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Bess [88]
3 years ago
15

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
Business
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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A tariff is a tax on exported goods, if a tariff is too high then it will increase the cost of the item so the people who are buying have to pay more.
5 0
3 years ago
Read 2 more answers
Cameron Manufacturing Co.'s static budget at 5,000 units of production includes $40,000 for direct labor and $5,000 for variable
Xelga [282]

Answer:

C) variable costs of $72,000 and $25,000 of fixed costs

Explanation:

To determine the flexible budget we must first calculate the variable costs of producing 8,000 units:

direct labor per unit = $40,000 / 5,000 units = $8 per unit

electric power per unit = $5,000 / 5,000 units = $1 per unit

total variable cost per unit = $8 + $1 = $9

Total variable costs for 8,000 units = 8,000 units x $9 per unit = $72,000

Total fixed costs = $25,000

4 0
3 years ago
CDB stock is currently priced at $82. The company will pay a dividend of $4.65 next year and investors require a return of 10.9
lidiya [134]

Answer:

g = 0.05229 or 5.229% rounded off to 5.23%

Explanation:

Using the constant growth model of dividend discount model, we can calculate the price of the stock today. The DDM values a stock based on the present value of the expected future dividends from the stock. The formula for price today under this model is,

P0 = D1 / (r - g)

Where,

  • D1 is dividend in year 1 or the next dividend
  • g is the growth rate
  • r is the required rate of return

Plugging in the available values for P0, D1 and r, we can calculate the value of g.

82 = 4.65  /  (0.109 - g)

82 * (0.109 - g) = 4.65

8.938 - 82g  =  4.65

8.938 - 4.65 = 82g

4.288 = 82g

g = 4.288 / 82

g = 0.05229 or 5.229% rounded off to 5.23%

8 0
3 years ago
l a fixed asset for $72,376 when its book value is $43,070. If your company's marginal tax rate is 25 percent, what will be the
tiny-mole [99]

Answer:

Cash flow= $64,847

Explanation:

Giving the following information:

Sellin price= $72,376

Tax rate= 25%

Book value= $43,070

<u>First, we need to calculate the gain from the sale and the tax:</u>

Gain= 72,376 - 43,070= $29,036

Tax= gain*tax rate

Tax= 29,036*0.25= $7,259

<u>Now, we can calculate the after-tax cash flow:</u>

<u></u>

Gain= 29,036

Tax= (7,259)

Book value= 43,070

Cash flow= $64,847

4 0
3 years ago
Abba, Inc. is considering dropping a product line. During the prior year, the line had sales of $207,000 and a contribution marg
damaskus [11]

Answer:

Overall net income will decrease by $34,000.

Explanation:

Calculation to determine net operating income

Using this formula formula

Net operating income=Contribution margin -Avoidable costs

Where,

Contribution margin =$124,000

Avoidable costs= Salaries $60,000

+Advertising $20,000+Administrative expenses $10,000

Let plug in the formula

Net operating income=$124,000-($60,000+$20,000+$10,000)

Net operating income=$124,000-$90,000

Net operating income=$34,000 Decrease

Therefore If this product line is dropped overall net operating income will:decrease by $34,000

8 0
3 years ago
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