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1 year ago

Choose the correct alternative regarding tax revenue:

Business

1 answer:

insens350 [35]1 year ago

5 0

The correct alternative regarding tax revenue:

B-Personal income tax is currently the largest source of government revenue in South Africa.

Direct Taxes

it is levied on earnings and activities conducted.
the burden of tax cannot be shifted in case of direct tax.
it is paid directly by individual concerned.
it is paid after the income reaches in the hands of the taxpayer
Tax collection is difficult.
instance income tax, wealth tax etc.

Indirect Taxes

it is levied on product or services.
the burden of tax shifted for indirect taxes
It is paid by way of one man or woman however he recovers the same from another person i.e. person who actually bear the tax ultimate consumer.
it is paid before goods/service reaches the taxpayer.
Tax collection is exceptionally easier
Example GST, excise duty custom duty sale tax carrier tax

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a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%.

Answer:

$9800

Explanation:

This question requires us to calculate the employer's payroll taxes

His social security tax = $110000*6.0%

= 110000x0.06

=$6600

His Medicare tax = $110000*1.5%

= 110000*0.015

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Federal = 25000x0.8%

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Answer:

So a favorable material price variance might be more than offset by an adverse usage variance

Explanation:

Material price variance

A material price variance occurs where materials are purchased at a price either lower or higher than the standard price. A favourable variance is recorded where the actual total cost of materials of a given quantity is lower that the standard cost. While an adverse variance implies the opposite

Material usage variance

A material usage variance occurs when the standard quantity required to active a particular level of production is higher or lower than than the actual actual quantity used. A favorable variance would mean than less quantity of materials were used than the standard to achieve a given output level. And an adverse variance would mean the opposite

Relationship between Usage variance and Price variance

Where savings are made from purchase of cheap and inferior quality materials these might lead to an adverse usage variance by a greater value .This is so because workers might need to use a larger quantity ( more than the standard required) of a low-quality materials to achieve production.

So a favourable material price variance might be more than offset by an adverse usage variance

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Answer:

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Dr Compensation expenses 54

Cr Paid-in capital—restricted stock 54

December 31, 2022

Dr Compensation expenses54

Cr Paid-in capital—restricted stock 54

Dr Paid-in capital—restricted stock 108

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Explanation:

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