Question

41. An employee earns $5,550 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $184 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $152 and contributes $76 to a retirement plan each month. What is the amount of net pay for the employee for the month of January? (Round your intermediate calculations to two decimal places.) $4,793.90  $4,669.02   $4,369.32   $4,413.72 $4,713.42

42. A company has beginning inventory of 24 units at a cost of $13.00 each on October 1. On October 5, it purchases 18 units at $14.00 per unit. On October 12 it purchases 28 units at $15.00 per unit. On October 15, it sells 54 units. Using the FIFO periodic inventory method, what is the value of the inventory at October 15 after the sale?  $270.00  $208.00 $448.00 $510.00 $240.00

61. Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $9,288. FICA tax for Social Security is 6.2% on the first $118,500 of earnings each calendar year and the FICA tax for Medicare is 1.45% of all earnings. The FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $1,541.17. What is the amount of the employer's payroll taxes expenses for this employee? (Round your intermediate calculations to two decimal places.)   $134.68   $1,130.54   $378.00   $42.00 $575.86

29. If a check correctly written and paid by the bank for $501 is incorrectly recorded in the company's books for $510, how should this error be treated on the bank reconciliation?? Add $9 to the bank's balance. Subtract $9 from the book balance. Subtract $9 from the bank's balance and add $45 to the book's balance.    Add $9 to the book balance. Subtract $9 from the bank's balance.

Answer 1

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