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julia-pushkina [17]
2 years ago
12

R. L. Ybarra employs John Ince at a salary of $53,000 a year. Ybarra is subject to employer Social Security taxes at a rate of 6

.2% and Medicare taxes at a rate of 1.45% on John's salary. In addition, Ybarra must pay SUTA tax at a rate of 5.4% and FUTA tax at a rate of 0.8% on the first $7,000 of Ince's salary. Compute the total cost to Ybarra of employing Ince for the year. Round your answer to the nearest cent.
Business
1 answer:
masya89 [10]2 years ago
4 0

Answer: $57488.50

Explanation:

The total cost to Ybarra of employing Ince for the year will be calculated thus:

Gross Salary = $53,000

Add: Social security tax = $53000 × 6.2% = $3286

Add: Medicare tax = $53000 × 1.45% = $768.50

Add: SUTA tax = $7000 × 5.4% = $378

Add: FUTA tax = $7000 × 0.8% = $56

Total cost to Ybarra of employing Ince will be $57488.50

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Which of the following is NOT one of the four main types of inventory?
Lera25 [3.4K]

Answer:

Safety stock inventory

Explanation:

There are three process to make the  product ready to sale which are shown below:

1. Raw material inventory

2. Work in progress inventory

3. Finished goods inventory

By these processes, the product is ready for sale. It passes by these three process cycles which is also a type of inventory. It also involves maintenance/repair/operating supply inventory

5 0
1 year ago
At the beginning of the year, Brick Makers had cash of $183, accounts receivable of $392, accounts payable of $463, and inventor
Pie

Answer:

amount of the net source $15

Explanation:Working\ capital= Current\ assets-Current\ liabilities

source\ of\ cash =[Cash+AR+Inventory]- [Amount\ Payable]

cash = $183

received amount = $392

inventory =$714

payable amounts =$463

current assest = (183+392+714)-463=$826

current liabilities =(167+682+409-447)=$811

cash = $167

received amount = $409

inventory =$682

payable amounts =$447

current liabilities =(167+682+409-447)=$811

Hence since current liabilities is more than current assests, therefore there will be loss of accounts

Hence source of cash= (826-811) = $15.

7 0
2 years ago
Frame Co. has an 8% note receivable dated June 30, 20X1, in the original amount of $150,000. Payments of $50,000 in principal pl
katen-ka-za [31]

Answer:

$8,000

Explanation:

Given the following:

Interest rate on notes receivable = 8%

Original principal balance = $150,000

Amount due by July 1 = $50,000

Therefore, in the June 30, 20X4 balance sheet, the original principal balance that has been outstanding will be :

$150,000 - $50000 = $100,000

Therefore, only $100,000 has been outstanding and is due for calculation in the interest on accounts receivable on June 30.

Interest rate * principal balance due at the date

8% * $100,000

0.08 * $100,000

= $8,000

5 0
1 year ago
Suppose that end-of-term frustrations have produced this e-mail message to Professor Anne Brewer from a student who believes he
Aleks04 [339]

A student who have wrongly been graded is writing an e mail to his professor in order to reconsider his grade on the bsis of the fact thet he has appeared a question in the term exam using the optimal cost method and the professor have assured the students that he will be giving 6 points extra to the student who will ans the question on the basis of the optimal cost method

<u>Explanation:</u>

End-of-term frustrations have produced this e-mail message to Professor Anne Brewer from a student who believes he should have received a B in his accounting class. If this message were recast into three or four clear sentences, the teacher might be more receptive to the student’s argument.

The e-mail message to Prof Anne Brewer can be rewritten as  

Sir

I think you have mistakenly awarded me C in the term examination conducted recently.As far as i can recall you mentioned in the class that the students who will answer  question number three using the optimal cost method will get 6 extra marks .I think you have forgotten to consider the same while grading me.Therefore i request you to reconsider my grade on the above mentioned basis.

Regards

6 0
2 years ago
Your grandparents would like to establish a trust fund that will pay you and your heirs $215,000 per year forever with the first
Tju [1.3M]

Answer:

They should invest $5,119,047.619 today.

Explanation:

The trust fund will pay a fixed amount forever thus it is a perpetuity. The value of perpetuity or Price of perpetuity is the amount that the perpetuity is worth in today's terms based on the cash flows it will generate in future.

The formula for the value or price of perpetuity is,

P0 or V = Cash Flow / r

Thus,

P0 or V = 215000 / 0.04   =  $5,119,047.619

7 0
1 year ago
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