small business expenses
in this spreadsheet, expenses are listed in column a and their amounts are in column b.
which formula would you use in cell b12 to calculate the social security and medicare taxes (7.65%) on the monthly wages listed in cell b6?
| a | b |
|----|----|
| 1 expense type | amount |
| 2 rent | $2,800.00 |
| 3 liability insurance | $350.00 |
| 4 property insurance | $250.00 |
| 5 books and supplies | $1,600.00 |
| 6 wages | $4,200.00 |
| 7 utilities | $500.00 |
| 8 health insurance | $650.00 |
| 9 workers compensation insurance | $300.00 |
| 10 advertising | $550.00 |
| 11 office supplies | $150.00 |
| 12 social security and medicare taxes (formula) | |
| 13 total fixed expenses | (formula) |
| 14 total variable expenses | (formula) |
| 15 total monthly expenses | (formula) |

Question

small business expenses
in this spreadsheet, expenses are listed in column a and their amounts are in column b.
which formula would you use in cell b12 to calculate the social security and medicare taxes (7.65%) on the monthly wages listed in cell b6?
| a | b |
|----|----|
| 1 expense type | amount |
| 2 rent | $2,800.00 |
| 3 liability insurance | $350.00 |
| 4 property insurance | $250.00 |
| 5 books and supplies | $1,600.00 |
| 6 wages | $4,200.00 |
| 7 utilities | $500.00 |
| 8 health insurance | $650.00 |
| 9 workers compensation insurance | $300.00 |
| 10 advertising | $550.00 |
| 11 office supplies | $150.00 |
| 12 social security and medicare taxes (formula) |  |
| 13 total fixed expenses | (formula) |
| 14 total variable expenses | (formula) |
| 15 total monthly expenses | (formula) |

Accepted Answer

# Explanation:
## Step1: Recall tax - calculation formula
To find a percentage of a number, we multiply the number by the percentage as a decimal. The Social Security and Medicare tax rate is 7.65% or 0.0765 in decimal form. We want to find 7.65% of the wages in cell B6.
## Step2: Determine the correct formula
The formula to calculate 7.65% of the value in cell B6 is =B6*0.0765.

# Answer:
=B6*0.0765

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QUESTION IMAGE

Question

Explanation:

Step1: Recall tax - calculation formula

Step2: Determine the correct formula

Answer:

a	b
2 rent	$2,800.00
3 liability insurance	$350.00
4 property insurance	$250.00
5 books and supplies	$1,600.00
6 wages	$4,200.00
7 utilities	$500.00
8 health insurance	$650.00
9 workers compensation insurance	$300.00
10 advertising	$550.00
11 office supplies	$150.00
12 social security and medicare taxes (formula)
13 total fixed expenses	(formula)
14 total variable expenses	(formula)
15 total monthly expenses	(formula)