Mike Kohl, an employee of Spotswood Company, has gross earnings for the month of October of $8,000. FICA taxes are 7.65% of gross earnings, federal income taxes amount to $1,270 for the month, state income taxes are 2% of gross earnings, and Mike authorizes voluntary deductions of $20 per month to the United Fund. What is the net pay for Mike Kohl?

a) $5,958

b) $5,963

c) $5,938

d) $5,950

Under IFRS, a contingent liability is:

a) The same as a provision.

b) Not covered by IFRS.

c) Disclosed in the notes if certain criteria are met.

d) Reported on the face of the financial statements if certain criteria are met.

Answer rating: 100% (QA)

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