1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Degger [83]
2 years ago
13

Lauren has gross pay of $765 and federal tax withholdings of $68. Determine Lauren's net pay if she has the additional items wit

hheld: Social Security tax that is 6. 2% of her gross pay Medicare tax that is 1. 45% of her gross pay State tax that is 22% of her federal tax a. $691. 52 b. $666. 21 c. $636. 98 d. $623. 52.
Business
1 answer:
White raven [17]2 years ago
4 0

The correct statement is that the net salary of Lauren will be $623.52 after the deductions of tax withholding against her gross pay of $765.

So, the correct option that matches the statement quoted above is D. Calculations regarding the deduction of tax withholding are shown below.

<h3>Calculation of net salary</h3>

Net salary of Lauren can be calculated by subtracting all the given deductions from gross pay available in the hands of Lauren.

The withholding of taxes of Lauren will be calculated as,

\rm Security\ Tax= Gross\ Pay\ x\ rate\\\\\rm Security\ Tax= 765\ x\ 0.062\\\\\rm Security\ Tax= \$47.43

Calculating further,

\rm Medicare\ Tax\ = Gross\ Pay\ x\ rate\\\\\rm Medicare\ Tax\ = 765\ x\ 0.0145\\\\\rm Medicare\ Tax\ = \$11.09

and

\rm State\ Tax\ = Federal\ Tax\ x\ Rate \\\rm State\ Tax\ = 68\ x\ 0.22\\\\\rm State\ Tax\ = \$14.96

Now deducting the summation of tax withholding from the gross pay, we get net salary as,

\rm Net\ Pay= Gross\ Pay- Tax\ Withholding\\\\\rm Net\ Pay= 765-(14.96+11.09+47.43+68)\\\\\rm Net\ Pay= \$623.52

So, net pay of Lauren will be $623.52 for such period.

Hence, the correct option is D that the net salary of Lauren will be $623.52 after the deductions of tax withholding against her gross pay of $765.

Learn more about Net Salary here:

brainly.com/question/24017475

You might be interested in
Peach Company uses a weighted-average process-costing system. Company records disclosed that the firm completed 40,000 units dur
alex41 [277]

Answer:

D. $28.50

Explanation:

6 0
3 years ago
What was the famous home Thomas Jefferson built called?
Wittaler [7]
<span>Monticello - </span><span>931 Thomas Jefferson Pkwy, Charlottesville, VA 22902</span>
<span>
</span>

5 0
2 years ago
Match each scenario with the correct term. IPO, stock, mutual fund and NASDAQ. These are the scenarios:
earnstyle [38]

a small piece of ownership in a company - stock

a company’s initial offering of stock - IPO

a portfolio of stocks and bonds - mutual funds

a public stock exchange - NASDAQ

5 0
3 years ago
Read 2 more answers
jameson machinery inc. wants to release their newest equipment in the south american market before other companies in order to e
Natasha_Volkova [10]

Based on the actions of Jameson Machinery Inc, we can infer that they want to benefit from<u> First Mover Advantage. </u>

<u />

First Mover Advantage:

  • Involves being the first company or brand to enter a certain industry
  • Gives the brand a competitive advantage and customer loyalty over other competitors
  • Allows company to perfect services offered

In trying to get to South America first and having their brand established, Jameson hopes to benefit from first mover advantage which would see them have a competitive advantage over competitors that come later.

In conclusion, Jameson hopes to benefit from First-Mover Advantage.

<em />

<em>Find out more at brainly.com/question/14663095. </em>

3 0
3 years ago
Sheffield borrowed $701000 on October 1, 2017 and is required to pay $721000 on March 1, 2018. What amount is the note payable r
Georgia [21]

Answer:

On October 01, 2017

The amount actually borrowed that is $ 701,000 will be recorded as liability/note payable on october 01, 2017. The following accounting entry will be passed

Debit Cash Asset           $ 701,000

Credit Note payable       $ 701,000

Interest recognized from October 1 to December 31, 2017

The premium amount paid on redemption will be recorded as interest over the period of time. The interest amount is

Interest = 721,000 -701,000 = $ 20,000

So this above calculated expense will be recognized as an expense over loan period.

5 0
3 years ago
Other questions:
  • When a company is using the direct​ write-off method, and an account is written​ off, the journal entry consists of a​ ________.
    8·1 answer
  • I need these answers to these
    13·2 answers
  • Cable tv operators and cellular carriers suffer from high levels of​ ________, or customer defections.
    7·2 answers
  • A venture capitalist, willing to invest $1,000,000 , has three investments to choose from. The first investment, a software comp
    14·1 answer
  • The tax rate as a percent, r, charged on an item can be determined using the formula – 1 = r, where c is the final cost of the i
    9·2 answers
  • Dorothy Koehl recently leased space in the Southside Mall and opened a new business, Koehl's Doll Shop. Business has been good,
    12·1 answer
  • Felix is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Fe
    9·1 answer
  • Lesco's is evaluating a project that has a different level of risk than the overall firm. This project should be evaluated: Grou
    6·1 answer
  • A developer has 20 acres of real estate for a project. She has two projects to consider for the land. She can only select one pr
    10·1 answer
  • The document that details the specific audit procedures for each type of test is the?
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!