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swat32
3 years ago
7

Required information Skip to question [The following information applies to the questions displayed below.] Eva received $60,000

in compensation payments from JAZZ Corp. during 2020. Eva incurred $5,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,400. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference. (Leave no answer blank. Enter zero if applicable.) a. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for the year
Business
1 answer:
zimovet [89]3 years ago
7 0

Answer:

$4,590

Explanation:

Calculation to determine What amount of FICA taxes is she required to pay for the year

Using this formula

FICA taxes =FICA taxes rates *Compensation payments received

Let plug in the formula

FICA taxes = $60,000 × 7.65%

FICA taxes = $4,590

Therefore amount of FICA taxes she is required to pay for the year will be $4,590 reason been that her salary is lower than the Social Security wage base limit for the year 2018 of the amount of $128,400 which is the why she pays FICA taxes rate of 7.65% on the entire amount of $60,000.

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Hedman Corporation has provided the following contribution format income statement. Assume that the following information is wit
Tomtit [17]

Answer:

6%

Explanation:

The computation of the margin of safety percentage is shown below;

The Contribution margin ratio is

= Contribution margin ÷Sales

= ($675,00 ÷ $270,000)

= 0.25

Now breakeven point in dollars is

= Fixed cost  ÷ Contribution margin ratio

 = ($63,750 ÷ 0.25)

= $255,000

We know that

Margin of safety = Total sales - Breakeven sales

= ($270,000 - $255,000)

= $15,000

Now Margin of safety % is

= MOS ÷ Total sale

 = ($15,000 ÷ $270,000)

= 5.56%

= 6%

6 0
3 years ago
Imagine you are the owner of a small local peanut butter company. You have many competitors in the peanut butter market but your
mamaluj [8]

Answer:

A

Explanation:

keeping a competitive edge

8 0
3 years ago
Mcewan Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hou
BlackZzzverrR [31]

Answer:

$234.24 per unit

Explanation:

The computation of the selling price for Job X941 is shown below:

But before that following calculations need to be determined

The Predetermined overhead rate is

= Variable overhead per DLH + Fixed overhead per DLH

= $2.80 + ($307,200 ÷ 48,000)

= $9.2 per DLH

Now the Total cost of Job X941 is

= Direct materials + Direct labor + Overhead applied

= $600 + $6,400 + (300 × $10)

= $9,760

 And, finally

The Selling price per unit of Job X941 is

= Unit product costs × 120%

= ($9,760 ÷ 50) × 120%

= $234.24 per unit

4 0
3 years ago
Jenkins Inc. has a target capital structure of 40% debt and 60% common equity, with no preferred stock. The YTM on the company’s
Natalka [10]

Answer:

15.57%

Explanation:

The WAAC (Weighted average cost of capital) is given by:

WAAC = M*W_d*(1-T)+E*W_E

Where M is the rate to maturity of the company's bonds, Wd is the fraction of debt, We is the fraction of equity, T is the tax rate, and E is the rate of cost of common equity. Applying the given data:

0.115=0.09*0.4*(1-0.4)+E*0.6\\E=0.1557\\E=15.57\%

The company’s cost of common equity is 15.57%.

5 0
3 years ago
James and Amanda are brother and sister who still live at home with their parents. Amanda is almost completely finished with her
ira [324]

Answer:

The correct option is b) a type of plagiarism called sharing work ( collusion)

Explanation:

Plagiarism is a very unethical and unprofessional thing a person can do. It actually means when take some other persons thought, idea ,or any work and show it as your own, sometimes people do it intentionally and unintentionally.

In the question given above, it is the above it is a case of share working which is also know as collusion, this type of situation arises when a person passes on his or her work to other person willingly, as you can see the same thing has happened in this question as Amanda has allowed James to use her work as her own.

6 0
3 years ago
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