6.The population of a country can be divided into the employed, the unemployed, andthe persons who are out of the labor force (OLF).In any given month, the transition probabilities among the various categories are givenby the following table.Moving intoEmployed Unemployed OLFMoving from: Employed0.970.020.01Unemployed 0.35OLF0.600.050.020.040.94The transition probabilities are interpreted as follows. In any given month, 2% of theemployed become unemployed, 35% of the unemployed find jobs, and so on.(a) What is the steady state employment rate?(b) What is the steady state unemployment rate?(c) What is the steady state labor force participation rate?

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Answered: 6. The population of a country can be…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 3QY: Calculate an employees total earnings if the company pays time-and-a-half when Jill Smith works 41...

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QUESTION 5 Given the data below what is the size of the population that is not in the labor force? (in millions) Total adult population over the age of 16 249.9 million Employed 148.3 million Unemployed 8.7 million
2. Calculate the EI and CPP for the following employees. Find the employer portion as well. a. Biweekly salary of 2000 b. Weekly salary of 1100
Based on the grouped bar chart below, in which year did the largest number of women exist in the U.S. workforce? Sex of the U.S. workforce Number (in thousands) 100,000 80,000 60,000 40,000 20,000 0 1970 1980 1990 Year 2000 2010 Women Men
Ron Valdez worked for two different employers. Until May, he worked for Rowland Construction Company in Ames, Iowa, and earned $22,940. The state unemployment rate for Rowland is 4.6%. He then changed jobs and worked for Ford Improvement Company in Topeka, Kansas, and earned $30,360 for the rest of the year. The state unemployment rate for Ford is 5.1%. Determine the unemployment taxes (FUTA and SUTA) that would be paid by each company. Round your answers to the nearest cent. Use Figure 5.1 to determine SUTA caps in Iowa and Kansas. a. Rowland Construction Company $fill in the blank 1 b. Ford Improvement Company $fill in the blank 2
19) What is the EBM, if total basic employment is 128,500 and total employment is 350.000? 20) What does the EBM indicate in question 19? 21) Based on question 19, If the population is 798,112, what is the PER. 22) What does the PER indicate?
The U.S. Department of Labor stated that the national unemployment rate was 4.9%. Of a sample of 90 people in one city, 5.2% were unemployed. Can the city conclude that their unemployment rate is the same as the national average? (Answer on Excel)
Jeff Smallwood worked for two different employers. Until May, he worked for Rowland Construction Company in Ames, Iowa, and earned $22,000. The state unemployment rate for Rowland is 4.6%. He then changed jobs and worked for Ford Improvement Company in Topeka, Kansas, and earned $29,500 for the rest of the year. The state unemployment rate for Ford is 5.1%. Determine the unemployment taxes (FUTA and SUTA) that would be paid by each company. Use Figure 5.1 to determine SUTA caps in Iowa and Kansas.
1 Calculate OASDI, HI, SUTA, & FUTA for the payroll period for an employee that earns $6,000 per week and has earned $138,000 so far. The SUTA rate to be used is 3.7% and 2021 wage bases and rates should be used.
Using the table containing the breakdown of all employees on nonfarm payrolls in the United States during March 2014, find the probability that a randomly selected U.S. worker was not in either Goods-ProducingGoods-Producing or Professional & Business ServicesProfessional & Business Services.Express your answer as a fraction in lowest terms or a decimal rounded to the nearest millionth. Employees on Nonfarm Payrolls (in Thousands), March 2014 Area of Employment Number of Employees (in Thousands) Private sector Goods-Producing 18,558.218,558.2 Wholesale Trade 5803.75803.7 Retail Trade 15,004.015,004.0 Transportation and Warehousing 4524.84524.8 Utilities 550.3550.3 Information 2653.02653.0 Financial Activities 7870.07870.0 Professional and Business Services 18,832.018,832.0 Education and Health Services 21,481.021,481.0 Leisure and Hospitality 14,143.014,143.0 Other Private Service-Providing Services 5464.05464.0 Public sector Federal…
Less Nessman, owner of Flying Turkeys Corporation, has three employees who earn $500, $600, and $700, respectively. After 12 weeks how much has Less Nessman contributed for state and federal unemployment? Assume a state rate of 5.6% and a federal rate of .8%.
Assume an employee has a gross pay of $500 and vacation pay is paid out at 4%. How much extra gross pay does the employee receive on their paycheque? Select one: a. $500 O b. $0 c. $20 d. $480
Use the following information for the Exercises below. [The following information applies to the questions displayed below. BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross payFor BMX , its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 $ 6,400 2.000 122,100 Gross Pay for September $ 800 2.100 8,000 Exercise 9-7 Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related iſabilities.

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