(Solution) An employee earns $18 per hour and 1 1/2 times that rate for all hours worked in excess of 40 hours per week. > Snapessays.com


(Solution) An employee earns $18 per hour and 1 1/2 times that rate for all hours worked in excess of 40 hours per week.


1. An employee earns $18 per hour and 1 1/2 times that rate for all hours worked in excess of 40 hours per week. Assume that the employee works 46 hours during the week and the FICA tax rate is 7% and federal income tax withheld is $185. The employee's net pay is __________. (Points : 1)        $635.26       $586.04       $882.00       None of these choices Question 2.2. Which of the following statements is NOT true regarding current liabilities? (Points : 1)        Obligations due for a period of time greater than 1 year       Will be paid out of current assets       Arise from receiving goods or services prior to making payment       Include taxes payable and wages payable Question 3.3. RR Inc. issued $100,000, 8%, 10-year bonds on January 1, 2008. The bonds were issued at a discount of $24,600. Using the straight-line method, what is the annual amount of interest expense for these bonds? (Points : 1)        $10,460       $8,000       $5,540       Cannot be determined from the information given Question 4.4. If the contract rate is lower than the market rate, the bonds will sell at __________. (Points : 1)        a discount       a premium       face amount       Cannot be determined from facts given Question 5.5. Stock dividends are: (Points : 1)        distributions of common stock to holders of common stock       distributions of cash or other assets to shareholders       normally recorded at the par value of the stock issued       required of companies periodically, according to their corporate charters PART 2 1. Use the following information to answer questions 1–5.The following information is for employee William Heedy for the week ended March 15.Total hours worked: 48Rate: $16 per hour, with double time for all hours in excess of 40Federal income tax withheld: $200United Fund deduction: $50Cumulative earnings prior to current week: $6,400Tax rates:Social security: 6% on maximum earnings of $106,800Medicare tax: 1.5% on all earnings; on both employer and employeeState unemployment: 3.4% on maximum earnings of $7,000; on employerFederal unemployment: 0.8% on maximum earnings of $7,000; on employerWhat is the employers FICA based on Williams pay? (Points : 3)        $70.00       $67.20       $20.40       $0 Question 2.2. Use the following information to answer questions 1–5.The following information is for employee William Heedy for the week ended March 15.Total hours worked: 48Rate: $16 per hour, with double time for all hours in excess of 40Federal income tax withheld: $200United Fund deduction: $50Cumulative earnings prior to current week: $6,400Tax rates:Social security: 6% on maximum earnings of $106,800Medicare tax: 1.5% on all earnings; on both employer and employeeState unemployment: 3.4% on maximum earnings of $7,000; on employerFederal unemployment: 0.8% on maximum earnings of $7,000; on employerWhat is the employers Federal Unemployment based on Williams pay? (Points : 3)        $0       $13.44       $7.00       $4.80   Question 3.3. Use the following information to answer questions 1–5.The following information is for employee William Heedy for the week ended March 15.Total hours worked: 48Rate: $16 per hour, with double time for all hours in excess of 40Federal income tax withheld: $200United Fund deduction: $50Cumulative earnings prior to current week: $6,400Tax rates:Social security: 6% on maximum earnings of $106,800Medicare tax: 1.5% on all earnings; on both employer and employeeState unemployment: 3.4% on maximum earnings of $7,000; on employerFederal unemployment: 0.8% on maximum earnings of $7,000; on employerWhat is William’s total earnings? (Points : 3)        $640.00       $896.00       $256.00       $900.00 Question 4.4. Use the following information to answer questions 1–5.The following information is for employee William Heedy for the week ended March 15.Total hours worked: 48Rate: $16 per hour, with double time for all hours in excess of 40Federal income tax withheld: $200United Fund deduction: $50Cumulative earnings prior to current week: $6,400Tax rates:Social security: 6% on maximum earnings of $106,800Medicare tax: 1.5% on all earnings; on both employer and employeeState unemployment: 3.4% on maximum earnings of $7,000; on employerFederal unemployment: 0.8% on maximum earnings of $7,000; on employerWhat is William's net pay? (Points : 3)        $578.80       $640.00       $580.00       $600.00 Question 5.5. Use the following information to answer questions 1–5.The following information is for employee William Heedy for the week ended March 15.Total hours worked: 48Rate: $16 per hour, with double time for all hours in excess of 40Federal income tax withheld: $200United Fund deduction: $50Cumulative earnings prior to current week: $6,400Tax rates:Social security: 6% on maximum earnings of $106,800Medicare tax: 1.5% on all earnings; on both employer and employeeState unemployment: 3.4% on maximum earnings of $7,000; on employerFederal unemployment: 0.8% on maximum earnings of $7,000; on employerWhat is William’s total deductions? (Points : 3)        $200.00       $50.00       $317.20       $250.00

 


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This question was answered on: Sep 21, 2023

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