Margo Dhang Is Paid $8 Per Hour Plus Time-And-One-Half for Hours

question 148

Essay

Margo Dhang is paid $8 per hour plus time-and-one-half for hours over 40 for a given week.During the week of January 21,Margo worked 46 hours.Social security taxes are 6.2 percent,Medicare taxes are 1.45 percent,$50 is withheld for federal income taxes,$12 is withheld for state income taxes,and $15 is withheld for medical insurance.In addition,Margo's employer must pay Social Security taxes of 6.2 percent,Medicare taxes of 1.45 percent,state unemployment taxes of 5.4 percent,and federal unemployment taxes of 0.8 percent.Calculate (a)Margo's gross earnings, (b)Margo's take-home pay, (c)the employer's payroll taxes expense,and (d)the total cost of employing Margo for the week.Round all amounts to the nearest penny.
a.$392.00 [(40 ´ $8)+ (6 ´ $12)]

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Definitions:

Collective Action Problem

A situation where individuals in a group have difficulty achieving a common goal due to conflicting self-interests.

Smaller Groups

Refers to subsets within a larger population, often used in statistics, sociology, or market analysis to denote groups with specific characteristics or interests.

Marginal Costs

The cost added by producing one extra item of a product, essentially the same as marginal cost but rephrased for clarity.

Marginal Benefits

The extra advantage or value received from consuming an additional unit of a product or service, influencing decision-making in economic transactions.