An employee earned $61,300 during the year working for an employer. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% of the first $137,700 of employee earnings per calendar year, and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (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 must pay?

Answers

Answer 1

Based on tax laws, the total amount of unemployment taxes that the employee will pay is $0.

What amount of unemployment taxes do employees pay?

Unemployment taxes are paid by employers on the basis of the amount they pay their employees.

This means that the employees don't actually pay unemployment taxes, but their salaries allow for the calculation of unemployment taxes.

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Answer 2

The amount of unemployment taxes paid by the employees is equivalent to zero in accordance with the rules made by the IRS authority.

What is IRS?

IRS stands for Internal Revenue Service and is the authority in the US country that monitors and regulates the taxation system of the US.

The unemployment taxes are the impositions put on the income of employees but are required to be paid by the employer. It is merely done to provide funding for workforce agencies of states in the US country. It is determined as per the rate permitted by the IRS authority.

Therefore, the employee needs to pay nothing in respect of the unemployment taxes.

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Related Questions

What is the difference between internal and external customer service

Answers

Ans:-

internal customer services are the buyers who join your business and actually become a part of it aka, buyers who are associated with that organization or the products's company. Whereas, external customer services are buyers who just buy this product from your organization aka, they are not affiliated with the company/organization they are purchasing the product etc.

hope this helped! good luck and stay well and safe!

Calculate the future value of $7,000 in four years at an interest rate of 8% per year.

Answers

The Future value is $9523.42. Future value is the amount of money that, when invested now at an interest rate, will eventually grow to be.

What is the Future Value of Money?

Future value is the amount of money that, when invested now at an interest rate, will eventually grow to be.

Calculation of Future value

Present Value = $7,000     interest rate = 8%     Time = 4 years

FV = Future Value                PV = Present Value

FV=PV(1+i)ⁿ

FV= 7,000(1+0.8)⁴= $9,523.42

Thus, the Future Value of $7,000 for four years is $9523.42.

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Hakeem wants to diversify his investment portfolio. He wants an asset with
high liquidity, but his research suggests that buying land would help him meet
his diversification goals. Which type of investment is the best option for
Hakeem?
A. A real estate investment trust
B. A dividend stock
C. A Treasury bond
D. Commercial real estate

Answers

Answer:

D

Explanation:if he would invest in commercial real estate it would be  commercial so he could do anything with it

what are the three resources used when setting up a business​

Answers

Answer:

The resources you need to start a business can be broken into five broad categories: financial, human, educational, emotional and physical resources.

Answer:

1. financial resource

2. educational resource

3. human resource

Drag the tiles to the correct boxes to complete the pairs.
Match the characteristics to the different creditors.

Angel Investors
Asset Backed Lending
Friends and Family
Smaller Banks

Answers

Angel Investors - They invest in a company in lieu of convertible debts and shares of the company

Asset Backed Lending - They lend only when they are assured of collateral.

Friends and Family - They mostly give interest free credit to startups.

Smaller Banks - They readily give business loans to smaller business with competitive interest rates.

Angel Investor

High-net-worth individuals who support tiny companies or entrepreneurs financially are referred to as angel investors (also known as private investors, seed investors, or angel funders). These individuals often do so in exchange for ownership stock in the startup or entrepreneur's business. Angel investors are frequently found among an entrepreneur's friends and family.

Asset-based lending

Asset-based lending refers to a loan or line of credit given to a company and secured by a piece of property. Inventory, equipment, accounts receivable, and other balance-sheet assets are just a few examples of the different types of collateral utilized in asset-based lending.

An entity (person or organization) that extends credit by allowing another entity to borrow money with the intention of repaying it in the future is referred to as a creditor. Based on the fact that the client owes the company money for services already provided, a business that offers goods or services to a corporation or person but does not demand payment right away is also regarded as a creditor.

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What three purposes to all types of economic systems serve?
A. Eliminating powerty
B. Allocating resources and distributing goods and services
C. Creating governments to manage the economy
D. Combining the factors of production
E. Providing for a society's needs and wants
F. Ensuring all people have equal access to resources

Answers

Answer:

B

Explanation:

Allocation resources and distribution goods and services

Replacement value is the amount company has to spend to acquire the same asset in the existing condition. True/false

Answers

Answer:

False

Explanation:

Replacement value is the amount company has to spend to acquire the same asset in the brand-new conditions.

The above question instead mentions of acquiring assets in the existing conditions, so the statement given above is false.

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False, the cost to replace a critical asset, such as a piece of real estate, investment security, a lien, or another object, with one of equal or greater worth is referred to as replacement cost. A replacement cost, which is often referred to as "replacement value,"

More about replacement value-

A replacement cost may change depending on elements including the market price of the parts required to rebuild or repurchase the asset and the costs associated with getting assets ready for usage.Replacement costs are frequently used by insurance companies to calculate the value of an insured item. Replacement valuation is the process of determining a replacement cost.

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An equipment manufacturer makes mixing equipment for the three large bread baking companies. Each company wants to make one small design change to meet its individual needs. The manufacturer can use __________ that makes it possible to custom-design products for small markets with very little increase in cost.

a. CAD/CAM technology b. robotics technology c. production management d. process manufacturing

Answers

The use of CAD/CAM will allow the manufacturer to make custom-design products for small markets with very little increase in cost.

What is the benefit of CAD/CAM?

Its means a Computer-Aided Design and Computer-Aided Manufacturing which are model that made it possible for custom-design products to meet the tastes of small markets with very little increase in costs.

Hence, the use of CAD/CAM will allow the manufacturer to make custom-design products for small markets with very little increase in cost.

Therefore, the Option A is correct.

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A television campaign is conducted during the football season to promote a well-known brand X shaving cream. For each of several weeks, a survey is made, and it is found that each week, 60% of those using brand X continue to use it and 40% switch to another brand. It is also found that of those not using brand X, 40% switch to brand X while the other 60% continue using another brand. a) Draw a transition diagram. b) Write the transition matrix. c) If 10% of the people are using brand X at the start of the advertising campaign, what percentage will be using it 1 week later?​

Answers

The transition diagram is given in the attached image. See the definition of a transition diagram below.

What is a transition diagram?

A specific type of flowchart used for language analysis is called a transition diagram.

The boxes of the flowchart are represented as circles and are referred to as states in the transition diagram.

What is the Transition Matrix?

The transition matrix is given as follows:

[tex]\left[\begin{array}{cc}0.6&0.4\\0.4&0.6\end{array}\right][/tex]

If 10% of the people are using brand X at the start of the advertising campaign, what percentage will be using it 1 week later?​

If 10% of the people are using Brand X, then 90% are not using brand x. thus the initial state matrix is:

S₀ = [ 0.1, 0.9]. Thus one week later, the state matrix is:

S₁ = S₀P =  [0.1, 0.9]   *   [tex]\left[\begin{array}{cc}0.6&0.4\\0.4&0.6\end{array}\right][/tex]  

c11 = 0.1 x 0.6 + 0.9 x 0.6 = 0.6

c12 = 0.1 x 0.4 + 0.9 x 0.4 = 0.4

Hence

S₁  = [0.6, 0.4]

This means that the  percentage that will be using it 1 week later is:
0.38 = 38%

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Even though the trait approach to leadership has no empirical support, it is still widely used. In your opinion, why is this so?

Answers

Even though the trait approach to leadership has no empirical support, it is still widely used because it focuses on the leader and not on the followers or the situation .

What is  trait theory of leadership ?

The trait theory of leadership is a theory that focus on the certain inborn or innate qualities that is expected to be seen in a leader so that the leader can be able to deliver his role.

It list the  characteristics  that make someone a leader, which means it focus more on the leader than the situation, because as a leader, he must be able to handle the situation if he actually qualifies as a leader.

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Which of the following event occur with a probability zero

Answers

Answer:

getting a free beer

Explanation:

the management of sondela limited has decided to prepare a cash budget for may and june 20x8

Answers

Answer:

On the 30thJune a dividend of R5 000 was declared.

The cash balance on the 30thApril was R10 500.Sondela Limited alwayskeeps a minimum cash balance of R10 000.

Explanation:

ALBERTO: Tami, I’ve got a problem. Can we talk for a minute?
TAMI: Sure, Alberto, what’s up?
ALBERTO: Last week my sous-chef, Ricky, bought tomatoes that just weren’t ripe. It made me really angry. We’ll never keep our Michelin star unless we maintain the quality of our produce!
TAMI: Wow, Alberto, that sounds like a real problem. So you’re saying that Ricky bought tomatoes you couldn’t serve?
ALBERTO: Yes! And it’s not the first time...
TAMI: I’ll do something about this right away.
What component of reflective listening is missing from this conversation?

Affirming contact
Clarifying the implicit
Paraphrasing the expressed

Answers

The component of reflective listening that is absent from this conversation is clarifying the implicit.

Affirming contact:

Instead of necessarily signaling agreement, the purpose of affirming contact is to express attentiveness and assurance.

So "Wow" and "Yes!" in the conversation expresses attentivness and make Affirming contact.

Paraphrasing the expressed:

It clarifies to the speaker both what was heard and what the listener's thoughts and feelings were. occasionally use a follow-up question

Hence When TAMI said, "So you're saying that Ricky bought tomatoes you couldn't serve?" she was paraphrasing what was said. when he responded to ALBERTO's remarks.

Clarifying the implicit:

Any implicit messages, such as thoughts and feelings that are not fully or explicitly expressed along with their outwardly expressed message, are clarified.

Hence The conversation lacks Clarifying the implicit.

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Using another product , for example , bread or clay pots , explain , with simple illustrations , how division of labour or specialisation could be used to make the product .​

Answers

Answer:

the labour forces can be divided like

resource gathers

finance department

marketing department

hygiene development department


15) You are
encouraged to manage
your debt by:
A) Only
going into
debt for
things you
really need
and have
planned for.
B) Making
regular,
agreed-
upon debt
repayments.
C) Getting
one big
bank loan to
pay all your
outstanding
debt.

Answers

Answer:

Only going to dept for things you really need and have planned for

Question 2

The cash flow for projects A, B, C are given below:

Year

Project A

Project B

0

1

2

-100

0

200

-100 100

0

Project C

-100

0

0

3

-100

100

300

(a) Calculate the payback period and net present value for each project (assuming a 10% discount rate).

(b) If A and B are mutually exclusive and C is independent, which project, or combination of projects, is preferred using (1) the payback method or (2) the net present value method? What do the results tell you about the value-additivity properties of the payback method?

Answers

Answer:

A

Explanation:

Calculate the payback period and net present value for each project assuming a 10 % discount rate

7. Which of the following is not true about bonds? In all of the statements, assume other things are held constant. Question 8 options: c. For any given maturity, a given percentage point increase in the interest rate causes a smaller dollar capital loss than the capital gain stemming from an identical decrease in the interest rate. d. From a borrower's point of view, interest paid on bonds is tax-deductible. a. Price sensitivity, that is, the change in price due to a given change in the required rate of return, increases as a bond's maturity increases. b. For a given bond of any maturity, a given percentage point increase in the interest rate (rd) causes a larger dollar capital loss than the capital gain stemming from an identical decrease in the interest rate.

Answers

Answer:

1.0%percantage point

Explanation:

Tom was CEO of a company. He stole money from the company by writing a series of checks made out to “Cash” which he deposited in his own personal account at Bank. (Please do not try this at home.) Of course, he then spent the money. The company sued the Bank to get the money back.

Was the Bank a holder in due course?

Answers

In the given case, bank is  not consider as holder in due course because here it will act as intermediary who collected amount from company's account.

What is holder in due course?

A holder in due course refers to an individual who have the authority to hold the negotiable instrument in good faith.

This holder in due course will be referred to as the person who have received or given something in exchange for the instrument.

When any individual receives a gift from someone, then it will not be considered as holder in due course because he had not given any value in exchange.

So yes, in this situation when the CEO stole money from the company  by writing a series of checks and withdrawing it in a personal account at the bank. Bank will be not be considered as holder in due course due to intermediary role.

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How does the standard order of accounts in the general ledger and in adjusted
trial balances facilitate the preparation of financial statements?

Answers

the  standard order of accounts in the general ledger and in adjusted trial balances facilitate the preparation of financial statements help in the knowing the revenue of the company

What is financial statement?

financial statement help in the financial sector to know the profit as well as the loss of the organization.

Hence, with  standard order of accounts in the general ledger and in adjusted trial balances facilitate the preparation of financial statements help to the knowing the revenue of the company

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What is Globalization?
a.
None of the above
b.
The process of social, political, economic, cultural, and technological integration among countries around the world.
c.
When we all do the same thing
d.
The process of someone trying to take over the world

Answers

b. The process of social, political, economic, cultural, and technological integration among countries around the world.

Answer:

B. The process of social, political, economic, cultural, and technological integration among countries around the world.

Explanation:

Globalization essentially involves many people from around the world, of various social groups and culture types, engaging with each other (globally).

Which of the following describes the evaluation stage of the creative process?
generating alternative solutions and taking a break
defining the problem by looking for new angles and gathering others' opinions, feelings
and ideas
O allowing your subconscious to work on the problem and gaining new insight into the
solution
assessing the solution to make sure the idea is practicality

Answers

The correct option is D. Assessing the solution to make sure the idea is practical and best describes the evaluation stage of the creative process.

What is Evaluation?

Evaluation is the fourth stage out of five stages of a creative process during this stage validate your idea and weigh it against the alternative.

Thus, the validation of your idea and weighing it among the alternatives best describe an Evaluation.

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What are a few examples and pros and cons of primary and secondary research?

Answers

Answer:

pros:

faster, more efficient, can be less expensive

cons: not specific for what you're doing [unless you're exactly repeating someone else's research, which would be pointless], you have to interpret the information

hope this helps! ^u^

QUESTION 5 4 points Save A Prepare journal entries to record the following business transaction and related adjusting entry. A. January 12, purchased supplies for cash, to be used all year, $3,850 B. December 31, physical count of remaining supplies, $800 For the toolbar, press ALT+F10 (PC) or ALT+EN÷E10. (Mac)​

Answers

Following are the required Journal entries which have to be passed:

Date     Account Titles                       Debit            Credit

12-Jan Supplies                       $3,850  

        To  Cash                                                    $3,850

Narration: (Being supplies purchased for cash)  

31-Dec Supplies Expense         $3,050  

         To Supplies                                               $3,050

Narration: (Being adjusting entry passed for supplies used     ($3,850-$800)  

What are adjusting Entries?

Adjusting entries are a group of journal entries made after the accounting period to update and accurately reflect the balances of all the accounts. Applying the accrual foundation of accounting just through adjusting entries.

Thus, the following mentioned above journals are required to be passed along with that adjusting entry. please find the attachment of the required journal entry.

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What is product positioning?
A. The set of plans for product, price, place, and promotion that the
marketer will use
B. The process of dividing up a total market into groups (segments)
with similar needs and buying behaviors
OC. The use of names and symbols to identify the company's products
D. A definition of how the company intends for customers to view its
product relative to the competition
SURMIT

Answers

Answer:

A

Explanation:

Product positioning allows a business to filter its customers, offerings, marketing strategies and perspectives. Creating a distinguishable position for a product allows the business to identify the shape the brand should take

Which type of management is exemplified by the idea that managers should delegate to subordinates and allow those subordinates to be responsible for decisions? A. Linear B. Centralized C. Divisional D decentralized E departmentalized

Answers

Decentralized management is the type of management is exemplified by the idea that managers should delegate to subordinates and allow those subordinates to be responsible for decisions.

What is the decentralized type of management?

This is the type that is used to refer to the type of management that has its daily activities delegated to the workers that are at the middle and the lower levels of the organization.

This helps to give those at the top management the time to be able to focus on other key activities.

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The foreign exchange department of Bank of America has a bid quote on Canadian dollars (C$) of C$1.1448/$. If the bank typically tries to make a bid-ask spread of 0.5 percent on these foreign exchange transactions, what will the ask rate have to be? (Round answer to 2 decimal places, e.g. 52.75.)

Answers

Based on the bid quote on the Canadian dollar, and the bid-ask spread, the ask rate will be $1.15.

What will be the ask rate?

This can be found as:

= Bid rate + (1 x bid-ask spread)

Solving gives:

= 1.1448 x ( 1 + 0.5%)

= 1.1448 x 1.005

= $1.150524

= $1.15

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How effective was this solution? How did it affect
the way Kenya Airways ran its business and its
business performance??

Answers

CRM deals with methods, strategies and technologies that helps firms to manage and analyze customer interactions and I believe that this will be an effective solution for  Kenya Airways business performance.

What was the relationship of customer relationship management to Kenya Airways?

Every organizations is saddled with the aim of growth, development and to make profit.

Kenya Airways business performance using Customer relationship management (CRM) as a business strategy will help them to known more about their customer's life cycle and address key issue which will in turn make their airline run effectively.

The first part of the question is:

Short Case study: Kenya Airways Flies High with Customer Relationship Management

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Forever Inc. is a confectionery company that manufactures candies. It does not use specific strategies to target children when marketing its products. Instead it uses the same strategies to promote its candies among all consumers in the market. In this scenario, Forever uses a(n) _______.

Answers

In the aforementioned illustration, Forever Inc. is said to be employing an undifferentiated targeting approach because it is utilizing the same techniques to market its sweets to all consumers.

What is targeting strategy?

A targeting strategy is one adopted by a company or organization with the goal of upselling its products to the market's target audience of its goods and services.

Undifferentiated targeting is the employment of a similar targeting technique to promote products in the market without differentiating between the promotion of the same product to two different audiences.

Hence, option B states about the correct targeting strategy. An image of complete question is added for better reference.

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Which is the result of entering a debit in an expense account?

Answers

Explanation:

when a payment is made the entries recorded are debit prepaid expenses

The efficiency of the fixed factor of production is measured by the

Answers

Buildings, land, machinery, plants and top Management are the fixed products from which the efficiency is measured.

What is fixed factor of production?

Fixed factors are those that remain constant regardless of whether output increases or decreases. These often include physical spaces like offices and factories, as well as capital goods like machinery and computer systems.

Thus, Buildings, land, machinery, plants and top Management

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Urgent please help!!!!!!!!!!-What is the solution to system of equations question? Was the alleged misrepresentation the basis of or pivotal to your decision to attend the school?. According to your understanding of the lesson, the president is responsible for which of the following? Select all that apply. A software company wants to get an idea of their customers' level of satisfaction with their software. To do so, they included a phone number on the packaging of their most recent software release, with the message, "If you have any concerns with the product, please call this number." Based on the overwhelmingly negative response they received from these calls, the company decided to stop selling the product.What could be wrong with their decision?A. The phone system screened out certain positive comments because of a malfunction.B. The release of the software coincided with the spread of a virus which affected the performance of the program.C. The note on the package only told customers to call in the event that they had a concern, which could bias the results negatively.D. The customers were misinformed about the purpose of the program. Steve bought a new car for $22,000 but paid 93% of the list price. How much was the list price Assuming that Hamids revenue is found by multiplying the book price by the number of copies sold, create an equation (in standard form) to model his revenue. This year Rafael has 60 regular customers which is 150 percent of the 40 regular customers he had last year. Which quadratic equation is equivalent to (x-4)2-(x-4) - 6 = 0? Which sentence contains a linking verb?Ulysses S. Grant, the Union general, helped the North win the Civil War.The battle of Antietam changed Union policy regarding participation in the war.Abraham Lincoln, a famous president during the Civil War, held a consistent view of an undivided Union.As the war progressed, General Robert E. 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No, I just want to explain to you thatyour Aunt Alexandra asked me... son, you know youre a Finch, dont you? Thats what Ive been told. Jem looked out of the corners of his eyes. His voice rose uncontrollably, Atticus, whats the matter? Atticus crossed his knees and folded his arms. Im trying to tell you the facts of life. Jems disgust deepened. I know all that stuff, he said. Atticus suddenly grew serious. In his lawyers voice, without a shade of inflection, he said: Your aunt has asked me to try and impress upon you and Jean Louise that you are not from run-of-themill people, that you are the product of several generations gentle breeding Atticus paused, watching me locate an elusive redbug on my leg. Gentle breeding, he continued, when I had found and scratched it, and that you should try to live up to your name Atticus persevered in spite of us: She asked me to tell you you must try to behave like the little lady and gentleman that you are. She wants to talk to you about the family and what its meant to Maycomb County through the years, so youll have some idea of who you are, so you might be moved to behave accordingly, he concluded at a gallop. Stunned, Jem and I looked at each other, then at Atticus, whose collar seemed to worry him. We did not speak to him. Presently I picked up a comb from Jems dresser and ran its teeth along the edge. Stop that noise, Atticus said. His curtness stung me. The comb was midway in its journey, and I banged it down.Question:Jem and Scout are not seen as living up to their status of a little lady and a young gentleman. Provide a piece of explicit evidence and a piece of implicit evidence to support this idea. Students in a fitness class each completed a one-mile walk or run. The list shows the time it took each person to complete the mile. 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