Question

# 41. An employee earns \$5,550 per month working for an employer. The FICA tax rate for...

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.

Hi

Let me know in case you face any issue:

#### Earn Coins

Coins can be redeemed for fabulous gifts.