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Amiraneli [1.4K]
2 years ago
5

Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 8,988. The

FICA tax for social security is 6.2% of the first $128,400 of employee earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,491.37. Her net pay for the month is: (Round your intermediate calculations to two decimal places.) Multiple Choice $6,566.00 $6,809.04 $5,074.63 $7,366.30 $6,375.04
Business
1 answer:
cluponka [151]2 years ago
6 0

Answer:

$6,809.04

Explanation:

Calculation to determine what her net pay for the month is

Gross Pay (a) $8,988

Less: Deductions

Social Security Tax $557.26

($8,988 * 6.2%)

Medicare Tax $130.33

($8,988 * 1.45%)

Federal income Tax $1,491.37

Total Deductions (b) $2,178.96

Net Pay (a-b) $6,809.04

($8,988-$2,178.96)

Therefore her net pay for the month is $6,809.04

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A firm’s profit margin is 5 percent, its debt/assets ratio is 56 percent, and its dividend payout ratio is 40 percent.
beks73 [17]

Answer:

The given statement is FALSE.

Explanation:

It will only be till sustainable growth rate that the firm will not require external financing. The debt /ratio demands resources to sustain the operation, which are not powered by the profit margin.

3 0
3 years ago
A local bank sponsors a charity run that raises funds for a non-profit building wells and schools in Mali, Africa. How would the
const2013 [10]

Answer:

The use of the bank's funds for this fundraiser would be justified when the bank's goal is to maximize profit by:

giving the bank public relations boost, thereby improving its public image.

Explanation:

The creation of publicity opportunities through this fundraiser enhances the bank's activities.  Awareness of its services is created through the sponsorship.  People perceive the bank as a charity-supporting organization, which cares for the welfare of the less-privileged.  The fundraiser creates huge goodwill.  Public relation is, therefore, critical in helping the bank to engage its diverse publics across various platforms, including the accruing intangible benefits that derivable from the seemingly unprofitable effort.

5 0
3 years ago
Sanctions are a type of trade restriction that is ineffective in forcing change in other countries.
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3 0
3 years ago
Explain where each of the following items would appear on a multiple-step income statement.
netineya [11]

Answer:

a. Gain on disposal of plant assets will appear under Other Revenues and Gains.

b. Cost of goods sold will still appear under Cost of Goods Sold.

c. Depreciation expense will appear under Operating Expense.

d. Sales returns and allowances will appear under Sales Revenue.

Explanation:

A multiple-step income statement is an income statement in which the net income reported on the bottom line is calculated using multiple subtractions.

Each of the following items would appear on a multiple-step income statement as explained below.

a. Gain on disposal of plant assets

This will appear under Other Revenues and Gains.

Other Revenues and Gains are revenues from auxiliary operations and gains unrelated to the company's operations, which are reported in the non-operating activities section of the income statement. The following are some of them: Interest from receivable, marketable securities, Gains on Disposal of Plant Assets, etc.

b. Cost of goods sold

This will still appear under Cost of Goods Sold.

Cost of Goods Sold are the direct costs of manufacturing the commodities that a business sells. This figure covers the direct cost of the materials and labor that went into making the good. It does not include indirect costs like distribution and sales force expenditures.

c. Depreciation expense

This will appear under Operating Expense.

Operating Expense is a cost that a company incurs as part of its routine operations. Examples of this include rent, marketing, payroll, insurance, monies allocated for research and development, depreciation expense, and among others.

d. Sales returns and allowances

These will appear under Sales Revenue.

This is the amount of money a corporation makes through selling things or providing services minus sales returns allowances and sales discounts.

4 0
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sesenic [268]

Answer:

This is a personal question man

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Im sorry, but I can't answer personal questions

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6 0
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