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hichkok12 [17]
3 years ago
13

Bonnie claims single with 2 federal withholding allowances, and contributes state tax of 20% of her federal tax. Below is a copy

of Bonnie's biweekly statement of earnings. Bonnie knows that her gross earnings and federal tax are correct, but she thinks that her net pay is not correct. Using the fact that Social Security is 6.2% and Medicare is 1.45% of gross pay, explain why the given net pay is not correct. Determine how the error can be corrected, and what the net pay should be.
Business
2 answers:
lorasvet [3.4K]3 years ago
6 0

Answer:

The given net pay is not correct because Medicare is not 1.45% of her gross pay. The Medicare should be $11.02, making the correct net pay $641.86.

kolezko [41]3 years ago
5 0

Answer:

The amount of Medicare tax has been calculated incorrectly. The Medicare tax should be $11.02, not $110.20. The actual net pay should be $641.86.

Explanation:

From Ed. :)

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Nitella [24]

Answer and Explanation:

The journal entries are shown below:

1. On Sep 30

Cash    $15750

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(Being the cash receipts is recorded)

For recording this we debited the cash as it increased the assets and credited the sales and sales tax payable as it increased the revenue and liabilities

2   On Sep 30

Cost of goods sold   $12,000

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(Being the cost of goods sold is recorded)

For recording this we debited the cost of goods sold as it increased the expenses and credited the merchandise inventory as it reduced the assets

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3 years ago
How does the interpretation of the regression coefficients differ in multiple regression and simple linear regression?
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Answer and explanation:

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Answer:

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