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1 year ago

If you are in the 15% tax bracket, your whole income is taxed at that rate. True False

1 answer:

6 0

If an individual's income falls at the 15% tax bracket then his/her income is taxed at first 10% and then the excess 5% should be levied in the next bracket.

<h3>What is a tax bracket?</h3>

A tax bracket is the income range made by the tax authorities relating to income earned by taxpayers with different rates of taxes.

According to the US taxation rules, the tax levied on the income of the taxpayer should be in the progressive system, which means, that the income should be charged with the different tax rates and not the one single tax rate. As the tax rates are started from 10%, so at the rate of 15%, it should not be the same rate rather the excess 5% would be levied.

Therefore, the provided statement relating to the imposition of tax is false.

Learn more about the taxes in the related link:

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Whats the difference between the salary and hourly calculator? pleaseeee helpp

Bingel [31]

The main difference between the salary and hourly calculator is that the salary calculator is paid to an employee on the basis of an annual amount that is known as salary and hourly calculator is based on the hourly payment. This is the basic difference between the salary and hourly calculator. For a salaried employee, the number of hours worked in a month can vary without affecting the total salary fixed. In case of hourly calculated payment, the number of hours worked has a direct impact on the payment received. If the number of hours worked is less then the hourly calculated payment will also be less.

5 0

3 years ago

French and German farmers wanting to buy equipment from an American manufacturer based in the U.S. will be: A) Demanding dollars

shepuryov [24]

Answer:

C) Supplying euros and demanding dollars in the foreign exchange market.

Explanation:

Foreign exchange market can be defined as type of market in which the currency of one country is converted into that of another country.

For example, the conversion of dollars of the United States of America can be converted into naira (Nigeria) at the foreign exchange market.

Hence, French and German farmers wanting to buy equipment from an American manufacturer based in the U.S. will be supplying euros and demanding dollars in the foreign exchange market because the medium of exchange (legal tender) in France and Germany is the "Euros" while it is "Dollars" in the United States of America.

6 0

2 years ago

Suppose the population of country ABC rises from 40 million to 44 million. If the country's Real GDP rises from $825 billion to

marshall27 [118]

Answer:

Option (C) is correct.

Explanation:

Given that,

Population rises from 40 million to 44 million

Country's Real GDP rises from $825 billion to $890 billion during this same period.

Therefore,

This country experiencing a absolute economic growth because of the rise in real GDP.

Initial per capita growth:

= Initial Real GDP ÷ Initial Population

= $825 ÷ 40 million

= $20.625

New per capita growth:

= Increased Real GDP ÷ New Population

= $890 ÷ 44 million

= $20.227

Above calculations clearly shows that there is a decline in the per capita growth.

Hence, there is an absolute economic growth but not per-capita real.

8 0

2 years ago

A data analyst at a nonprofit organization is working with a dataset about a summer fundraiser. Although they have a lot of usef

Iteru [2.4K]

The type of insufficient data does this example describe is: Data that keeps updating.

<h3>Who is a data analyst?</h3>

A data analyst can be defined as a person that help to collect data or information so to discover information that may be use during decision making process.

In as situation where their is insufficient or enough data despite having useful data this means that keeps updating.

Therefore this is an example of Data that keeps updating.

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3 0

2 years ago

The Assembly Department produced 1,000 units of product during March. Each unit required 1.25 standard direct labor hours. There

frutty [35]

Answer:

Debit Work in process for $15,625

Debit Direct labor time variance for $625

Credit Direct labor rate variance for $650

Credit Wage payable for $15,600

Explanation:

Before preparing the journal, the following calculations are done first:

Wage payable = Actual hours * Actual rate per hour = 1,300 * $12 = $15,600

Direct labor time variance = (Actual hours - Standard hours) * Standard direct labor rate = (1,300 - (1,000 * 1.25)) * $12.50 = $625 Unfavorable

Note: Direct labor time variance is Unfavorable because Actual hours is greater than Standard hours.

Direct labor rate variance = (Actual rate - Standard rate) * Actual hours = ($12 - $12.50) * 1,300 = -$650 Favorable

Note: Direct labor rate variance if Favorable because Actual rate is lower than the Standard rate.

Work in process = Wage payable + Absolute value of direct labor rate variance - Direct labor time variance = $15,600 + $650 - $625 = $15,625

The journal entries will now look as follows:

<u>Date Particulars Debit ($) Credit ($) </u>

Mar. 31 Work in process 15,625

Direct labor time variance 625

Direct labor rate variance 650

Wage payable 15,600

<u><em> (To record the direct labor in the Assembly Department.) </em></u>

4 0

3 years ago