An Employee Earned $12

question 30

Short Answer

An employee earned $12.50 per hour and worked 40 hours. The employer subtracted $56 for income taxes and other necessary deductions. Compute the amount the employee had left to spend.

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Definitions:

Allocated To Expense

A method of assigning or distributing costs among various accounts or periods as expenses.

Net Income

The net earnings of a business following the subtraction of all costs and taxes from the gross income.

Predictor

A statistical measure or model used to estimate future trends or outcomes based on historical data.

Shareholder's Equity

The residual interest in the assets of a corporation after deducting its liabilities, often referred to as stockholder's equity or owner's equity.