what are the equations to solve these? f webassign.netCh. 09 Quiz: PayrollCEOS see pay grow 1,000%, an...Chapter09 Business Math BUS...Mind Tap Cengage LearningViewing Saved Work Revert to Last ResponseCengage LearningCh. 09 Quiz: Payroll BUS-20,...7. [-/0.62 Points]DETAILSBRECMBC9 9.1.029.MY NOTESASK YOUR TEACHERIn an effort to keep low-wage workers' salaries commensurate with the cost of living, a number of states have amended their constitutions to allow the minimum wage to be adjusted with inflation.You are the accountant for a company that owns a chain of 14 fast food restaurants in a state which adjusts the minimum wage for inflation. Each restaurant employs 45 workers, each averaging 20hours per week at the current federal minimum wage, $7.25 per hour.(a) How many hours at minimum wage are paid out each week by the company?hr(b) At the current rate of $7.25 per hour, what is'the amount (in $) of the weekly "minimum wage" portion of the restaurant's payroll?$4(c) If the inflation rate this year is 0.9%, calculate the "adjusted" minimum wage rate (in $ per hour) to be paid next year. (Round your answer to two decimal places.)$4per hour(d) How much in "additional wages" will the company have to pay out next year at the adjusted rate (in $)? (Round your answer to the nearest dollar.)$4(e) Suggest some ways that the restaurant chain or other small businesses can offset the increase in payroll and subsequent decrease in profit as a result of the minimum wage hike.Go to www.dol.gov/whd/minwage/america.htm and click on your state to find the current minimum wage.MY NOTESASK YOUR TEACHERDETAILSBRECMBC99.11.004.8. [-/0.62 Points]Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax.Kristy Dunaway has biweeklv.aross earningas of $1.450 What are her total Social Securitty and Medicare tax withholdinas (in $) for a whale vear?MacBook Air

The following calculations are provided for the calculation of additional payroll expenses incurred…

In an effort to keep low-wage workers' salaries commensurate with the cost of living, a number of states have amended their constitutions to allow the minimum wage to be adjusted with inflation. You are the accountant for a company that owns a chain of 14 fast food restaurants in a state which adjusts the minimum wage for Inflation. Each restaurant employs 45 workers, each averaging 20 hours per week at the current federal minimum wage, $7.25 per hour. (a) How many hours at minimum wage are paid out each week by the company? hr (b) At the current rate of $7.25 per hour, what isthe amount (in $) of the weekly "minimum wage" portion of the restaurant's payroll? %24 (c) If the inflation rate this year 0.9%, calculate the "adjusted" minimum wage rate (in $ per hour) to be paid next year. (Round your answer to two decimal places.) %24 per hour (d) How much in "additional wages" will the company have to pay out next year at the adjusted rate (in $)? (Round your answer to the nearest dollar.) (e) Suggest some ways that the restaurant chain or other small businesses can offset the increase in payroll and subsequent decrease in profit as a result of the minimum wage hike. Go to www.dol.gov/whd/minwage/america.htm and click on your state to find the current minimum wage.

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 35SP