Tom's Gross Pay for This Month Is $8,150

question 151

Multiple Choice

Tom's gross pay for this month is $8,150.His gross pay year-to-date,prior to this month totaled $101,000.What is the amount of FICA withheld from Tom's pay for this month?

• A) $623.48
• B) $359.60
• C) $477.78
• D) $118.18

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Definitions:

Single Source

The practice of obtaining a particular product, service, or component from a single supplier, making the supplier the exclusive provider.

Average Cost

The total cost of goods available for sale divided by the total units available for sale, determining the cost of inventory.

WACC

The Weighted Average Cost of Capital (WACC) is a calculation of a firm's cost of capital in which each category of capital is proportionately weighted. It represents the minimum return that a company must earn on its existing asset base to satisfy its creditors, owners, and other providers of capital.

Component Cost

The cost associated with each separate element (debt, equity, etc.) that comprises the overall cost of capital for a firm.