All categories

2 years ago

Which is an example of a mandatory deduction on a pay stub?

Business

1 answer:

Grace [21]2 years ago

3 0

Answer:

Some mandatory payroll tax deductions that employers are required by law to withhold from an employee's paycheck include: Federal income tax withholding. Social Security & Medicare taxes – also known as FICA taxes.

~Its srishty~✿

You might be interested in

On October 1, Sponge Bob, Inc. received $240 up front from a customer for a yearly magazine subscription. Magazines are provided

ddd [48]

Answer:

Oct 1 Cash $240 Dr

Unearned Subscription Revenue $240 Cr

Dec 31 Unearned Subscription Revenue $60 Dr

Subscription Revenue $60 Cr

Explanation:

The receipt of $240 upfront in advance from a customer is a liability for the business as the business has received cash for service that is yet to be provided. The business will record this as a debit to the cash account and credit to a liability account of Unearned Service Revenue.

On 31 december, the business has provided magazines for 3 months thus it has earned revenue for 3 months. The revenue for 3 months is,

Revenue per month = 240 / 12 = 20

For 3 months = 20*3 = 60

The business will record this as a credit to the subscription revenue and a debit to the unearned subscription revenue

4 0

3 years ago

An important tool in predicting the volume of activity, the costs to be incurred, the sales to be made, and the profit to be ear

SVEN [57.7K]

Answer:

Cost-volume-profit analysis.

Explanation:

An important tool in predicting the volume of activity, the costs to be incurred, the sales to be made, and the profit to be earned is cost-volume-profit analysis. It is an important tool in accounting that is used to determine how changes in differing levels of activities such as costs and volume affect a company's operating financial statements, both income and net income. It is also an accounting concept known as the break even analysis.

In order to use this cost-volume-profit analysis, accountants usually make some assumptions and these are;

1. Sales price per unit product is kept constant.

2. Variable costs per unit product are kept constant.

3. Total fixed costs of production are kept constant.

4. All the units produced are sold.

5. The costs accrued are as a result of change in business activities.

6. A company selling more than a product should simply sell in the same mix.

3 0

3 years ago

A father wants to save for his eight?year?old son�s college expenses. The son will enter college 10 years from now. An annual am

Ganezh [65]

Answer:

Instructions are listed below

Explanation:

Giving the following information:

The son will enter college 10 years from now. An annual amount of $40,000 in constant dollars will be required to support the son's college expenses for four years.

The future general inflation rate is estimated to be 6% per year, and the market interest rate on the savings account will average 8% compounded annually

A) We need to find the present value for each 40,000-year expense.

Formula= FV/(1+i)^n

1: PV= 40,000/(1.06)^10= 22,335.80

2: PV= 40,000/(1.06)^11= 21,071.50

3: PV= 19,878.77

4: PV= 18,753.56

B) Total final value= 160,000

PV= 160,000/1.06^10= $89,343.16

C) We need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (160,000*0.06)/[(1.06^10)-1]= $12,138

5 0

3 years ago

Sherry knew that her established customers liked her product much better than her competitor's. She was planning to expand into

Rom4ik [11]

Answer:

d. premium pricing.

Explanation:

Premium pricing is the strategy of pricing in which the product is highly priced in comparison to that of the other similar products available in the market. This is done in order to keep the belief in customers that the product is superior than those available in the market.

Some people those who think that expensive products are always nice, prefer these kind of products.

Here in the given instance also Sherry prefers this model and her ideology also matches with this technique.

7 0

3 years ago

Kearney Inc. has a factory with the following characteristics: direct labor of $82056, direct materials of $52432 fixed overhead

frutty [35]

Answer:

The amount of cost from Pool A that is allocated to LQ6 is $7,802.

Explanation:

Since Pool A includes all variable overhead and uses direct labor as the allocation base, we can obtain the following from the question:

Direct labor = $82,056

Variable overhead = $146,362

Number of labor hours used by LQ6 = 162

Factory's labor costs per hour = $27

Therefore, we have:

Factory's labor cost of LQ6 = Number of labor hours used by LQ6 * Factory's labor costs per hour = 162 * $27 = $4,374

Variable over allocated to LQ6 from Pool A = (Factory's labor cost of LQ6 / Direct labor) * Variable overhead = ($4,374 / $82,056) * $146,362 = $7,801.83518572682

Rounding to whole number of $ as required, we have:

Variable over allocated to LQ6 from Pool A = $7,802

Therefore, the amount of cost from Pool A that is allocated to LQ6 is $7,802.

4 0

2 years ago