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:

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 | ||

There are 6 questions I have answered the first four. If satisfied you can rate the answer |

QUESTION HAS 2 PARTS
1. An employee earns $6,200 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 $210 in federal
income taxes withheld....

1. The chief executive officer earns $10,100 per month. As of
May 31, her gross pay was $50,500. The tax rate for Social Security
is 6.2% of the first $128,400 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...

50. A company had inventory on November 1 of 5 units at a cost
of $19 each. On November 2, they purchased 10 units at $21 each. On
November 6 they purchased 6 units at $24 each. On November 8, 10
units were sold for $54 each. Using the LIFO perpetual inventory
method, what was the value of the inventory on November 8 after the
sale? $230 $291 $240 $220 $221
54. Portia Grant is an employee who is paid...

66A) An employee earned $62,100 during the year working for an
employer. The FICA tax rate for Social Security is 6.2% of the
first $118,500 of employee earnings per 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 total unemployment taxes the employee...

[The following information applies to the questions
displayed below.]
BMX Company has one employee. FICA Social Security taxes are 6.2%
of the first $128,400 paid to its employee, and FICA Medicare taxes
are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA
taxes are 5.4% of the first $7,000 paid to its employee.
Gross Pay through
August 31
Gross Pay for September
a.
$
6,500
$
900
b.
2,050
2,150
c.
122,200
8,100
a)
Tax
September...

An employee earns $6,100 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 $206 in federal
income taxes withheld. The employee has voluntary deductions...

An employer has one employee who earned $3,000 his first month
of employment. The employee’s federal income tax withholding (FITW)
is $400, and the employee has voluntary monthly deductions of $125
for health insurance and $25 for union dues. The FICA tax rate for
Social Security is 6.2% and the FICA tax rate for Medicare is
1.45%. The employer's FUTA tax rate is 0.6% and the SUTA tax rate
is 5.4%. (Note: The limit for FICA Social Security is $128,400...

BMX Company has one employee. FICA Social Security taxes are
6.2% of the first $128,400 paid to its employee, and FICA Medicare
taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and
SUTA taxes are 5.4% of the first $7,000 paid to its employee.
Gross Pay through
August 31
Gross Pay for September
a.
$
6,600
$
500
b.
2,100
2,200
c.
122,300
8,200
Compute BMX’s amounts for each of these four taxes as applied to...

BMX Company has one employee. FICA Social Security taxes are
6.2% of the first $128,400 paid to its employee, and FICA Medicare
taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and
SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross
Pay through August 31 Gross Pay for September a. $ 6,700 $ 400 b.
2,150 2,250 c. 122,400 8,300 rev: 05_16_2019_QC_CS-168714 Compute
BMX’s amounts for each of these four taxes as...

This question has parts.
36A) An employee earned $61,600 during the year working for an
employer. The FICA tax rate for Social Security is 6.2% of the
first $118,500 of employee earnings per 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 total...

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