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Vitek1552 [10]
2 years ago
13

What would most likely happen if the government increased payroll taxes? retirees would discover they have fewer benefits than t

hey’d anticipated. citizens would have to wait far longer to collect their benefits. workers would have less money to take home each week. government officials would please everyone involved.
Business
2 answers:
andrew-mc [135]2 years ago
7 0

Answer:

Its C

workers would have less money to take home each week

Explanation:

Ilia_Sergeevich [38]2 years ago
4 0

The government's increased payroll taxes result in workers having much less money to spend on domestic every week.

<h3>What is the payroll tax?</h3>

A payroll tax is a percent withheld from an employee's pay via the means of an agency that will pay it to the authorities on the employee's behalf.

The tax is primarily based on wages, salaries, and tips paid to employees. Federal payroll taxes are deducted immediately from the employee's income and paid to the Internal Revenue Service (IRS).

Most states and a few towns and counties impose earnings taxes as well, and those quantities are paid immediately into their coffers.

In addition, employers, who are now no longer employees, additionally pay federal unemployment taxes for every one of their employees.

From the above assertions, it's clear that the precise solution is that workers could have much less cash to spend on domestic every week.

Learn more about payroll tax, refer to:

brainly.com/question/9387697

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vaieri [72.5K]

Option D

Product Managers are expected to collaborate in planning the amount of upcoming Enabler work by establishing Completed epic acceptance criteria

<u>Explanation</u>:

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5 0
3 years ago
In need of extra​ cash, Troy and Lily decide to withdraw ​$2 comma 100 from their traditional IRA. They are both 40 years old. T
krek1111 [17]

Answer:

Calculate the tax consequence of withdrawal from retirement account.

T and L are 40 years old and decide to withdraw $2,100 from their IRA. They lie in a 35% marginal tax bracket.

Analysis

They are withdrawing some amount from their retirement fund. They have to pay the tax and penalty for early withdrawals from the retirement fund. The withdrawal amount is $2,100 so they have to pay tax on it. The tax rate will be 35% which is their marginal tax bracket.

Calculation of tax consequences if withdrawal amount is $2,100:

Ordinary income tax amount calculates by multiplying the withdrawal amount with the ordinary tax rate.

= $2100 × 35%

= $735

The withdrawal amount attracts the 10% penalty. So, the penalty amount is calculated as follows: Penalty on withdrawn funds calculates by multiplying the withdrawn funds with the percentage of penalty.

= $2100 × 10%

= $210

(NOTE: - T and L have to pay ordinary income tax along with the penalty on their withdrawal because they are withdrawing funds from their IRA before age 59.5.)

Total expenses include the tax amount and penalty charge on withdrawal amount. So, it is calculated as follows:

Total expenses =$735 + $210

Total expenses = $945

Conclusion

Therefore, T and L would incur a tax of $945 on their withdrawal. This $945 is the sum of income tax amount and penalty on withdrawal balance.

8 0
2 years ago
The _____ method is a forecasting method that looks at the conditions that lead to particular weather events.
sasho [114]
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3 years ago
Read 2 more answers
Thomlin Company forecasts that total overhead for the current year will be $11,742,000 with 164,000 total machine hours. Year to
Basile [38]

Answer:

d.$72 per machine hour

Explanation:

Predetermined overhead rate = Budgeted Overheads ÷ Budgeted Activity

therefore,

Predetermined overhead rate = $11,742,000  ÷ 164,000

                                                  = $71.598 or $72

The predetermined overhead rate based on machine hours is $72 per machine hour.

3 0
2 years ago
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marusya05 [52]

Answer:

core competency

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