Lisa Ramos Has a Regular Hourly Rate of $10

question 60

Multiple Choice

Lisa Ramos has a regular hourly rate of $10.75.In a week when she worked 40 hours and had deductions of $55 for federal income tax,$26.75 for social security tax,and $6.25 for Medicare tax,her net pay was

• A) $430.
• B) $342.
• C) $375.
• D) $397.

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Definitions:

Equipment

Tangible property used in the operations of a business not intended for sale, including machinery, computers, and furniture.

Cash

A form of currency that includes coins and paper bills.

Capital

The wealth in the form of money or other assets owned by a person or organization or available for purposes such as starting a company or investing.

Fair Value

Fair Value is the estimated market value of an asset or liability, reflecting the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.