Eric's gross pay for the week is $2,150
His deduction for federal income tax is based on a rate of 25%. He has no voluntary deductions. His yearly pay is under the limit for OASDI. What is the amount of FICA tax that will be withheld from Eric's pay? (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.)
A) $537.50
B) $164.48
C) $701.98
D) $136.50
B .
You might also like to view...
Using comments and critiques on a social media site can be an effective way to do which of the following?
A) Exchange large volumes of data B) Build a personal social media brand C) Explain new or unfamiliar systems D) Provide reference materials E) Develop a company history
The following ratio relates the results of operating performance to the investments (assets) of a firm without regard to how the firm financed those investments. Net Income + Interest Expense Net of Income Tax Savings ----------------------------------------------------------------------- Average Total Assets The ratio is called a rate of return on:
a. assets. b. long-term investments. c. shareholders' equity. d. net income. e. net income and interest expense net of income tax savings.
The following is the adjusted trial balance as of December 31, 2016 of Mason Photography:
Account Debit Credit Cash $1,700 Accounts Receivable 8,500 Supplies 100 Equipment 7,500 Accumulated Depreciation—Equipment $2,000 Accounts Payable What will be an ideal response
For each of the following expenditures, indicate whether the amount is debited to an asset account or to an expense account
Transaction Account Debited Paint job Major engine overhaul Tire replacement Asset modified for new use Routine maintenance that keeps a machine in normal operating condition Replacement of a roof What will be an ideal response