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3 years ago

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Penny is paid a gross wage of $2,648.00 on a monthly basis. She is single and is entitled to 2 withholding allowances. How much

income tax, social security, and Medicare will be withheld based on the combined wage bracket tables in Exhibits 9-3 and 9-4 from your text

1 answer:

Damm [24]3 years ago

6 0

Answer:

The combined wage bracket tables in Exhibits 9-3 and 9-4 is missing hence I will use 2014 tax year

answer :

a) Federal income tax withheld

= 75.6 + ( 1989.60 - 944 )*15% = $232.44

b) social security

6% * 1989.6 = $119.38

c) Medicare

1.45% * 1989.6 = $28.85

Explanation:

For a single individual

Two withholding allowance = $329.20 * 2 = $658.40

Gross Pay = $2648

withholding allowance = $658.40

Subject to withholding = $2648 - $658.40 = $1989.60

a) Federal income tax withheld

= 75.6 + ( 1989.60 - 944 )*15% = $232.44

b) social security

6% * 1989.6 = $119.38

c) Medicare

1.45% * 1989.6 = $28.85

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Mashcka [7]

Answer:

GDS ratio is 28.12% and is less than the maximum of 30%,hence Jane would be able to get the mortgage

Explanation:

The gross debt service ratio is a measure of the ease with which mortgage holders can repay their housing loan.It compares the yearly property obligations with the yearly income of the mortgage holder.

Gross Debt Service ratio=yearly obligations/yearly income

yearly obligations=property taxes+yearly mortgage repayment

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nper is the duration mortgage of 30 years

pv is the present value of mortgage

fv is future value of mortgage,it is not known,hence taken as zero

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yearly obligations=$6,900+$9,636.30=$ 16,536.30

GDS = 16,536.30/58,800=28.12%

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3 years ago

Interest expense is not: Multiple Choice Incurred on long-term liabilities. Reported on the income statement. A fixed expense. L

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Interest expense is not Incurred on long-term liabilities.

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2 years ago

Fredrico has to lead a training for his company. He wants to include a visual element to help engage his audience. What type of

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3 years ago

The current spot exchange rate is $1.55/£ and the three-month forward rate is $1.50/£. Based on your analysis of the exchange ra

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2 years ago