If a Worker Is Paid a Salary of $45,100 Per

question 53

Multiple Choice

If a worker is paid a salary of $45,100 per year and is in a tax bracket that results in 28% deductions,
What is her monthly take-home pay?

• A)$3,758.33
• B)$1,879.17
• C)$1,052.33
• D)$2,706.00

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Definitions:

Journalizing

Journalizing is the process of recording transactions in the accounting journals as part of the double-entry bookkeeping system.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, ultimately resetting the temporary accounts for the new fiscal period.

Post-closing Trial Balance

A statement created after closing entries are made, listing all active accounts and their balances to ensure debits equal credits.

Asset Accounts

Accounts that represent tangible and intangible items of value owned by a business, which can include cash, receivables, inventory, equipment, and intellectual property.