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omeli [17]
3 years ago
14

Assuming a FICA tax rate of 7.65% on the first $127,200 in wages, 1.45% on amounts in excess of $127,200, and a federal income t

ax rate of 20% on all wages, what would be an employee's net pay for the year if he earned $206000 for the year
Business
1 answer:
Lelechka [254]3 years ago
7 0

Answer:

$154524

Explanation:

If a federal tax rate is 20% on all wages then we subtract that amount from the total wage of $206000 for the year

20% from $206000 is $41200

$206000 - $41200 = $164800

We have deducted the federal tax rate and got the amount $164800

After we apply the FICA tax rate of 7.65% on the amount $127200 we get

7.65% of $127200 is $9730,8 so the first amount we have to remember is

$127200 - $9370,8 = $117469,2

Regarding the amount that excess $127200 that amount stands at

$164800 - $127200 = $37600

We apply the 1.45% rate to the amount $37600

1.45% of the $37600 is $545,2 so the second amount we have to remember is

$37600 - $545,2 = $37054,8

We now simply add the two calculated amounts

$117469,2 + $37054,8 = $154524

So the net pay for the year is $154524

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Answer:

Consider the following calculation

Explanation:

1. Determine the 2018 EPS.

EPS = Net Income / Weighted Average number of shares

Numerator

Net Income = $15,90

Denominator

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EPS 2018 = $15,90 / 2,52 Shares

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2. Determine the 2019 EPS.

Numerator

Net Income = $15,90

Denominator

Weighted Average number of shares

=[ 2,20 – 24 + 24 + 96 ] x 2 Stock Split

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EPS 2019 = $15,90 / 6,32 Shares

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3. At what amount will the 2018 EPS be presented in the 2019 comparative financial statements?

Numerator

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Denominator

Weighted Average number of shares

= 2,520 x 2 Stock split

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EPS = $15,90 / 5,04

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3 years ago
True or false, general revenue sharing grants give states the most discretion as to how to spend the money.
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I think the answer is true although i'm not sure. please go back to your lesson and check, everything says there. I'm guessing you are home-schooled so just go through the lesson while doing the test, this way you will know for sure that you got everything right.
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Knowledge Check 03 On January 5, 2015, Barnaby, Inc., purchased a patent costing $100,000 with a useful life of 20 years. The co
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Answer:

The journal entry is as follows:

Explanation:

January 5       Patent A/c..................Dr        $100,000

                             To Cash A/c............Cr           $100,000

As patent is purchased so asset is increasing and any increase in asset would be debited. Therefore, patent account is debited. And it is purchased against cash and decrease in asset is credited. Therefore, cash account is credited.

December 31    Amortization expense- Patent................Dr                $5,000

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Working Note:

Patent Cost is $100,000

Useful life is 20 years

Amortization expense = Patent Cost / Useful life of asset

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7 0
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Chestelle Corporation, a sports equipment manufacturing company, borrows a considerable sum of money as loan from GRJ Bank, a pr
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Answer:

Long term liability

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In this scenario Chestelle Corporation has borrowed a large amount of money that is due in 4 years. It is due in over a year so it is a long term liability.

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what is the term that refers to the functions used to move products through the channel to the consumer?
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The term that refers to the functions used to move products through the channel to the customer is distribution

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3 years ago
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