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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 $1,113.56 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 $173.60 Medicare $68.15 FIT $230.70 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 $922.62 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 $223.20 Medicare $52.20 b. Social Security: Exempt $68,700 Medicare: No wages exempt $0. 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.) Amount $3,372.50 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? Amount earned $741.00 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.) FIT: $2,607.56 SS Taxes: $372.00 Medicare Taxes: $172.55 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.) Amount $34.17 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.) Percent increase 1.04% Increase in Social Security tax $77.50. 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. a. Social Security $7,347.00 Medicare $2,148.90 b. State unemployment taxes $357 Federal unemployment taxes $42 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.) a. Sand'y net pay $233.38 b. George's net pay $196.91 c. Difference in net pay $36.47 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.) a. Monthly take-home pay $1,647.51 Difference: $187.04 Understated b. Weekly traveling expenses $52
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?
200 x $1.40 = $280 for 200 cookies $280 + (45% of 280) $280 + (n/280 x 45/100) $280 + 126 = $406 Broken Cookies: 25% of 200 n/200 x 25/100 50 cookies broken x $1.30 = $65 406- 65 = $341 $341/150 = $2.27 per cookie The Gap purchases dress shirts for $23 and sells them for $38. The dollar markup is: A) $23 B) $61 C) $15 D) $38 38 – 23 = 15 Debra's Design pays $32 for designer lamps and marks them up 50% on cost. What is the dollar amount of the markup? A) $32 B) $16 C) $48 $32 × .5 = $16. True or false: The dollar markup is the portion. True When a business marks up their goods based on selling price, the base is: A) Markup Dollar Amount B) Cost C) Selling Price Finch's Garden Supply sells pond kits for $130. These are marked up 30% over cost. What is the cost of the pond kits? A) $39 B) $169 C) $91 D) $100 The cost price is $100. $130 / 1.3 = $100. 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% = ___________ A) $12 = Cost B) $6 = Dollar Markup C) $18 = Selling Price D) 50% = Percent Markup E) 100% = Base (Cost) Chapter Tests 01 02 03 04 05
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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? A) $32 B) $16 C) $48 The selling price is $32 × 1.5 = $48. True or false: Manufacturers can get cost information more easily than sales information. True 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 = __________________ Selling Price = Base Markup Percent = Portion Dollar Markup = Rate The Gap purchases dress shirts for $23 and sells them for $38. The percent markup based on cost is (rounded to the tenth) : A) 39.5% B) 15 C) 65.2% Markup rate = markup ÷ base (cost) . $15 ÷ $23 = 0.652 converted to 65.2%. 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 =___________ A) $1040 = Cost Price B) 100% = Cost (base) C) 125% = Selling percent D) $260 = Markup dollar amount Westons Hardware sells snowblowers for $998 after marking them up 43% based on selling price. What is the dollar amount of the markup? A) $429.14 B) $635.67 C) $697.90 D) $568.86 $998 × .43 = $429.14. A couch costs $530.65 and is marked up 37% on selling price. What is the dollar markup? A) $311.65 B) $196.34 C) $1,434.19 D) $792.01 $530.65 ÷ .63 = $842.30 $842.30 - 530.65 = $311.65 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? A) $30 B) $100 C) $60 D) $40 The cost price is $100. $130 ÷ 1.3 = $100. 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? A) $15.99 B) $5.00 C) $14.99 $19.99 × .25 = $5.00 Weston's Hardware sells picnic table sets for $498. After marking them up $183 based on selling price, what is the markup percent? A) 26.87% B) 63.25% C) 36.75% D) 58.10% $183 ÷ $498 = .36746 36.75% 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% = __________ $19.99 = Original selling price (base) $7.00 = Markdown dollar amount 35.02% = Markdown percent 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 =___________ A) $230 = Cost B) 40% = Markup on selling price C) 60% = Complement of the markup D) $383.33 = Selling Price E) $153.33 = Markup 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? A) $255 B) $248.40 C) $216.00 100 + the markup percent. $300 × .9 × .8 = $216 216 x 1.15 = $248.40. Pacific Mercantile sells flannel shirts for $19.99. These are marked up 25% on selling price. What is the cost of the flannel shirts? A) $14.99 B) $5.00 C) $15.99 $19.99 × .75 = $14.99 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. A) $48 B) $36 C) $84 D) 1.5 E) $9.88 A) $48 = Total cost B) $36 = Total dollar markup C) $84 = Total selling price D) 1.5 = Spoilage amount E) $9.88 = Selling price per unit (dozen) 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? A) 14.66% B) $34 C) 34.69% $232 - $198 = $34 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 A) $35 = March 1 B) $33.25 = April 1 C) $29.93 = May 1 D) $22.45 = June 1 _____________ costs do not change with increases and decreases in sales. _____________ costs do change with increases and decreases in sales. Fixed, Variable A couch costs $530.65 and is marked up 37% on selling price. What is the selling price? A) $842.30 B) $371.46 C) $311.65 D) 1,434.19 $530.65 ÷ .63 = $842.30 Pricing perishable items is reserved for (short/long) ____________ shelf life goods. Short Selling price - Variable costs = ___________ ___________ Contribution Margin 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. 1) Calculate total cost. 2) Calculate total dollar markup. 3) Calculate total selling price. 4) Calculate loss/spoilage. 5) Calculate selling price per unit. 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? A) 50,000 B) 3,617 C) 117,857 D) $1.65 Breakeven = Fixed Cost / Contribution Margin Contribution Margin = (Selling Price - Variable Cost) Breakeven = 82,500 / 2.35 - 0.70 Breakeven = 82,500 / 1.65 Breakeven = 50,000 If the breakeven point is 20,000 and the contribution margin is $1.30, how much are fixed costs? A) 20,000 B) $26,000 C) $15,384 Breakeven = Fixed Cost / Contribution Margin Contribution Margin = (Selling Price - Variable Cost) 20,000 = FC / 1.30 20,000/1.30 = $26,000 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? Selling Price = Cost + Markup Selling Price = $45 + 77% of Selling Price Selling Price = 45 / (100 - 77%) Selling Price = $195.65 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? a) Dollar Markdown = Original Price - Markdown Price Dollar Markdown = $61.00 - $7.32 Dollar Markdown = $53.68 b) Markdown% = Dollar Markdown/ Original Price Markdown% = $53.68/ $61 Markdown% = 0.88 = 88% 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? a) Dollar Markdown = Original Price - Markdown Price Dollar Markdown = $58 - $8.70 Dollar Markdown = $49.30 b) Markdown% = Dollar Markdown/ Original Price Markdown% = $49.30/ $58 Markdown% = 0.85 = 85% 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? Misu's payment = Maximum selling price x (1 - Markup % on selling price) $145 x (1 - 40% ) $145 x 0.6 $87 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? Misu's payment = Maximum selling price x ( 1 - Markup %on selling price) $140 x ( 1 - 25% ) $105 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? $3.56 Total Cost for all Cookies: 120 x $2 = $240 60% Markup: (1 + 0.6) x 240 = $384 % Cookies Remaining: 100% - 10% = 90% # of Cookies Remaining: 90% x 120 = 108 Price per Cookie = 384/108 Price per Cookie = $3.56 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? $3.78 Total Cost for all Cookies: 130 x $2 = $260 70% Markup: (1+0.7) x 260 = $442 % Cookies Remaining: 100% - 10% = 90% # of Cookies Remaining: 90% x 130 = 117 Price per Cookie = 442 / 117 Price per Cookie = $3.78 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? $1.83 If the sale is 100, markup will be equal to 25 ( 25% of 100) = 75% Cost will be 75 (100-25) 75% of Sale. Sale Price For 40 Praline should be = Cost of praline / 75% = 46/75% = $61.33 Total produced Pralines after spoilage = 40 - (40*16%) = 33.6 Sale Price of 1 Praline = Total Sales/Number of units available for sale = 61.33 / 33.6 = $1.83 |
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