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Savatey [412]
2 years ago
13

A high school student working part-time as a cashier had a gross income of $6727 last year. If his federal tax rate was 10% and

his state tax rate was 4.3%, what was the amount withheld from his pay lat year in federal tax, state tax, and FICA combined
Business
1 answer:
pishuonlain [190]2 years ago
5 0

Answer:

Not enough information

Explanation:

Without knowing what the individual put on his or her W-4 or knowing the state on which he or she worked, or knowing how many paychecks this was earned over, this question cannot be answered.

Federal income tax withholding uses a bracketed system based on the assumption that each pay period is representative of the entire year. If the individual only worked part of the year, or worked irregular hours, the total withholdings will be greater than if the individual had earned the exact same pay in each of 52 (or 53) weeks.

State withholding rules vary by state. Some are flat rate, but others are bracketed.

It's also possible that this worker is exempt from Social Security taxes, so we can't even conclude that this worker had to pay the flat rate FICA tax.

There is simply not enough information to answer this question.

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2 years ago
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8 0
2 years ago
What is the total estimated warranty expense for 2 years ago? 3. What is the estimated warranty expense that Arctica reports for
vaieri [72.5K]

Answer and Explanation:

As given in the question, percentage of estimated warranty expense is 4% of Lynx, 7% of Puma and 6% of Jag sales.

Therefore, estimated warranty expense for the current year for Arctica will be:

4% × 80000 = 3200

7% × 60000 = 4200

6% × 105000 = 6300

Total 13700

2. Adjusting entry:

Warranty expense    Dr. 13700

To Warranty expense Liability     13700

( Being estimated liability recorded)

3. Warranty Expense Liability   Dr. 700

To Inventory     700

( Being replacement cost recorded)

3 0
2 years ago
Drusilla owns a large cosmetic store in San Francisco that employs about 25 people. She delegates some of the decision-making to
MakcuM [25]

Answer:

sole proprietorship.

Explanation:

Sole proprietorship-

It is the simplest form of business, where there is only one and only one person, running the business, is referred to as a sole proprietorship .

It is not a legal entity, with only one head.

All the loss and income are taxed on the very person's income tax return .

It is also known as a sole trader, where the sole trader has the right to take any decision for the company and hence has got the right to employ any person to work under him.

Hence, from the given scenario of the question,

Drusilla owning a large cosmetic store, is an example of sole proprietorship.

7 0
3 years ago
Tiffany owns a health club and contracts to buy a set of weights from Dylan for $10,000. Dylan is hurting financially, so he cha
Alla [95]

Answer:

True

Explanation:

Dylan's alteration of the contract terms automatically discharges (terminates) the contract, since the consideration was changed. Dylan's consideration remained the same, providing some set of weights, but Tiffany's consideration was wrongfully and illegally changed by Dylan($18,000 instead of $10,000), so the contract is terminated.  

6 0
3 years ago
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