Question

1. A company that reports segment information had average total assets of $1,558,450 and total net income of $644,700. Segment A had average total assets of $945,800 and segment operating income of $325,300. Segment B had average assets of $612,650 and segment operating income of $319,400. The segment return on assets for Segment B is:? 41.4% 52.1% 34.4% 60.7% 50.5%

2. During the first week of January, an employee works 47 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $15 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The 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 $81 in federal income taxes withheld. What is the amount of this employee’s gross pay for the first week of January?? $958 $1,112 $712 $758 $$1,058

3. An employee earns $6,350 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $118,500 of earnings 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 $216 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $184 and contributes $92 to a retirement plan each month. What is the amount the employer should record as payroll taxes expense for the employee for the month of January? (Round your intermediate calculations to two decimal places) $431.80 $1,082.78 $393.70 $736.60 $866.78

?4. Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 9,188. The FICA tax for social security is 6.2% of the first $118,500 of employee earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,524.57. Her net pay for the month is: (Round your intermediate calculations to two decimal places.)? $6,960.54? $6,526.54  $6,566.00  $5,041.43   $7,530.20

5. The chief executive officer earns $20,100 per month. As of May 31, her gross pay was $100,500. The 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. What is the amount of FICA- Social Security withheld from this employee for the month of June?  $7,347.00? $1,116.00  $291.45  $1,246.20  $261.00

6. During the first week of January, an employee works 45 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $35 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The 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 $97 in federal income taxes withheld. What is the amount of this employee’s net pay for the first week of January?  $1,886.68  $1,662.50  $224.18 $1,535.32  $1,438.32

Answer 1

Ans 1 Segment B Return on assets
Operating income/Average assets
319400/612650*100	52.1
ans 52.1%
Ans 2
Gross pay
Regular earnings+overtime
(40*15)+(7*15*150%)	758
ans $758
ans 3
Payroll tax expenses
FICA-Social security tax (6350*6.2%)	393.7
FICA_medicare (6350*1.45%)	92.075
FUTA (6350*.6%)	38.1
SUTA (6350*5.4%)	342.9
Total	866.78
ans $866.78
ans 4
Gross pay	$9,188
Less:
FICA-Social security tax (9188*6.2%)	569.66
FICA_medicare (9188*1.45%)	133.23
Federal income tax	1524.57
Net pay	$6,960.54
ans $6960.54
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