FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ron Smith has cumulative earnings of 77,800 dollars. This week he grossed 2,000 dollars. Assuming an FICA rate of Social Security 6.2 percent on 113,700

Ron Smith has cumulative earnings of 77,800 dollars. This week he grossed 2,000 dollars. Assuming an FICA rate of Social Security 6.2 percent on 113,700 dollars and a Medicare rate of 1.45 percent, what is the amount of Social Security and Medicare taken out of Rons earnings this week?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Dk Essential Managers Understanding Accounts

Dk Essential Managers Understanding Accounts

Authors: Stephen Brookson, Adele Hayward

1st Edition

0789471493, 978-0789471499

More Books

Students also viewed these Accounting questions

Question

★★★★★
For Problem, evaluate without a calculator. Log6 36

Answered: 1 week ago

Question

★★★★★
You want to go to Europe 5 years from now, and you can save $3.100 per year, beginning one year from tediry. You blan to deposit the fundi in a mutual fund that you think will retutn 8.5% per year,...

Answered: 1 week ago

Question

★★★★★
A human resources director explains to you that I dont bother with tests or references. Its all about the interview. Based on I/O psychology research, what concerns does this raise?

Answered: 1 week ago

Question

★★★★★
Pet Toys, Inc., expected to sell one plush toy for each two chew toys sold. Planned sales and variable costs for last year were as follows: During the year, a competitor came out with a similar plush...

Answered: 1 week ago

Question

★★★★★
Ron Smith has cumulative earnings of 77,800 dollars. This week he grossed 2,000 dollars. Assuming an FICA rate of Social Security 6.2 percent on 113,700 dollars and a Medicare rate of 1.45 percent,...

Answered: 1 week ago

Question

★★★★★
Assume that x has a normal distribution with the specified mean and standard deviation. Find the indicated probability. (Enter a number. Round your answer to four decimal places.) =20;=3.6 P ( x 30) =

Answered: 1 week ago

Question

★★★★★
The following accounts were taken from Henry Company's unadjusted trial balance at December 31, 2027: Accounts payable $59,000 Accounts receivable $47,000 Cash $36,000 Common stock $52,000 Cost of...

Answered: 1 week ago

Question

★★★★★
Determine the price of a $1.6 million bond issue under each of the following independent assumptions: 1. Maturity 10 years, interest paid annually, stated rate 8%, effective (market) rate 10%. 2....

Answered: 1 week ago

Question

★★★★★
UMPI's Potatoes produces ready-to-eat mashed potatoes for resale at food stores. UMPI expected to use 0.40 direct labor hours to produce one unit (batch) of product at a cost of $7.50 per hour....

Answered: 1 week ago

Question

★★★★★
Rather than mention the minimum effort he had put into the assignment Jeremy told his manager that he had lost the client because it was the wrong time of the year to ask for new business Jeremy...

Answered: 1 week ago

Question

★★★★★
Determine the number of arrangements of the letters of the word FLIBBERTIGIBBET such that there is exactly one vowel (and any number of consonants) between the first and second B, exactly one vowel...

Answered: 1 week ago

Question

★★★★★
3. To evaluate the proportion of money spent on training development, administration, and evaluation as well as to compare monies spent on training for different groups of employees (exempt versus...

Answered: 1 week ago

Question

★★★★★
1. Technical, academic, and practitioner literature summarizes the benefits that have been shown to relate to a specific training program.

Answered: 1 week ago

Question

★★★★★
1. To understand total expenditures for training, including direct and indirect costs.

Answered: 1 week ago

Previous Question Next Question