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zmey [24]
2 years ago
15

Greg earned $25,500 in 2021 and had $1,500 of federal income taxes withheld from his salary. Assuming that Greg is single, 25 ye

ars old, and will have a total tax liability of $1,355 (and thus will receive a $145 refund), he:
Business
1 answer:
Setler79 [48]2 years ago
7 0

Assuming that Greg is single, 25 years old, and will have a total tax liability of $1,355 (and thus will receive a $145 refund), he: is required to file a tax return.

<h3>What is total tax liability?</h3>
  • The total amount of tax debt owing by an individual, corporation, or other entity to a taxation authority such as the Internal Revenue Service is referred to as tax liability (IRS).
  • Tax responsibilities include income taxes, sales taxes, and capital gains taxes.
  • Your gross tax liability is equal to your taxable income minus your tax deductions.
  • Your total income tax burden equals your gross tax liability less any tax credits you are qualified for.
  • The key to lowering your tax liability is to reduce the percentage of your gross income that is subject to taxation.
  • Consider raising your retirement savings.
  • Investing pre-tax cash in an employer-sponsored retirement plan, such as a 401(k), is a simple way to lower your taxable income for the year.

Therefore, assuming that Greg is single, 25 years old, and will have a total tax liability of $1,355 (and thus will receive a $145 refund), he: is required to file a tax return.

Know more about total tax liability here:

brainly.com/question/5186741

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Answer:

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Explanation:

3 0
3 years ago
: which statement is true about nonexempt employees? group of answer choices under the flsa, executive, professional, and admini
Kobotan [32]

The true statement that we can see about the non exempt employees is that nonexempt employees are covered by flsa and include most hourly workers.

<h3>What is meant by non exempt employees?</h3>

Employees who are not excluded from pay have a right to the minimum wage and overtime compensation if they put in more than 40 hours per week.

For each hour over 40 in a workweek, businesses are required by the FLSA to pay non-exempt workers no less than time and a half their usual wage rate. If a non-exempt worker isn't paid hourly, one can determine their hourly rate by dividing their total earnings by the number of hours they worked. When making these calculations, vacation, holidays, and sick days shouldn't be taken into account unless the person really worked on those days.

Employers shouldn't presume that just because a worker receives a pay, they can be lawfully regarded as exempt under the FLSA. Employees may be entitled to overtime compensation if they don't pass an acceptable duties test, make less than $684 per week or $35,568 per year, or have certain deductions made from their pay.

Read more on non exempt workers here: brainly.com/question/28136801

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3 0
1 year ago
A company excludes from the current assets section, the amount of cash restricted for purposes other than payment of current obl
zhenek [66]

Answer:

1. True.

2. True.

3. True.

4. True.

Explanation:

1. True: A company excludes from the current assets section, the amount of cash restricted for purposes other than payment of current obligations or for use in current operations.

2. True: Land held for speculation is reported in the long-term investment section of the balance sheet because they are fixed assets.

3. True: Financial flexibility measures the ability of an enterprise to take effective actions to alter the amounts and timing of cash flows.

4. True: Companies determine cash provided by operating activities by converting net income on an accrual basis to a cash basis.

7 0
3 years ago
John is researching the job of a quality control inspector. He thinks it would be fun to monitor the production process and test
klio [65]
<span>Quality Control Inspectors need to keep accurate records of products checked, sometimes carrying out a statistical analysis. They often produce written reports for the production team and have regular meetings to discuss how quality standards can be maintained, or highlight problem areas that require review.</span>
6 0
3 years ago
Media richness refers toa. a message's impact on the company's bottom lineb. how much a communication channel costs the company
Anit [1.1K]

Answer: c. the extent to which a channel represents all of the information available

Explanation:

Media richness is when a communication media is able to pass across a rich messages. We should note that the characteristics of richness has to do with the amount of feedback, language variety, and social cues, that is passed to a communicative partner.

Media richness has to do with the amount of information that is transmitted through a particular communications channel.

6 0
3 years ago
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