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Zepler [3.9K]
3 years ago
12

Brent is a full-time exempt employee in Clark County, Indiana. He earns an annual salary of $39,360 and is paid semimonthly. He

is married with 3 withholding allowances. His state income tax is $52.97, and Clark County income tax is $29.52 per pay period. What is the total of FICA, Federal, state, and local deductions per pay period, assuming no Pre-Tax Deductions
Business
1 answer:
serious [3.7K]3 years ago
3 0

Answer:

  • Federal Income tax ⇒ $80
  • FICA ⇒ $125.46
  • State income tax ⇒ $52.97
  • Local deduction - Clark County Income tax ⇒ $29.52

Explanation:

Brent gets paid semi-monthly so his pay per period is:

= 39,360 / (12 months *2)

= $1,640

Based on the table therefore, his federal tax is:

= $80

This figure is based on the intersection between income of $1,640 and 3 withholding allowances.

FICA tax rate is 7.65% so his FICA tax is:

= 1,640 * 7.65%

= $125.46

State income tax = $52.97

Local deduction - Clark County Income tax = $29.52

Total deductions:

= Federal tax + FICA + State income tax + Clark County income tax

= 80 + 125.46 + 52.97 + 29.52

= $287.95

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Inventory information for Part 311 of Whispering Corp. discloses the following information for the month of June.
bearhunter [10]

Answer:

FIFO: ending inventory: $9,528  COGS: $ 14,452

LIFO: ending inventory: $ 8,422 COGS: $ 15,558 (periodic)

LIFO:  ending inventory $ 9,035 COGS ·$ 14,945 (perpetual)

<em />

Explanation:

June   1     Balance 304 units @ $13   3, 952

June  11 Purchased 804 units @ $15  12,060

June 20 Purchased 498 units @ $16<u>  7, 968   </u>

Tota units 1,606 Cost available:         23,980

June 10 Sold 205 units @ $30

June 15 Sold 504 units @ $32

June 27 Sold 295 units @ $34

Total units: 1,004 units

<u></u>

Ending Inventory units: 1,606 - 1,004 = 602

<u>FIFO:</u>

first units are sold while last are ending inventory.

As we always pick from chronological order is the same under perpetual or periodic method.

<u><em>Ending Inventory:</em></u>     602 units

June 20 Purchased 498 units @ $16   7, 968   (602 - 498 = 104)

June  11 Purchased   104 units @ $15 <u>  1, 560    </u>

                      Total:                               9,528

<u><em>COGS:</em></u> Difference between cost available and ending inventory:

23,980 - 9,528 = 14,452

<u>LIFO:</u>

first units are part of ending inventory. As the units aren't picked in chronological order the values cahnges under perpetual and periodic method.

<u>periodic ending inventory:</u>

June   1     Balance 304 units @ $13   3, 952 (602 - 304 = 298)

June  11 Purchased 298 units @ $15<u>   4,470   </u>

                               Total                      8,422

COGS: 23,980 - 8,422 = 15,558

<u>perpetual method:</u>

Inventory after 1st sale: 304 - 205 = 99 units at 13

Inventory after 2nd sale.

99 untis at 13

804-504 = 300 units at 15

Inventory after 3rd sale.

99 untis at 13                           1,287

300 units at 15                        4,500

498 - 295 = 203 units at 16 <u>   3,248   </u>

<em>ending inventory:                  9,035</em>

<em>COGS: 23,980 - 9,035 = 14,945</em>

8 0
3 years ago
Presented below is information related to Splish Company. Cost Retail Beginning inventory $362,797 $286,000 Purchases 1,370,000
KiRa [710]

Answer:

$200,455

Explanation:

For calculating the inventory by the conventional retail inventory method. we required to do the following computations which are shown below:

Using cost method

Goods available for sale:

= Beginning inventory + Purchases

= $362,797 + $1,370,000

= $1,732,797

Using retail method

Goods available for sale:

= Beginning inventory + Purchases  + Net markups - Net markdowns

= $286,000 + $2,145,000 + $80,300 - $27,800

= $2,483,500

Now

Cost to retail ratio = $1,732,797 ÷ ($286,000 + $2,145,000 + $80,300)

                             = $1,732,797 ÷ $2,511,300

                             = 0.69

Now

Estimated ending inventory at retail

= Goods available for sale under Retail method - Sales revenue

= $2,483,500 - $2,193,000

= $290,500

So,

Estimated ending inventory at cost:

= Estimated ending inventory at retail × Cost to retail ratio

= $290,500 × 0.69

= $200,455

5 0
3 years ago
The demand for Cheerios cereal is more price-elastic than the demand for cereals as a whole. This is best explained by the fact
lutik1710 [3]

Answer:

C. There are more substitutes for Cheerios than for cereals as a whole

Explanation:

Since in the question it is given that the demand for  Cheerios cereal is more price-elastic than the demand for cereals as a whole as because there are more substitutes for Cheerios as compare to cereals because in the case of substitute goods, there is a positive relationship between the price of good B and the demand of good A. It means if the price of good B decline. then the demand of good A is decreases and vice versa

6 0
3 years ago
Josie is trying to figure out how to implement her investing strategy. She wants to compare online
cluponka [151]

Considering the situation described above, the 2 questions that Josie should consider during her research include "<u>In your respective industry, what is the most important advice you can give to a first-time investor.?"</u>

The other question Josie should consider during her research include:

<u>Considering the current pandemic period, which line of investment has stood the test of time?</u>

These questions is expected to yield answers that would guide Josie on how to implement her investment strategy to yield desired results.

Hence, in this case, it is concluded that Josie needs to ask the right questions to give her informative answers that can be used in the investment implementation.

Learn more here: brainly.com/question/17728414

5 0
3 years ago
Decisions regarding which of the following are not part of the production process structure?a) management policiesb) robotsc) fa
sweet [91]

Answer:

The correct answer to the following question will be Option C (Facilities).

Explanation:

  • Services are services that are offered to people. They must sustain and lead a comfortable life. Water installation and transportation for example, the facility where our employer gives or provides to us is named the facility.
  • Business Facilities is a major full-service advertising company specialized in the industry for site selection. Commercial Facilities also built a vibrant group for managers at C-level and economic development agencies through a magazine, e-mail updates, a news website, and others.

Therefore, Option C is the right answer.

6 0
3 years ago
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