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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>

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The penalty for a substantial understatement is triggered when ____
zysi [14]

Answer:

The correct answer is A

Explanation:

A substantial understatement may occur when tax return is understated by an amount greater than 10% of the tax required to be shown on the tax return.

Example: If a tax payer that is suppose to report a $6000 tax due and choose to report a $2000 instead, to know if a penalty will be charged or not it has to be greater than 10% of the amount which is suppose to be reported (i.e $6000 x 10% = 600) . therefore in the case shown above the penalty will be applied

3 0
3 years ago
Roper Electronics received its bank statement for the month of August with an ending balance of $11,740. Roper determined that c
lesya [120]

Answer

The answer and procedures of the exercise are attached in a microsoft excel document.  

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

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6 0
3 years ago
A year​ ago, the Really Big Growth Fund was being quoted at an NAV of ​$21.98 and an offer price of ​$22.90. ​Today, it's being
Allisa [31]

Answer:

12.75%

Explanation:

Given that

Net assets value = $24.19

Dividend and capital gain distribution = $1.63

Offer price = $22.90

The computation of Holding period return is shown below:-

= (Net assets value + Dividend and capital gain distribution - Offer price) ÷ Offer price

= ($24.19 + $1.63 - $22.90) ÷ $22.90

= $2.90 ÷ $22.90

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So, for computing the holding period return we simply applied the above formula.

5 0
2 years ago
What happens when a bond becomes due?
katen-ka-za [31]
<span>When you buy a bond, you're lending your money to a company or a government (the bond issuer) for a set period of time (the term). The term can be anywhere from a year or less to as long as 30 years. In return, the issuer pays you interest. On the date the bond becomes due (the maturity date), the issuer is supposed to pay back the face value of the bond to you in full.</span>
6 0
3 years ago
Read 2 more answers
Instead of assigning access for each user account individually, ________ is a more efficient and easier-to-manage approach. Cent
katovenus [111]

Answer:

Role-Based Access Control (RBAC)

Explanation:

Instead of assigning access for each user account individually, Role-Based Access Control (RBAC) is a more efficient and easier-to-manage approach.

In computer systems security, role-based access control or role-based security is an approach to restricting system access to authorized users. <u>It is used by the majority of enterprises with more than 500 employees,</u> and can implement mandatory access control or discretionary access control.

Hence, access need not be assigned for each user individually.

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3 years ago
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