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If you are self-employed, you don't have to pay FICA on all your salary, just on 92.35% of it. If your salary is $128,255 what i

Artist 52 [7]

Answer:

The amount that I am required to pay monthly as FICA if my salary remains constant is $18,121.85¢

Step-by-step explanation:

Federal insurance contributions act is a law that mandates all employers of labour to withhold medicare and certain taxes from the wages that are paid to employees or workers. These taxes are remitted to the government later which is then used for the provision of basic amenities and quality health care.

Since, I am only required by law to pay FICA on only 92.35% of my monthly salary, we need to calculate the the actual amount that makes up 92.35 percent of my monthly salary.

If $128,255 is my current monthly salary, then 92.35% of it will be:

92.35/100 × 128,255

= 0.9235 × 128,255

= $118,443.49¢

This is the part of his monthly salary that he is required by law to pay FICA on.

Then, if FICA is 15.3% of a worker's taxable income, then I am required to pay 15.3% of the taxable $118,443.49¢ since I am self employed and mustn't pay it on the entire $128,255 that I earn monthly.

My monthly FICA contribution is then:

15.3/100 × 118,443.49

= 0.153 × 118,443.49

= $18,121.85¢.

Therefore, if my salary remains constant, the amount that I am required by law to pay monthly as FICA is $18,121.85

6 0

3 years ago

Read 2 more answers

Shawna took a test that had a total of 20 items. She got 4/5 of the items correct. How many items did she get correct?

ehidna [41]

Shawna got 16 items correct

Step-by-step explanation:

To find the percentage of answers or part of total answers we multiply the fraction with the total number of items.

Given

Total items on test = 20

Correct items fraction = 4/5

Then,

$Correct\ items=\total\ items * \fraction\ of\ correct\ answers\\= 20 * \frac{4}{5}\\=\frac{80}{5}\\=16$

Shawna got 16 items correct

Keywords: Percentage, fractions

Learn more about fractions at:

#LearnwithBrainly

4 0

3 years ago

the sum of the first n terms of a sequence is 20 - 10 / 2 ^ n - 1 find the sum of the first five terms

Travka [436]

Answer:

$S_5=\dfrac{170}{9}$

Step-by-step explanation:

Given that,

The sum of first n term of a sequence is $S_n=20-\dfrac{10}{2n-1}$

We need to find the sum of the first 5 terms.

Put n = 5,

$S_5=20-\dfrac{10}{2(5)-1}\\\\=20-\dfrac{10}{10-1}\\\\=20-\dfrac{10}{9}\\\\=\dfrac{170}{9}$

So, the sum of first 5 terms is equal to $\dfrac{170}{9}$ .

6 0

3 years ago

Question 2 A B C D E F G H

sleet_krkn [62]

Step-by-step explanation:

a. 2(y-8)

= 2y-16

b. 3(x-5)

= 3x-15

c.6(b-4)

= 6b-32

d.7(d-2)

= 7d-14

e.5(2-y)

= 10-5y

f.3(4-t)

= 12-3t

g.5(b-a)

=5b-5a

h.7(2-h)

= 14-7h

4 0

3 years ago

A cylinder has a base radius of 4m and a height of 6m. What is its volume in cubic m, to the nearest tenths place?

Ronch [10]

<h3>Answer:</h3>

301.6 cubic meters

<h3>Step-by-step explanation:</h3>

A cylinder is a shape with straight sides with circular or oval cross-sections. We know that the cylinder in the question must be a circular cylinder due to its radius description.

Volume Formula

A circular cylinder has a volume of $V=\pi r^2h$ . In this equation, V is the volume, r is the radius, and h is the height. The question tells us that r=4m and h=6m. So, we can plug these values into the formula.