Sean matthews is a waiter at the duluxe lounge

Assignment Help Accounting Basics
Reference no: EM13913723

Sean Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $150.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March.

Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, married, 2 allowances), social security taxes, and state income tax (2%).

Reference no: EM13913723

Questions Cloud

Incompressible liquid of mass : A tube of length L is filled completely with an incompressible liquid of mass M and close at both the ends. The tube is then rotated in a horizontal plane about one of its ends with a uniform angular velocity V.
Considering two insurance settlement offers : You are considering two insurance settlement offers. The first offer includes annual payments of $4,500, $6,800, and $10,125 over the next three years, respectively. The other offer is the payment of one lump sum amount today. You are trying to decid..
Mary givens and peggy moser are partners : Mary Givens and Peggy Moser are partners engaged in operating The G & M Doll Shop, which has employed the following persons since the beginning of the year:
Minimum velocity of mass : A mass M is attached to an end of rod of length L. The mass goes around vertical circular path with the other end hinged at the center. What should be the minimum velocity of mass M at the bottom of circle so that mass completes a circle?
Sean matthews is a waiter at the duluxe lounge : Sean Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $150.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes ..
What is the amount of the cash flow to creditors : Pete’s Boats has beginning long-term debt of $180 and ending long-term debt of $210. The beginning and ending total debt balances are $340 and $360, respectively. The interest paid is $20. What is the amount of the cash flow to creditors?
Continuous process for manufacture : a proposal is set out below for a continuous process for manufacture of a fine chemical immediate.
About the odd dividend policy : Maloney, Inc., has an odd dividend policy. The company has just paid a dividend of $6 per share and has announced that it will increase the dividend by $5 per share for each of the next five years, and then never pay another dividend. If you require ..
What is the investments equivalent annual annuity : Your firm is considering an investment that will cost $920,000 today. The investment will produce cash flows of $450,000 in year 1, $270,000 in years 2 through 4, and $200,000 in year 5. The discount rate that your firm uses for projects of this type..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Preparing the financial statements

R.E.C. Inc.'s staff of accountants finished preparing the financial statements for 2010 and will meet next week with the company's CEO as well as the Director of Investor Relations and representatives from the marketing and art departments to desi..

  Describe production characteristics of three products

Describe the characteristics of products which would suggest it would be better to use ABC as an indirect cost allocation method over a traditional method such as direct labor hours.

  Calculate the total manufacturing costs and the cost per

medtech inc. manufactures and sells diagnostic equipment used in the medical profession. its job costing system was

  Mathematics-number puzzles

Thirty flasks, 10 full, 10 half empty and 10 entirely empty, are to be divided among 3 sons so that flasks and content should be shared equally.

  Find a journal article online about standard costing in the

find a journal article online about standard costing. in the subject line of your post include the title of the article

  What is the realized tax gain on the sale of the g550

What is the realized tax gain on the sale of the G550?

  On january 2 19x1 bruce greene invested 10000 in the stock

on january 2 19x1 bruce greene invested 10000 in the stock market and purchased 500 shares of heartland development

  Topeka bike company received a 940 check from a customer

topeka bike company received a 940 check from a customer for the balance due. the transaction was erroneously recorded

  Compute after-tax income

He uses the $5,700 standard deduction in computing taxable income for 2010. The personal exemption amount for 2010 is $3,650. Johnson Company is Ed's only source of income. Compute Ed's after-tax income if:

  When refering to a statement of cash flows why would

when refering to a statement of cash flows why would managers compare the net cash provided by operating activities to

  Business organizations own various types of assets and have

business organizations own various types of assets and have various types of liabilities and my even have various

  Percy motors has a target capital structure of 40 debt and

percy motors has a target capital structure of 40 debt and 60 common equity with no preferred stock. the yield to

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd