Gross pay x tax rate = tax withheld
social security tax rate 6.2% medicare tax rate 1.45%
directions: using the information provided, complete the calculations to determine tax withholdings and net pay.
1. what is samuel’s withholdings?
gross pay $4200
social security tax (1pt)
medicare tax )
net )

2. what is jennifer’s withholdings?
gross pay $6500
social security tax )
medicare tax )
net )

3. what is timothy’s withholdings?
gross pay $3400
social security tax )
medicare tax )
net )

4. with is amber’s withholdings?
gross pay $1100
social security tax )
medicare tax )
net )

Neon light company of kansas city ships lamps and lighting appliances throughout the country. ms. neon has determined that through the establishment of local collection centers around the country, she can speed up the collection of payments by one and one-half days. furthermore, the cash management department of her bank has indicated to her that she can defer her payments on her accounts by one-half day without affecting suppliers. the bank has a remote disbursement center in florida. a. if neon light company has $2.90 million per day in collections and $1.18 million per day in disbursements, how many dollars will the cash management system free up?

Samantha is interested in setting up her own accounting firm and wants to specialize in the area of accounting that has experienced the most significant growth in recent years. which area of accounting should she choose as her specialty? samantha should choose as her specialty.

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