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Dominik [7]
3 years ago
11

Steven Washington's weekly gross earnings for the week ending March 9 were $3,340, and her federal income tax withholding was $5

67.80. Assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, what is Washington's net pay?
Business
1 answer:
Rashid [163]3 years ago
5 0

Answer:

Washington's net pay was $ 2,564.28.

Explanation:

Given that Steven Washington's weekly gross earnings for the week ending March 9 were $ 3,340, and her federal income tax withholding was $ 567.80, assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, to determine what is Washington's net pay the following calculation must be performed:

(3,340 - 567.80) x (1 - 0.06 - 0.015) = X

2,772.2 x 0.925 = X

2,564.28 = X

Therefore, Washington's net pay was $ 2,564.28.

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I think it is either C or D. I'm not sure which one though. Hope this helped, have a great day! :D
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A cell phone provider charges felicia $50 per month for her plan plus $0.05 per min of long distance calls.if felicia wants to k
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Gutierrez Company reported net income of $225,000 for 2017. Gutierrez also reported depreciation expense of $45,000 and a loss o
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Answer:

                        Gutierrez Company

                       Cash Flow statement

                          for the year 2017

                                                                     $

Net Income                                              225,000                

+ Depreciation                                            45,000

+ Decrease in receivable                           15,000

+ Increase in payable                                  17,000

+ Decrease in prepaid expenses            <u>  4,000 </u>

Net cash flow from operating activities  <u>306,000</u>  

Explanation:

Depreciation is an non cash expense so it will be added to the net profit for the calculation of cash flow from operating activities. Decrease in receivable, Increase in payable  and decrease in prepaid expenses result in the inflow of cash. So, they are all added in the operating income value.

4 0
3 years ago
Morrison and Greene have decided to form a partnership. They have agreed that Morrison is to invest $150,000 and that Greene is
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Answer:

1) net income = $115,000

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b) Morrison receives $86,250

Greene receives $28,750

c) Morrison receives $38,333

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d) Morrison receives ($150,000 x 6%) + $51,500 = $60,500

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e) Morrison receives $3,750 + $40,000 = $43,750

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f) Morrison receives $3,750 + $40,000 = $43,750

Greene receives $1,250 + $70,000 = $71,250

2) net income = $200,000

a) Morrison receives $100,000

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c) Morrison receives $66,667

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Greene receives $3,000 + $70,000 + $18,000 + $30,000 = $121,000

8 0
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Answer:

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3 0
3 years ago
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