Calculate the Total Amount Due to the IRS from the Firm

question 72

Multiple Choice

Calculate the total amount due to the IRS from the firm.
-The Book Mart collected $1,485.31 FICA, $347.37 medicare, and $1,806.33 federal withholding tax from employees.

• A)$3,639.01
• B)$5,124.32
• C)$5,471.69
• D)$3,986.38

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Definitions:

Dividends Payable

The amount of declared dividends that a company owes to its shareholders but has not yet paid.

P/E

Price-to-Earnings Ratio, a valuation metric used to measure a company's current share price relative to its per-share earnings.

Closing Price

The final price at which a security is traded on a given trading day.

Net Change

The difference in value or quantity of a financial instrument or index from the previous trading day's close to the current day's close.