Answer:
They don't have a contract because, Although they attempted to accept the original offer within the 10 day period, they originally made a counteroffer which means that they both denied the originally offer and made an opposing offer at once. R&R cannot simply change their mind because they found out that another company offered to do it for less. Whether or not they still have a contract is entirely in Petroleum's hands. This was more of an inquiry than a rejection. However, the option contract was not supported by consideration and so revocable at will.
Explanation:
Answer: $1,110.11
Explanation:
The Employer is to pay and withhold all taxes except the income tax withheld so the employer's payroll tax expense will be;
= Social Security Tax + Medicare tax + FUTA + SUTA
= ( 0.062 * 8,838) + ( 0.0145 * 8,838) + ( 0.008 * 7,000) + ( 0.054 * 7,000)
= 547.96 + 128.15 + 56 + 378
= $1,110.11
<em>SUTA and FUTA are payable on first $7,000 of an employee's pay.</em>
Answer:
A) Piper or Sarah's income is not affected by her rent income since the cabin was only rented for 14 days and she also used the cabin for personal purposes for more than 14 days.
B) She can deduct mortgage interest ($10,000) and property tax ($1,500), she cannot deduct any other expenses because she is not engaging in any real estate rental activity. These expenses (mortgage interest and property tax) are expenses that anyone can normally deduct from their AGI.
Answer:
D. a low-load variable annuity separate account with a growth objective
Explanation:
The customer plans to retire in 20 years, and even though his earnings are relatively high, his assets and net value are not. Before his father died, he only had $10,000 to invest, so he cannot afford to take high risks.
A low load investment is one whose managers charge low management fees. A variable annuity is a type of investment that yields a variable return depending on how the investment portfolio performs. In order to be able to have a larger future return, the growth objective would be to have a portfolio that grows, and not necessarily yields annual returns, e.g. zero coupon securities or stocks that pay low dividends or even no dividends at all but have a higher growth rate.
Answer:
The answer is: $339,355
Explanation:
We first find the broker's commission: $359,900 sale price × .05 = $17,995
Then we calculate the amount realized from sale: $359,900 (sale price) - $17,995 (broker's commission) - $2,550 (closing costs) = $339,355
The adjusted basis for this house is: $225,000 (purchase price) + $27,500 (capital improvements) = $252,500
Finally we can now determine the capital gain: $339,355 - $252,500 = $86,855