Graber and Johnson,Attorney's at Law,recently opened a law practice in the Northwest.Their goal is to generate a monthly net income of $10,000.They have initially set their billing rate at $150 per hour.Their billable hours in the first month of operations (January)were 150 and in the second month of operations (February),175 billable hours.The costs incurred at these levels for January and February are given below.
Definitions:
Taxable Income
The amount of an individual's or entity's income used to determine how much tax is owed, calculated as gross income minus deductions and exemptions.
Monthly Salary
The amount of money an employee is paid each month for their job performance, not including bonuses or overtime pay.
Net Pay
The amount of an employee's earnings after all deductions, such as taxes and retirement contributions, have been removed.
FICA Tax
The Federal Insurance Contributions Act (FICA) tax is a payroll tax in the United States that is required from both employers and employees to support Social Security and Medicare programs.
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