Jeffrey Gray is paid $6 per hour, plus double-time for hours worked on weekends. During the two-week period ending February 5, Jeffrey worked 70 hours on weekdays and 8 hours on weekends. Social Security taxes are 6.2 percent, Medicare taxes are 1.45
percent, $65 is withheld for federal taxes, $18 is withheld for state income taxes, and $24 is withheld for charities. In addition, Jeffrey's employer must pay Social Security taxes of 6.2 percent, Medicare taxes of 1.45 percent, federal unemployment taxes of 0.8 percent, and state unemployment taxes of 5.4 percent. Calculate (a) Jeffrey's gross earnings, (b) Jeffrey's net pay, (c) the employer's payroll taxes expense, and (d) the total cost of employing Jeffrey for the two-week period. Round all amounts to the nearest penny.
a. $516.00 [(70 x $6 ) + (8 x $12)]
b. $369.53 [516 - ($516 x 0.062 ) - ($516 x .0145 ) - $65 - $18 - $24]
c. $71.46 [($516 x 0.062 ) + ($516 x 0.0145 ) + ($516 x 0.062)]
d. $587.46 ($516 + $71.46)
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Answer the following statements true (T) or false (F)
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Compare the adjudication process in an administrative hearing to the judicial process. What takes place at an administrative hearing in contrast to what takes place at a trial in court?
Which of the following ratios is better when it is a lower number?
A. Debt to assets ratio B. Gross margin ratio C. Asset turnover ratio D. Current ratio
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A. a debit to Materials Inventory, $16,670. B. a debit to Materials Inventory, $15,945. C. a debit to Work-in-Process Inventory, $15,945. D. a credit to Work-in-Process Inventory, $15,945.