Social Security and Medicare Taxes
Order ID:89JHGSJE83839 Style:APA/MLA/Harvard/Chicago Pages:5-10 Instructions:
Social Security and Medicare Taxes
Calculate the net price factor (as a %) and net price (in $) by using the complement method. Round your answer to the nearest cent.
List Price Trade Discount Rate Net Price Factor Net Price $3,499.00 35% % $ Hard Blues Music buys CDs with a list price of $39,000. If the wholesaler offers trade discounts of 4/3/2, find the net price factor.
0.087420.45629 0.749980.91258
Kiddie Kites buys Japanese kite kits with a list price of $7,500. If the supplier offers trade discounts of 30/15/15, find the trade discount amount to the nearest cent.
$2,531.25$3,706.88 $3,793.13$4,968.75
Hyabuza Japanese Restaurant received an invoice, dated February 20, 2011, for supplies they ordered that had a list price of $2,900 from a supplier that offered a series discount of 15/8/4 and carried terms of 3/10, 1/15, n/30. How much should the restaurant remit if the bill is to be paid in full on March 1, 2011?
$2,111.78$2,177.09 $2,813.00$2,900.00
Calculate the missing information. Round dollars to the nearest cent and percents to the nearest tenth of a percent.
Item Cost Amount of Markup Selling price Percent Markup Based on Cost Bookcase $42.40 $24.50 Calculate the missing information. Round dollars to the nearest cent and percents to the nearest tenth of a percent.
Item Cost Amount of Markup Selling price Percent Markup Based on Cost Dress $95.00 $ $ 60% Calculate the missing information. Round dollars to the nearest cent and percents to the nearest tenth of a percent.
Item Cost Amount of Markup Selling price Percent Markup Based on Cost Treadmill $ $980.00 $2,335.00 % Find the cost of a radio that sells for $278.45 and has a markup of $33.95.
$244.50$261.45 $295.45$312.40
It costs $5,400 to manufacture a Jet Ski. If the desired percent markup based on cost is 44%, how much should each Jet Ski sell for?
$2,376$7,776 $12,273$13,176
The selling price for a fax machine is $343.67. What percent of the sale price is the markup, if the cost of the fax machine was $215? (Round to the nearest whole percent.)
37%40% 60%63%
A customer just paid $35,490 for a delivery van. If the percent markup based on cost is 30%, what was the cost?
$20,876.47$21,294.00 $24,843.00$27,300.00
The markup on a desk should be 33% based on selling price. If the seller paid $260 for one, then how much should it sell for to achieve the desired markup?
$345.80$388.06 $434.20$787.88
.
The wholesale cost of a Digital Sound system is $1,650. The original markup was 63% based on selling price. Find the final sale price after the following series of price changes: a markup of 12%, a markup of 45%, and a markdown of 30%. (Round each intermediate selling price to the nearest cent.)
$3,057.43$3,571.14 $4,994.60$5,069.52
Brianna’s semimonthly salary is $3,475. What would be her equivalent biweekly salary (in $)? (Round your answers to two decimal places.)
$
As a sales person for Fresh Flowers, Carlos is paid an incremental commission based on the table below. If he sells $14,900.00, what is his total gross pay?
Level Sales Volume Commission Rate 1 1–5,700 6.5% 2 5,701–9,900 7.1% 3 Over 9,901 7.8% $1,058.70$1,067.80 $1,463.40$1,472.50
Carolyne is paid $4,000.00 biweekly. This year, to date, she has earned $21,300.00. What will be the total deduction for Social Security and Medicare taxes on her next paycheck? (Social Security tax is 6.2% of gross wages up to $128,400. Medicare tax is 1.45% of all gross wages.)
$306.00$321.30 $336.60$344.25
Naomi received weekly wages of $1,385.58. She is married and is entitled to 7 withholding allowances. How much income tax will be withheld, based on the percentage method tables in Exhibit 9-1 and Exhibit 9-2 from your text?
$0.00$32.64 $65.28$130.56
Penny is paid a gross wage of $2,926 on a monthly basis. She is single and is entitled to 2 withholding allowances. How much income tax, Social Security, and Medicare will be withheld based on the combined wage bracket tables in Exhibit 9-3 and Exhibit 9-4 from your text?
$443.29$453.29 $463.29$473.29
Family Flowers employs 17 people, of whom 14 earn gross pay of $620.00 each and 3 earn gross pay of $740.00 each on a weekly basis. What is the employer’s share of total Social Security and Medicare taxes for the first quarter of the year? (Social security tax is 6.2% of wages up to $128,400. Medicare tax is 1.45% of all wages.)
$620.00$740.00 $890.68$10,840.05
Compute Darryl’s total Social Security and Medicare taxes for the third quarter, if she is self-employed and earns $1,420.00 on a weekly basis.
$217.26$1,412.19 $1,522.95$2,824.38
Juanita is the self-employed owner of Juanita’s Linens. Her estimated annual earnings are $71,040.00 and she expects to pay 28% of this amount in income tax. What will be her quarterly estimated tax payment for the third quarter? (For self-employed persons, Social Security tax is 12.4% of wages up to $128,400, and Medicare tax is 2.9% of all wages.)
$515.04$2,202.24 $4,972.80$7,690.08
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Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
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The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
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Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
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37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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