Answer:
x = 6
Step-by-step explanation:
The Federal Insurance Contributions Act (FICA) is made up of
two items, Social Security and Medicare taxes. For 2016, the Social Security
tax rate is 6.2% on the first $118,500 wages paid. The Medicare tax rate is
1.45% on the first $200,000 and 2.35% above $200,000. Since the total earnings is
only $110,700 which is not yet taxable. So there is no taxable earnings yet.
Answer:
For instance, say you pay $8,000 for goods and sell them for $10,000. Your gross profit is $2,000. Divide this figure by the total revenue to get your gross profit margin: 0.2. Multiply this figure by 100 to get your gross profit margin percentage: 20 percent.
Step-by-step explanation:
