(solution) See attached two finance question problems show work Calculate

(solution) See attached two finance question problems show work Calculate

See attached   two finance question problems show work 

Calculate the costs and profit in excess of billing or billing in excess cost of profit  AND the percentage complete based on the following information.  MUST show all work to receive full credit.

 

Contract amount $230,000

Total Estimated Cost to Complete $225,000

Actual Costs to Date $200,000

Total Billed $180,000

Calculate the following taxes for this week’s pay 12/15/yr 1 (be sure to label each answer clearly and show all calculations to receive full credit):

Wages this pay check: 12/15/yr 1: $5,000

1) FICA (6.2% on wages to $85,000)

2) FUTA (.8% on wages to $7,000)

3) Worker’s compensation (.85 per $100 of wages)

Additional Information:

Wages year to date with bonus as of 12/8/yr 1: $100,000

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