Question

PLEASE HELP ME

Complete the following transactions and explain how they would appear in your register.
Your beginning balance on October 1 is $542.89.
You pay Land Electric $43.90 on October 7. (Check #400)
You deposit your paycheck on October 23 ($7.25/hour for 40 hours/wk for 2 weeks with deductions of FICA (7.65%), federal withholding (12%), and state withholding (8.75%).
You buy $78.54 plus 6% sales tax in clothes from FitRight on October 24 using your debit card.

Answer 1

the steps you followed to complete your computations.
the balance as of October 24
the process for entering the transaction in the registry

Answer 2

Don't pay taxes, they pay for George W's wars!!!!!!!!! Thanks Dubbbya for many deaths and trillions owed to the Chinese. hahahahahahaha

Answer 3

I can help you get the balance on October 24, but I don't know how you would put that in your register.

Answer 4

Let's write an equation that expresses the balance at the end of the period:\[B_{f}=I-E+B_{i}\]where I is your income, E is your expenses, Bf is your final balance, and Bi is your initial balance.

Let's start with I. You make $7.25 per hour, and over two weeks you worked 80 hours. So that would be $580. However, you don't get to take all of it home. The taxes you pay on it are proportional to the amount you make.

7.65%=0.0765
12%=0.12
8.75%=0.0875

So putting that together, I would be\[I=580-580 \times 0.0765 - 580 \times 0.12 - 580 \times 0.0875\]or more simply\[I=580(1-0.0765-0.12-0.0875)\]You can simplify I the rest of the way. :)

Similarly, you have several expenses. You have two, one of which has sales tax. The percentage is 6%, which is just 0.06. So for that expense, you pay 1.06 the price of the item. The other expense has no tax, so E would be\[E=1.06 \times 78.54+43.9\]And finally, Bi would just be\[B _{i}=542.89\]Put them together (using the initial equation I posted) and you will get the final balance.