Answer:
Net Pay is equal to $1,474.19.
Explanation:
Net is Gross Pay minus taxes deductions. Therefore, Net Pay can be calculated as follows:
<u>Particulars ($) ($) </u>
Gross Pay 1,837.00
<u>Taxes Deductions</u>
Federal (8.24% of Gross Pay) (151.37)
FICA Medicare (1.45% of Gross Pay) (26.64)
FICA Social Security (6.20% of Gross Pay) (113.89)
State - OK (3.86% of Gross Pay) <u> (70.91) </u>
Total <u> (362.81) </u>
Net Pay <u> 1,474.19 </u>
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Therefore, Net Pay is equal to $1,474.19.
Answer:
The legal rate to quote is 31.88% per year
The effective annual rate is 36.98%
Explanation:
In calculating the legal rate, I used the rate function in excel,whose formula is below:
rate(nper,-pmt,pv)
The nper is the period of loan calculate as 1 year multiplied by 12 months
pmt is the periodic monthly loan repayment of $3838.25
pv is the today's value of the loan at $39000
Find detailed computation in the attached spreadsheet.
Answer:
Explanation:
A journal entry is an accounting record of the business day to day activities in the accounting books of that particular business. An appropriately recorded journal entry comprise of the amounts to be debited and credited, correct date, the description of the transaction and a distinctive reference number.
The solution diagram to the question can be seen in the image below
When weighing your employment options, these are very important to consider:
- Employee Benefits
- Pay period
- Taxes taxable income.
Thus, all of these are very important to consider before accepting the job offer.
