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abruzzese [7]
3 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]3 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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Answer:

(B) Increase both assets and equity by $180

Explanation:

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Assets = Liabilities + Owner's Equity

Owner's equity = Contributed Capital + Retained Earnings

Retained Earnings = Net Income − Dividends

and

Net Income = Income − Expenses

The expanded accounting equation is obtain if all substitutions are made:

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In the Global Cleaning Service`s case:

Assets are increased either because the service is collected or is an account receivable. As the service provided is a revenue (income) is part of the Owner's Equity that also increase. Both, Asset and Owner's Equity, increase in 180.  

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3 years ago
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Answer:

an increase in the price of both

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Explanation:

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