ACCT 1-2 Math CH13 Payroll Taxes Element 6 Final Review Questions
1. Brianne makes baby blankets for a baby store. She works on the blankets 30 hours per week. The store pays
her $9.50 per hour plus 30% of the profit. Profits were $400.00
What is Brianne's gross pay?
How much will she pay in the following taxes?
Federal Income Tax -8.4 %
State Income Tax - 9.5%
Social Security - 6.5%
Medicare - 1.5%
$
$
$
$
What is her Net pay?
If her hourly rate is increased by $.075 and her commission is raised to 40%, how much will she earn if
ollars if a total of $300 in blankets is sold?

The cost of the beginning work in process inventory was comprised of $3,000 of direct materials, $10,000 of direct labor, and $10,000 of factory overhead. costs incurred during the period were comprised of $15,000 of direct materials costs, and $100,000 of conversion costs. the equivalent units of production (eup) for the period were 9,000 for direct materials and 6,000 for conversion. the costs per eup were:

The former chairman of the federal reserve, alan greenspan, used the term "irrational exuberance" in 1996 to describe the high levels of optimism among stock market investors at the time. stock market indexes such as the s& p composite price index were at an all-time high. some commentators believed that the fed should intervene to slow the expansion of the economy. why would central banks want to clamp down when the economy is growing? a. to block the formation of unsustainable speculative asset bubbles. b. to curtail excessive profits in the banking system. c. to prevent inflationary forces from gathering momentum. d. all of the above. e. a and c only.

Answer the questions about keynesian theory, market economics, and government policy. keynes believed that there were "sticky" wages and that recessions are caused by increases in prices. decreases in supply. decreases in aggregate demand (ad). increases in unemployment. keynes believed the government should increase ad through increased government spending, but not tax cuts. control wages to increase employment because of sticky wages. increase employment through tax cuts only. increase as through tax cuts. increase ad through either increased government spending or tax cuts. intervene when individual markets fail by controlling prices and production.