Rick O'Shea, the Only Employee of Hunter Furniture Company, Makes

question 67

Multiple Choice

Rick O'Shea, the only employee of Hunter Furniture Company, makes $30,000 per year and is paid once a month. For the month of July, his federal income taxes withheld are $180, state income taxes withheld are $37, social security tax is 6.2%, Medicare tax is 1.45%, State Unemployment Tax is 4%, and Federal Unemployment tax is 0.6%. What is Rick's net pay for July?

• A)$2,500.00
• B)$2,091.75
• C)$2,308.75
• D)$2,283.00

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Definitions:

Value

The relevance, merit, or utility of something for someone.

Transaction-oriented Marketing

Marketing strategies focused primarily on making sales transactions rather than building long-term relationships with customers.

Premium Pricing

A competitor-based pricing method by which the firm deliberately prices a product above the prices set for competing products to capture those consumers who always shop for the best or for whom price does not matter.

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.