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Business Math Homework 9
Rhonda Brennan
found her first job after
graduating from college through the classifieds of the Miami Herald.
She was
delighted when the offer came through at $15.70 per hour. She completed
her W-4
stating that she is married with a child and claims an allowance of 3.
Her
company will pay her biweekly for 80 hours (assume a tax rate of 6.2%
on
$118,500 for
Social Security and 1.45% for Medicare) . Calculate her take-home pay for her first check. (Use Table 9.1 and Table 9.2) (Round your answer to the nearest cent.) Net pay Join Now For Answers & Help!!! Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, and Federal Income Tax withholding (FIT) may be incorrect. Larren is paid a salary of $4,700 weekly. She is married, claims 3 deductions, and prior to this payroll check, has total earnings of $115,700. What are the correct deductions for Social Security, Medicare, and FIT? Assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. (Use Table 9.1 and Table 9.2) . (Round your answers to the nearest cent.) Social Security Join Now For Answers & Help!!! Medicare Join Now For Answers & Help!!! FIT Join Now For Answers & Help!!! Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, is paid weekly, and claims 2 exemptions. What is Richard's net pay for the week if he earns $1,100? (Use Table 9.1 and Table 9.2) . (Round your answer to the nearest cent.) Net pay Join Now For Answers & Help!!! Pat Maninen earns a gross salary of $3,600 each week. Assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. a. What are Pat's first week's deductions for Social Security and Medicare? (Round your answers to the nearest cent.) b. Will any of Pat's wages be exempt from Social Security and Medicare for the calendar year? (Leave no cells blank - be certain to enter "0" wherever required.) a. Social Security Join Now For Answers & Help!!! Medicare Join Now For Answers & Help!!! b. Social Security: Exempt Join Now For Answers & Help!!! Medicare: No wages exempt Join Now For Answers & Help!!! Sarah Jones earns $640 per week selling life insurance for Farmer's Insurance plus 5% of sales over $5,750. Sarah's sales this month (four weeks) are $22,000. How much does Sarah earn this month? (Round your answer to 2 decimal places.) Join Now For Answers & Help!!! Robin Hartman earns $629 per week plus 2% of sales over $6,500. Robin's week sales are $12,100. How much does Robin earn? Join Now For Answers & Help!!! Calculate Social Security taxes, Medicare taxes and FIT for Jordon Barrett. He earns a monthly salary of $11,900. He is single and claims 1 deduction. Before this payroll, Barrett's cumulative earnings were $112,500. (Social Security maximum is 6.2% on $118,500 and Medicare is 1.45%) . Calculate FIT by the percentage method. (Use Table 9.1 and Table 9.2) (Round your answer to 2 decimal places.) Join Now For Answers & Help!!! Maggie Vitteta, single, works 34 hours per week at $12.00 an hour. How much is taken out for federal income tax with one withholding exemption? (Use Table 9.1 and Table 9.2) (Round your answer to the nearest cent.) Join Now For Answers & Help!!! The Social Security Administration increased the taxable wage base from $119,900 to $121,150. The 6.2% tax rate is unchanged. Joe Burns earned over $120,000 each of the past two years. a. What is the percent increase in the base? (Round your answer to the nearest hundredth percent.) b. What is Joe's increase in Social Security tax for the new year? (Round your answer to the nearest cent.) Join Now For Answers & Help!!! Westway Company pays Suzie Chan $2,850 per week. Assume Social Security is 6.2% on $118,500 and 1.45% for Medicare. a. By the end of week 52, how much did Westway deduct for Suzie's Social Security and Medicare for the year? (Round your answers to the nearest cent.) b. What state and federal unemployment taxes does Westway pay on Suzie's yearly salary? The state unemployment rate is 5.1% and the federal unemployment tax is 0.6% on the first $7,000. Join Now For Answers & Help!!! The San Bernardino County Fair hires about 150 people during fair time. Their wages range from $6.75 to $8.00. California has a state income tax of 9%. Sandy Denny earns $8.00 per hour; George Barney earns $6.75 per hour. They both worked 35 hours this week. Both are married; however, Sandy claims 2 exemptions and George claims 1 exemption. Assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. a. What is Sandy's net pay after FIT, Social Security tax, state income tax, and Medicare have been taken out? Use the Table 9.1 and Table 9.2. (Round your answer to the nearest cent.) b. What is George's net pay after the same deductions? (Round your answer to the nearest cent.) c. How much more is Sandy's net pay versus George's net pay? (Round your answer to the nearest cent.) Join Now For Answers & Help!!! Bill Rose is a salesperson for Boxes, Inc. He believes his $1,460.47 monthly paycheck is in error. Bill earns a $1,400 salary per month plus a 9.5% commission on sales over $1,500. Last month, Bill had $8,250 in sales. Bill believes his traveling expenses are 16% of his weekly gross earnings before commissions. · Monthly deductions include: · Social Security, $126.56 · Medicare, $29.60 · FIT, $195.59 · union dues, $25.00 · and health insurance, $16.99 a. Calculate Bill's monthly take-home pay, and indicate the amount his check was under- or overstated. (Round your answer to the nearest cent.) b. Bill's weekly traveling expenses. (Round your answer to the nearest dollar.) Join Now For Answers & Help!!!
Arley's Bakery
makes
fat-free cookies that cost $1.40 each. Arley expects 25% of the cookies
to fall
apart and break. Assume that Arley can sell the broken cookies for
$1.30 each.
Arley wants a 45% markup on cost and produces 200 cookies. What price
should
Arley charge for each unbroken cookie?
Join Now For Answers & Help!!! The Gap purchases dress shirts for $23 and sells them for $38. The dollar markup is: Join Now For Answers & Help!!! Debra's Design pays $32 for designer lamps and marks them up 50% on cost. What is the dollar amount of the markup? Join Now For Answers & Help!!! When a business marks up their goods based on selling price, the base is: Join Now For Answers & Help!!! Finch's Garden Supply sells pond kits for $130. These are marked up 30% over cost. What is the cost of the pond kits? Join Now For Answers & Help!!! Baby Gap purchases sundresses for $12 and sells them for $18 after marking them up based on cost. Match the figure to the term. A) $12 = ___________ B) $6 = ___________ C) $18 = ___________ D) 50% = ___________ E) 100% = ___________ Join Now For Answers & Help!!! Chapter Tests 01 02 03 04 05
06
07 08 09
10 11 12 13 14 15 16 17 18 19 20 21 22 Unit Test 01 02 03 04
05 06
Homework Chapter 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 Need A Tutor? Need Homework Help? Debra's Design pays $32 for designer lamps and marks them up 50% on cost. What is the selling price? Join Now For Answers & Help!!! Join Now For Answers & Help!!! True or false: Manufacturers can get cost information more easily than sales information. Join Now For Answers & Help!!! For each of the pricing model terms for percent markup based on selling price, match the respective percent formula terms. Selling Price = __________________ Markup Percent = __________________ Dollar Markup = __________________ Join Now For Answers & Help!!! The Gap purchases dress shirts for $23 and sells them for $38. The percent markup based on cost is (rounded to the tenth) : Join Now For Answers & Help!!! Join Now For Answers & Help!!! Jan's Sports sells road bicycles for $1,300. This is a 25% markup on cost. Match the values with the related terms. A) $1040 =___________ B) 100% =___________ C) 125% =___________ D) $260 =___________ Join Now For Answers & Help!!! Westons Hardware sells snowblowers for $998 after marking them up 43% based on selling price. What is the dollar amount of the markup? Join Now For Answers & Help!!! A couch costs $530.65 and is marked up 37% on selling price. What is the dollar markup? Join Now For Answers & Help!!! The dollar markup is found by subtracting the cost from the selling price. The selling price is found by dividing the cost by the complement of the markup percent. Finch's Garden Supply sells pond kits for $130. These are marked up 30% over cost. What is the markup dollar amount of the pond kits? Join Now For Answers & Help!!! Markup is $130 - $100 = $30. Pacific Mercantile sells flannel shirts for $19.99. These are marked up 25% on selling price. What is the dollar amount of the markup? Join Now For Answers & Help!!! Weston's Hardware sells picnic table sets for $498. After marking them up $183 based on selling price, what is the markup percent? Join Now For Answers & Help!!! Dora the Explorer DVD's were marked down from $19.99 to $12.99. Match the amounts to the terms. $19.99 = __________ $7.00 = __________ 35.02% = __________ Join Now For Answers & Help!!! Mel's purchases tables for $230. They must mark up the tables 40% on selling price. Identify each of the figures. A) $230 =___________ B) 40% =___________ C) 60% =___________ D) $383.33 =___________ E) $153.33 =___________ Join Now For Answers & Help!!! The Craft Cove originally sold sewing machines for $300. During the winter holidays sewing machines were marked down 10%, then 20% before they were marked back up 15%. What is the final sale price? Join Now For Answers & Help!!!. Pacific Mercantile sells flannel shirts for $19.99. These are marked up 25% on selling price. What is the cost of the flannel shirts? Join Now For Answers & Help!!! Designer Cakes baked 10 dozen cupcakes expecting 15% spoilage. The cupcakes cost $4.80 per dozen to make, and they need a 75% markup on cost. Match each of the values to the respective term. Join Now For Answers & Help!!! The _______________ step of the perishable pricing process is to calculate the total dollar markup. Second A flight from Portland, Oregon, to Spokane, Washington, decreased in price from $232 to $198. What is the markdown dollar amount? Join Now For Answers & Help!!! On March 31, The Craft Cove originally sold bolts of flannel for $35/yard. On April 1 the flannel was marked down 5%. On May 1 it was marked down an additional 10%. On June 1 a final markdown of 25% was applied. Match the sales price per yard with the date indicated. A) $35 B) $33.25 C) $29.93 D) $22.45 Join Now For Answers & Help!!! _____________ costs do not change with increases and decreases in sales. _____________ costs do change with increases and decreases in sales. Join Now For Answers & Help!!! A couch costs $530.65 and is marked up 37% on selling price. What is the selling price? Join Now For Answers & Help!!! Pricing perishable items is reserved for (short/long) ____________ shelf life goods. Join Now For Answers & Help!!! Order the perishable pricing steps. A) Calculate total cost. B) Calculate loss/spoilage. C) Calculate total dollar markup. D) Calculate selling price per unit. E) Calculate total selling price. Join Now For Answers & Help!!! Fintel produces dry-erase markers that have a selling price of $2.35 and a variable cost of $.70. Fixed costs are $82,500. What is the breakeven point? Join Now For Answers & Help!!! Join Now For Answers & Help!!! If the breakeven point is 20,000 and the contribution margin is $1.30, how much are fixed costs? Join Now For Answers & Help!!! Bari Jay, a gown manufacturer, received an order for prom dresses from China. Her cost is $45 a gown. If her markup based on selling price is 77%, what is the selling price of each gown? Join Now For Answers & Help!!! Macy's was selling Calvin Klein jean shirts that were originally priced at $61.00 for $7.32. a. What was the amount of the markdown? b. Based on the selling price, what is the percent markdown? Join Now For Answers & Help!!! Macy's was selling Calvin Klein jean shirts that were originally priced at $58.00 for $8.70. a. What was the amount of the markdown? b. Based on the selling price, what is the percent markdown? Join Now For Answers & Help!!! Misu Sheet, owner of the Bedspread Shop, knows his customers will pay no more than $145 for a comforter. Misu wants a 40% markup on selling price. What is the most that Misu can pay for a comforter? Join Now For Answers & Help!!! Misu Sheet, owner of the Bedspread Shop, knows his customers will pay no more than $140 for a comforter. Misu wants a 25% markup on selling price. What is the most that Misu can pay for a comforter? Join Now For Answers & Help!!! Angie's Bake Shop makes birthday chocolate chip cookies that cost $2 each. Angie expects that 10% of the cookies will crack and be discarded. Angie wants a 60% markup on cost and produces 120 cookies. What should Angie price each cookie? Join Now For Answers & Help!!! Angie's Bake Shop makes birthday chocolate chip cookies that cost $2 each. Angie expects that 10% of the cookies will crack and be discarded. Angie wants a 70% markup on cost and produces 130 cookies. What should Angie price each cookie? Join Now For Answers & Help!!! Aunt Sally's "New Orleans Most Famous Pralines" sells pralines costing $1.15 each to make. If Aunt Sally's wants a 25% markup based on selling price and produces 40 pralines with an anticipated 16% spoilage, what should each praline be sold for? Join Now For Answers & Help!!! |
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