Answered: A person works and earns $3503 dollars…

A person works and earns $3503 dollars but on a pay stub pays 35% to tax. How much money is left over after taxes? Round your answer to the nearest cent

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter3: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 8MC: A company has wants to earn an income of $60,000 after-taxes. If the tax rate is 32%, what must be...

See similar textbooks

Related questions

Q: A person works and earns $4440 dollars but on a pay stub pays 41% to tax. How much money is left…

A: Taxable income: It is the gross total income on which the taxes are imposed by the government for a…

Q: A person works and earns $ 2,535.00, but on a pay stub pays 6.5% to tax. How much money is left over…

A: Income tax is a liability of every individual toupee to the government on the basis of their taxable…

Q: The SUTA rate for Thomson Temp Agency is 5.4% and its FUTA rate is 6% less the 5.4% SUTA credit. If…

A: FUTA rate after credit=FUTA rate-SUTA rate=6%-5.4%=0.6%

Q: The SUTA rate for Thomson Temp Agency is 5.4% and its FUTA rate is 6% less the 5.4% SUTA credit. If…

A: SUTA and FUTA taxes are taxes to be paid to state government.These are levied on employees payroll.

Q: Lauren is paid a 6% commission on total sales she sold 2 houses this week for $285,900 and $320,700…

A: FICA taxes means taxes payable under Federal Insurance Contributions Act. The rate of tax is 6.2%…

Q: Dr. Josef Young earns an adjusted gross weekly income of $2,517. How much Social Security tax should…

A: Formula: Social security tax = Gross weekly income x social security tax rate Multiplying social…

Q: You have just accepted your first full-time job as assistant manager. You will be earning a salary…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Jennifer, the manager of Pharoah Company is given a bonus based on net income before taxes. The net…

A: The net income before tax is calculated as sum of net income and income tax.

Q: Anthony Noll’s gross earnings for the week were $3,000, his federal income tax withholding was $540,…

A: The Federal Insurance Contribution Act is a law made by U.S. government where employees and…

Q: Mary Gonzalez had total cumulative gross earnings of $5,800 as of 1/31/20X1. Her gross earnings for…

A: State unemployment and Federal unemployment taxes are employer payroll taxes. These taxes are not…

Q: You own an a townhome with an assessed value of $184,100. The tax rate is $2.20 per $100 of assessed…

A: Property tax is billed on the basis of property tax rate on the assessed value.

Q: Isabelle's hourly rate is $21.25. She worked 40 hours. Her deduction for federal income tax is based…

A: Gross pay= 40 hours * $ 21.25 = $ 850

Q: Suppose that the local sales tax rate is 7% and you purchase a car for $14,600. a. How much tax is…

A: Tax: The amount of money that a government makes people pay based on their income, the value of…

Q: Use the appropriate table to determine the amount to withhold for federal income tax from each of…

A: Formulas for calculating federal tax as follows: Note: 36.7 is given in the tax table. That is…

Q: Lisa has sent through the following information. Can you pull this togetherwith what you have…

A: As per Australian Taxation, assesses not having personal health insurance cover have to pay Medical…

Q: maggie vitteta, single, works 40 hours per week at $12.00 an hour. how much is taken out for federal…

A: (1) Employee - Maggie Vitteta (2) Status - Single (3) Number of Hours Worked = 40 hours per week (4)…

Q: 1. An employee earns 35,000 a month. He receives his salary every 15th and 30th of the month. His…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: HUM., Co. gave fringe benefits to employees as follows: To its Clerks and Janitors P 100,000 To its…

A: solution concept Fringe benefit to rank and file employee are not subject to fringe benefit tax…

Q: 13.What will be the total deduction for social security and Medicare taxes on Rony's next…

A: In this question, we will find the total deduction for social security and Medicare Social security…

Q: If a man earns a salary of $16,104 a year and is paid semimonthly, how much is his semimonthly…

A: Given: Annual salary is $16104. Salary is paid semi monthly Semi monthly means salary is paid twice…

Q: Phil's Dinor purchased some new equipment two years ago for $32,600. Today, it is selling this…

A: Purchase price of equipment = $32,600 Current book value of equipment = $32,600 × (1 - 20% - 32%) =…

Q: If you have a small business and you are earning Php 10,000 a month, should you pay any tax?

A: Taxation is defined as the financial charge imposed on an individual levied by the authority or…

Q: urd LLC has two employees Thomas and Marsha who are paid $ !5,500 and $2, 500 respectively. If the…

A: Step 1 A payroll tax is an amount deducted from an employee's salary that is paid to the government…

Q: Assume a payroll tax of 15% on every dollar earned and a 10% income tax on every dollar earned above…

A: Answer:- Tax burden = 22,000 Explanation:- Computation of tax burden:- Payroll tax = Tax rate x…

Q: A man earned $23,000 from wages. Let FICA tax rates be 7.65% on the first $127,200 of income from…

A: Given data: FICA tax rates = 7.65% on the first $127,200 A man earned $23,000 from wages.

Q: Suppose you earn $60,000 per year and pay taxes based on marginal tax rates. The first tax bracket,…

A: Given: First tax bracket: 5% for $0 to $30,000. Second tax bracket: 20% for $30,001 to $120,000.

Q: 16. Gus is the self-employed owner of Four Paws Pet Supply. His estimated annual earnings are…

A: Social security tax and Medicare taxes are to be paid each quarter by self employed person.

Q: Maggie Vitteta, single, works 30 hours per week at $14.00 an hour. How much is taken out for federal…

A: Here asking about to calculate the Federal Income taxes using the withhold allowance for single tax…

Q: Using the TRAIN ACT TAX CODE below how much annual tax will be paid by Juan who earns Php. 45,000 a…

A: The Tax Reform for Accelaration & Inclusion Law [ TRAIN]…

Q: The current tax rate paid by employees in a company on their income is 30 percent. Currently, the…

A: Given: Tax paid from income = 30% Health insurance = $3,000 per year

Q: Personal Earnings. Perry makes $26.35 per hour and he works 37.5 hours per week, what is his total…

A: Given data, Hourly wage=$26.35 No of hours worked per week=37.5 hours No of weeks in a year =52…

Q: Jason is looking at a new car priced at $21,599, which includes 6.75% sales tax. How much was the…

A: The sales tax is calculated on the taxable value. The invoice price is calculated as sum of taxable…

Q: Pranav's household consumes 1,000 litres of gasoline per year. After $0.30 gasoline tax was…

Q: Suppose people can live in two periods. In the first period people are young and they Work. Each…

A: Social security :- In the United States, the Social Security programmed protects workers from losing…

Q: uan dela Cruz, a newly hired operations manager of ABC Company, wondered how much would be his…

A: Tax on compensation income refers to the tax levied on compensation received by the employee from…

Q: Jim has a house payment of $2,000 per month of which $1,700 is deductible interest and real estate…

Q: Mary earned $49,258.75 for the past calendar year. How much did she pay for the year in social…

A: Social security tax and Medicare tax are mandatory deduction from gross salary of an employee.…

Q: You own an a townhome with an assessed value of $184,800. The tax rate is $2.20 per $100 of assessed…

A: Frist we need to calculate the property tax. it will be Property tax =Assessed Value100*Tax par 100

Q: Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI tax…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS FICA taxes Employee No.…

Q: Calculate the paychecks below: 1. Bob is paid an annual salary of $50,000 and taxes are 20%. a. How…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: if i work for $8.75 an hour for 10 hours a week and the new cars cost is $436, how many weeks…

A: Total weekly earnings= Hourly rate * total week hours = $ 8.75*10 = $ 87.50

Q: Dee is paid $2,345 on November 8, 20--. Dee had cumulative gross earnings, including overtime pay,…

A: It is assumed that the year is 2019. The tax rate for OASDI taxes to be withheld is 6.2% of the…

Q: Use the figure below. George Clinton works for a company that uses a percentage method to compute…

A: Given: Weekly Wages: $421 Weekly with-holding for each allowance: $61.54. Number of allowances…

Q: The manager of Sheffield is given a bonus based on net income before taxes. The net income after…

A: Introduction: FIFO stands for First in First out which means first received inventory to be sold…

Q: Use the 2012 FICA tax rates, shown below, to answer the following question. If you are not…

A: When a company records the compensation of its employees, such type of accounting is known as…

Q: You own an a townhome with an assessed value of $184,600. The tax rate is $2.20 per $100 of assessed…

A: The tax paid to the state government for owing a property is known as property tax. The rate of…

Concept explainers

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.

Question

A person works and earns $3503 dollars but on a pay stub pays 35% to tax. How much money is left over after taxes? Round your answer to the nearest cent.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Net pay:

VIEW

Determine the money left over after taxes:

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A company has wants to earn an income of $60,000 after-taxes. If the tax rate is 32%, what must be the companys pre-tax income in order to have $60,000 after-taxes? A. $88,235 B. $19,200 C. $79,200 D. $143,000
A person works and earns $4440 dollars but on a pay stub pays 41% to tax. How much money is left over after taxes? Round your answer to the nearest dollar.
A person works and earns $ 2,535.00, but on a pay stub pays 6.5% to tax. How much money is left over after taxes? Round your answer to the nearest cent (two decimal places)
An appliance company has three installers. Larry earns $345 per week, Curly earns $420 per week, and Moe earns $545 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings. (a) How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year? total SUTA tax$ total FUTA tax$ (b) How much SUTA and FUTA tax (in $) does the company owe for the second quarter of the year? total SUTA tax$ total FUTA tax$
An appliance company has three installers. Larry earns $375 per week, Curly earns $490 per week, and Moe earns $575 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings.(a)How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year?total SUTA tax $ total FUTA tax $ (b)How much SUTA and FUTA tax (in $) does the company owe for the second quarter of the year?total SUTA tax $ total FUTA tax $
An appliance company has three installers. Larry earns $345 per week, Curly earns $480 per week, and Moe earns $575 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings. a.) How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year? b.) How much SUTA and FUTA tax (in$) does the company owe for the second quarter fo the year?
Say your gross pay is $51,212 annually. You take home 85% of it. Figure out how much you take home monthly.
Last year Diane's annual income was $86,011. Use the following Income Tax table to calculate how much Daan paid last year in income tax. Round your answer to the nearest dollar. Only enter the number. Do not enter the dollar sign. For example: 11,526 In the kmage
a company employee earns 40,000 per year. A self-employed person also earns 40,000 but pays 6,120 for social security and 1,600 per year for health plan. how much will each person have left over?
A salesman earns a salary of $2000 per month plus 4% of all sales he make. The salesman make $25000 in sales for the month. The salesman has 30% of his pay taken out for taxes. How much is his pay check worth?
Round your answer to the nearest penny. Input dollars and cents. 1. Frankie earned $28,700 last year. If Social Security tax is $6.20 tax per $100 earned, then how much Social Security did they pay last year? 2. Fannie earned $38,700 last year. If Medicare tax is $1.45 tax per $100 earned, then how much Medicare tax did they pay last year? 3. Last year Peta had an annual income of $23,500. They paid $1,457 in Social Security Tax, $340.75 in Medicare Tax, and $2,622.50 in Income Tax. What was Peta's net annual income? 4. Last year Nuvua had a net annual income of $30,516. What was their net monthly income last year?
Mark Batchelor a self-employed sales consultant has estimated annual earnings of $303,000 this year his Social Security tax rate is 12.4% up to the wage base Medicare 2.9% and it's federal income tax rate at 24% how much estimated tax in money must Mark send to the IRS each quarter