06

Year 9=15007,46

Year 10=13895,80

 

Total  401302,44

3 0
2 years ago
Robert Egger started the DC Kitchen, which has a mission to address hunger by empowering systems, that are already in place, to
wlad13 [49]

Answer:

The answer is True

Explanation:

The DC Kitchen which was started by Robert Egger was meant to address hunger by empowering minds and to meet the needs of those who were in poverty.

8 0
3 years ago
Terrence Industries charges manufacturing overhead to products by using a predetermined application rate, computed on the basis
puteri [66]

Answer:

See below

Explanation:

First, we need to get the predetermined rate

Predetermined rate = Cost of manufacturing overhead / Cost driver

= $1,800,000/60,000

= $30

We will now calculate the application.

Actual labor hours × rate

= 61,500 × $30

= $1,845,000

We will now compare actual with overhead cost

= Applied Overhead cost - Actual manufacturing overhead

= $1,845,000 - $1,810,000

= $35,000

The above is an over application of overhead cost because the cost applied exceed the actual cost.

5 0
2 years ago
DeMarcus has been general manager of the Surf and Turf Club restaurant for many years and always schedules extra staff for the b
Keith_Richards [23]

Answer:

illusion of control.

Explanation:

The illusion of control is the tendency for people to overestimate their ability to control events; for example, it occurs when someone feels a sense of control over outcomes that they demonstrably do not influence.

In the scenario, although Business has been consistently slow on Fridays in recent months, yet DeMarcus decides to continue with the extra staffing.

This is obviously a case of illusion because he has no control over the external business environment and there is no logical reason to continue with extra staffing.

3 0
3 years ago
Do all rational consumers think alike why or why not
jeka57 [31]
Being rational does not necessarily mean that you have to think what others might be thinking for rationality means you consider what is most beneficial and try to balance it out with the negative effects of a specific actions. The benefits and detriments of a certain act might be varied in each person. 
4 0
2 years ago
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