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Author Question: Nguyen has cumulative earnings of 112,400and earns 6,800 during the current pay period. If the FICA ... (Read 30 times)

mwit1967

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on: Jul 6, 2018
Nguyen has cumulative earnings of 112,400and earns 6,800 during the current pay period. If the FICA rate is 6.2 percent for Social Security, with a limit of 113,700, and 1.45 percent for Medicare, applied to all earnings, the total FICA tax to be withheld for this pay period is
 a. 520.20.
  b. 179.20.
  c. 18.85.
  d. 80.60.
  e. 98.60.

Question 2

Why is it important to assess operating profit?
 
  a. Operating profit represents the firm's profits after consideration of all revenues, expenses and comprehensive income.
  b. The figure for operating profit provides a basis for assessing the success of the firm apart from its financing and investing activities and separate from tax considerations.
  c. Operating profit represents the firm's profits after consideration of all revenues and expenses.
  d. Operating profit represents the firm's profits after consideration of all revenues and expenses, except for taxes.


cadimas

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Reply #1 on: Jul 6, 2018
Answer to Question 1

B

Answer to Question 2

a


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