An Employee Receives an Hourly Rate of $27, with Time

question 20

Multiple Choice

An employee receives an hourly rate of $27, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $350; cumulative earnings for year prior to current week, $99,700; social security tax rate, 6.0% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid to the employee?

• A) $713.75
• B) $935.15
• C) $764.75
• D) $873.77

Determine the appropriate format for presenting proposals based on audience and project scope.

Enhance a proposal's competitiveness through additional relevant information.

Understand the roles and common titles within a research project.

Differentiate the subjects of goods and services proposals.

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Definitions:

Fixed Costs

Costs that do not vary with the level of output or sales, such as rent, salaries, and insurance payments.

Diminishing Marginal Product

Diminishing marginal product occurs when adding an additional factor of production results in a lower increase in output, embodying the principle of decreasing returns.

Production Function

A mathematical representation of the relationship between inputs (like labor, capital) used in production and the output of goods and services that results from those inputs.

Fixed Costs

Fixed costs are expenses that do not change with the level of production or business activity.