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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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4 0
3 years ago
Use the following information for Jett Co. to answer the following question: 2015 2014 Sales 1,200 1,000 COGS 850 700 Operating
Yakvenalex [24]

Answer:

B. 20.0% and 35.0%

Explanation:

Jett Co.'s Average tax rates for 2015 = Income taxes paid / Taxable income

When, Taxable Income = Sales - Cost of goods sold - Operating expenses

= $1,200 - $850 - $200

= $150

Hence, Jett Co.'s Average tax rates for 2015 = $30 / $150

= 20%

Jett Co.'s Average tax rates for 2014 = Income taxes paid / Taxable income

When Taxable Income = Sales - Cost of goods sold - Operating expenses

= $1,000 - $700 - $200

= $100

Hence,  Jett Co.'s Average tax rates for 2014 = $35 / $100

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7 0
3 years ago
you are offered the oppurtunity to put some money away for retirement. you will recieve five annual payments of 25,000 each begi
bixtya [17]

Answer:

$90,119.405

Explanation:

Given:

Periodic payment (p) = $25,000

Number of payment (n) = 5

Interest rate (r) = 12% = 12 / 100 = 0.12

Present value = ?

Computation of Present value :

Present\ Value = PMT [\frac{1-(1+i)^{-n}}{i}] \\\\ Present\ Value= 25,000 [\frac{1-(1+0.12)^{-5}}{0.12}]\\\\Present\ Value= 25,000 [\frac{1-(1.12)^{-5}}{0.12}]\\\\Present\ Value= 25,000 [\frac{1-0.567426856}{0.12}]\\\\Present\ Value= 25,000 [\frac{0.432573144}{0.12}]\\\\Present\ Value= 25,000 [3.6047762]\\\\Present\ Value= 90,119.405

We be will invest $90,119.405 (approx).

6 0
3 years ago
Question 832 pts
Zigmanuir [339]
Statement of vash flow
5 0
3 years ago
An indirect measure of risk that tells us how much a firm earned for each dollar invested by its owners is called blank______. m
Trava [24]

An indirect measure of risk that tells us how much a firm earned for each dollar invested by its owners is called  return on equity.

<h3 /><h3>What is  return on equity?</h3>

Return on equity can be defined as a process  use by company or organization to measure risk , profit or net income after tax divide by the company equity over a period of time.


Formula for Return or equity is:

Return on equity= Net income after tax/ Total owners' equity.

Therefore the correct option D.

Learn more about return on equity here:brainly.com/question/26412251

#SPJ1

4 0
2 years ago
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