Answer:
Employer should withheld $1,643 from Baker's salary
Explanation:
Baker earned $113,300 in 2012. As on 2012, FICA tax rate withheld from employee's salary is 7.65% that constitutes 4.5% of social security, 1.45% of medicare taxes and 2% additional for employees whose wages exceed $18,350.
The gross income base for social security part has increased in 2012 to $110,100. This is not applicable for medicare tax of 1.45%.
Here, Baker's salary of $113,300 is above social security limit, so his income will not be withheld for social security. However, 1.45% of his salary will be withheld for medicare tax.
Therefore, $1,643 that is 0.0145×113,300 is withheld from his salary.
Answer:
see below
Explanation:
Simple interest is a method of calculating gains or yields from savings, deposits, or credit. In simple interest, the interest earned is a constant figure throughout the life of an investment or loan. Simple interest is usually expressed as a percentage, called the interest rate. It is calculated by multiplying the interest rate by the principal amount and by the time. The interest rate quoted applies for a year.
Unlike simple interest, interest earned in compound interest increases every year. Compounding interest refers to the practice of adding interest earned to the principal amount. An increase in the principal amount results in an increase in the interest earned. Due to the compounding effect, a compound interest-earning account will yield more interest than a simple interest-earning account.
THE ANSWER TO THIS QUESTION IS JOE HAS A HIGHER ONE
This is because a loss would be recorded (debit) and liability established (credit) in advance of the settlement.
Responsibility is the responsibility of the individual or company and is usually the amount. Debts are settled over time by the transfer of economic interests, including money, goods, or services. The liabilities shown on the right side of the balance sheet include loans, liabilities, mortgages, income receivable, borrowings, guarantees, and accrued expenses.
Liability can be compared to assets. Debt is what you owe or owe. An asset is something you own or owe.
Main findings
Responsibility (generally) is something that owes someone else.
Liability may also mean legal or regulatory risk or obligation. In
accounting, companies compare liabilities to assets.
Current liabilities are short-term financial liabilities of companies that are due within a year or within the normal business cycle (such as accounts payable).
Long-term (long-term) liabilities are liabilities that are recorded on the balance sheet and are due within one year.
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