Mike works in the appliance department at Sears. He is guaranteed a minimum salary of $425...

Mike works in the appliance department at Sears. He is guaranteed a minimum salary of $425 a week or 5.2% of his total sales, whichever is greater. What is Mike's total pay for a week in which his total sales were $8,545.50 ?

Expert Solution

Total sales = 8,545.50

Minimum guaranteed salary = 425/week

5.2% of total sales = 8,545.5*5.2%

= 444/week

Minimum guaranteed pay or 5.2% of total sales whichever is greater I.e., 425/week or 444/week whichever is greater

Mike's total pay = 444/week

jeff jeffy answered 2 years ago

Kevin Nguyen works for ABCO Corporation at a salary of $700 per week. He is paid...

Kevin Nguyen works for ABCO Corporation at a salary of $700 per week. He is paid every two weeks. The following is deducted from his bi-weekly pay: income tax $185, CPP $60, and EI premiums of $25. The employer is also required to make employee contributions of $60 to CPP and EI premiums of $35. Indicate which of the following statements are correct (Select as many as appropriate.) a. Kevin’s net pay for the period will be $1,130 b. The...

A). Rasheed works for Company A, earning $357,000 in salary during 2017. Assuming he is single...

A). Rasheed works for Company A, earning $357,000 in salary during 2017. Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year? (Round your intermediate calculations to the nearest whole dollar amount.) B). This year Amber opened a factory to process and package landscape mulch. At the end of the year, Amber’s accountant prepared the following schedule for allocating manufacturing costs to the mulch inventory, but her accountant...

question stephen flynn works for island traders ltd. his annual salary is 80000 and he is...

question stephen flynn works for island traders ltd. his annual salary is 80000 and he is paid weekly as part of his employment agrrement he is entitltled to 4 weeks annual leave each year. he recieves a leave loading of 17.5 percent B : provide the apporapriate journal entries assuming that stephen flynn takes two weeks annual leave after being employed for one year and assuming that the tax deducted from the 2 weeks payment is 1000 Part A (a)...

question stephen flynn works for island traders ltd. his annual salary is 80000 and he is...

question stephen flynn works for island traders ltd. his annual salary is 80000 and he is paid weekly as part of his employment agrrement he is entitltled to 4 weeks annual leave each year. he recieves a leave loading of 17.5 percent B : provide the apporapriate journal entries assuming that stephen flynn takes two weeks annual leave after being employed for one year and assuming that the tax deducted from the 2 weeks payment is 1000 Part A (a)...

Question

Mike works in the appliance department at Sears. He is guaranteed a minimum salary of $425...

Solutions

Expert Solution

Related Solutions

Kevin Nguyen works for ABCO Corporation at a salary of $700 per week. He is paid...

A). Rasheed works for Company A, earning $357,000 in salary during 2017. Assuming he is single...

question stephen flynn works for island traders ltd. his annual salary is 80000 and he is...

question stephen flynn works for island traders ltd. his annual salary is 80000 and he is...