An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $120; cumulative earnings for the year prior to this week, $24,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state
unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, .8% on the first $7,000. What is the net amount to be paid the employee?
A) $568.74
B) $601.50
C) $660.00
D) $574.90
B
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The ________ margin is calculated as the number of units sold times the contribution margin.
A. holding cost B. gross C. profit D. overhead rate E. fixed cost
On December 1, 2019, Murphy, Inc. had 35,000 shares of $7 par value common stock issued and outstanding. The next day it declared a 50% stock dividend. The market value of the stock on that date was $15 per share. Which of the following is the correct journal entry to record this transaction?
A) debit Stock Dividends $525,000 and credit Cash $525,000 B) debit Stock Dividends $525,000, credit Common Stock $245,000, and credit Paid-In Capital in Excess of Par $280,000 C) debit Common Stock $122,500 and credit Cash $122,500 D) debit Stock Dividends $122,500 and credit Common Stock Dividend Distributable $122,500
Silverlight Inc., a cell phone store, agrees to sell cell phones and related accessories manufactured only by Moore Corp. This is an example of a(n) ________.
A. requirements contract B. adhesion contract C. tie-in contract D. exclusive dealing contract
Specific identification is a very popular inventory method because it is very easy to apply
Indicate whether the statement is true or false