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Dmitry [639]
3 years ago
12

Oscar has elected to have 23% of his federal income tax withheld as state income tax. If $154.00 was withheld as federal income

tax on his last paycheck, how much will be withheld from his paycheck for income tax in all?
Business
2 answers:
IrinaK [193]3 years ago
8 0

<u>The total income tax in all withheld from his paycheck is $189.42.  when the Oscar has elected to have 23% of his federal income tax withheld as state income tax. If $154 was withheld as federal income tax on his last paycheck. </u>

<u></u>

Further Explanation:

Given:

Oscar has elected to have 23% of his federal income tax withheld as state income tax.

The federal income tax on his last paycheck of federal income tax is $154.  

Compute the state income tax:

State income tax is computed by taking the percentage of federal income tax with the federal income tax amount. The federal income tax amount is $154. The percentage of state income tax withheld of federal income tax is 23 percent.  

State income tax amount = Percentage of state income tax × Federal income tax amount

       = 23% × $154

       = $35.42

Compute the total income tax:

The total income tax is computed by adding the federal income tax amount with the state income tax amount.  The state income tax is $35.42 and the federal income tax is $154.  

Total income tax = State income tax amount + Federal income tax amount

     = $35.42 + $154

     = $189.42

Therefore, the total income tax is $189.42. As the rate of tax is increased, the amount of income tax is also increased. The rate of income tax and the amount of income tax are directly related to each other.  

Learn more:

1. Learn more about tax for funding school

<u>brainly.com/question/2124251 </u>

2. Learn more about organizing data

<u>brainly.com/question/9824390 </u>

3. Learn more about tax liability in the business

<u>brainly.com/question/1397148 </u>

<u></u>

Answer details:

Grade: Middle School

Subject: Taxation

Chapter: Income tax  

Keywords:

Oscar,  has elected, to have 23%, of his federal income tax, withheld, like state income tax, $189.42,percentage of federal income tax, with the federal income tax amount.

spin [16.1K]3 years ago
4 0
Federal income tax withheld = x

Percent held as state income tax = 0.23x

So, if $154 was held as federal income tax on the last paycheck, then the state income tax will be: 0.23 (154) = $35.42

Total income tax withheld = 154 + 35.42

$189.42
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Answer:

$2.17

Explanation:

The computation of maximum amount per unit is shown below:-

First we need to compute the avoidable fixed coast and total cost of making to reach maximum amount per unit

Avoidable fixed cost = Fixed cost × Fixes cost percentage

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Total cost of making = Variable cost + Avoidable fixed cost

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Maximum amount per unit = Total cost of making ÷ Producing cost

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Therefore, for computing the maximum amount per unit we simply divide the total cost of making by producing cost.

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A hardware buyer plans to purchase 75 ladders which will retail for $35 each. He has already placed an order for 48 ladders at $
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<em>The most he can pay for each of the remaining ladders if he is to obtain a 48% markup goal is </em><em>$36.357</em><em>.</em>

Explanation:

  • <em>A hardware buyer plans to purchase 75 ladders which will retail for $35 each. </em>This means that he is going to sell each ladder for $35, regardless of how much he paid for them before.
  • <em>He has already placed an order for 48 ladders at $16.50 each</em>. So out of the 75 ladders he is planning to purchase and then sell, he bought 48 at a reduced price of only $16.50 each. Now if we subtract those numbers, as shown below, we determine that he still needs to buy 27 more ladders at an unknown price:

<em>(75 - 48) ladders = 27 ladders</em>

  • <em>What is the most he can pay for each of the remaining ladders if he is to obtain a 48% markup goal? </em>So we need to determine the maximum price for each of the remaining 27 ladders if he is to obtain a 48% markup goal.

<em>Markup </em><em>in this case is just a measure of the ratio (in %) between the profit made </em>(by selling 75 ladders for $35 each)<em> to the cost paid </em>(by buying 48 of them at $16.5 each and 27 of them at an unknown price). Its formula is as follows:

Markup=\frac{Profit}{Cost}*100

Now, we already have our markup goal of 48%, so we can substitute that number into the formula, and divide both sides of the equation by 100:

48=\frac{Profit}{Cost}*100\\0.48=\frac{Profit}{Cost}\\\frac{Profit}{Cost}=0.48

We know that Cost is the sum of what he paid for the 48 ladders, <em>plus </em>what he is to pay for the remaining 27 ladders, so it should look something like this:

Cost=(48ladders*16.5\frac{dollars}{ladder} )+(27ladders*x)

Cost=(792 dollars)+(27ladders*x)

Where '<em>x</em>' is the maximum price he can pay for each of the remaining 27 ladders if he is to obtain a 48% markup goal.

We should also know that Profit is what he gets by selling the 75 ladders, <em>minus </em>the cost paid for them. It should look something like this:

Profit=(75ladders*35\frac{dollars}{ladder} )-[(792dollars)+(27ladders*x)]

Profit=(2625dollars)-[(792dollars)+(27ladders*x)]\\Profit=(2625dollars)-(792dollars)-(27ladders*x)\\Profit=(1833dollars)-(27ladders*x)

Next, we want to substitute what we have so far for Cost and Profit into the worked Markup formula we had written before, and solve the equation by isolating our '<em>x</em>'. To do that, let's follow these steps:

\frac{Profit}{Cost}=0.48

\frac{(1833dollars)-(27ladders*x)}{(792 dollars)+(27ladders*x)}=0.48\\1833dollars-27ladders*x=0.48*[792 dollars+27ladders*x]\\1833dollars-27ladders*x=380.16dollars+12.96ladders*x

At this point, <em>we want to transfer the 'x' terms to one side of the equation, and the other terms to the other side</em>, so we get to the answer:

1833dollars-380.16dollars=12.96ladders*x+27ladders*x\\1452.84dollars=(12.96+27)ladders*x\\1452.84dollars=39.96ladders*x

Finally, we divide both sides of the equation by 39.96 ladders:

\frac{1452.84dollars}{39.96ladders} =x\\36.357\frac{dollars}{ladders}=x\\x=36.357\frac{dollars}{ladders}

So the most he can pay for each of the remaining ladders if he is to obtain a 48% markup goal is $36.357. That means that even if he buys the remaining ladders for a higher price than what he is willing to sell them for, he still obtains a 48% markup goal.

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