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1 year ago

The Smith home has an assessed value of $64,120, and their tax rate is 3.2%. What is their annual tax bill?

1 answer:

4 0

With the assessed value of $64,120, and tax rate of 3.2%, the annual tax bill the Smith's expect to pay is $2,051.84.

Taxes are compulsory payments made by a government organization, whether local, regional, or federal, to people or businesses.
Tax revenues are used to fund a variety of government initiatives, such as Social Security and Medicare as well as public infrastructure and services like roads and schools.
Taxes are borne by whoever bears the cost of the tax in economics, whether this is the entity being taxed, such as a business, or the final users of the items produced by the business.

Taxes should be taken into consideration from an accounting standpoint, including payroll taxes, federal and state income taxes, and sales taxes.

Simply multiplying the value and rate, we get the annual tax as $2,051.84.

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Define economic profit. Explain how economic profit is different than accounting profit. Why is it important for economists to m

saul85 [17]

Answer:

a. Economic profit is the excess of revenue over both opportunity (implicit) and explicit costs. Explicit costs are the cost of all inputs used.

b. The difference between economic profit and accounting profit is that in calculating economic profit, both the explicit costs and the implicit or opportunity costs are deducted from the revenue. Whereas, in computing the accounting profit, only the explicit costs are deducted from the revenue.

c. Economists measure economic profit rather than accounting profit because economists believe that the real cost of an output includes the economic or opportunity cost (potential benefits lost as a result of the course of action chosen).

Explanation:

Opportunity cost is the implicit cost incurred, which is equal to the potential benefits lost by an individual or a business, when an alternative is chosen instead of the other alternative. It is an important concept in the computation of economic profit. The concept ensures that both implicit and explicit costs are considered when determining the profits generated by a business.

3 0

3 years ago

AK Inc. is paying 5% coupon rate for its bondholders over the next 8 years. Your required rate of return is 7 percent, how much

ratelena [41]

Answer: $880.57

Explanation:

Assuming Par value of bond is $1,000.

Value of bond = (Coupon * Present value interest factor of annuity, no. years, required return) + Par Value/ (1 + required return)^ no. of years

Coupon = 5% * 1,000 = $50

Value of bond = (50 * 5.9713) + 1,000 / (1 + 7%)⁸

= ‭298.565‬ + 582

= $880.57

6 0

3 years ago

On December 31, year 3, Byte Co. had capitalized software costs of $600,000 with an economic life of four years. Sales for year

Ratling [72]

Answer:

net capitalized cost is = $450000

so correct option is b. $450,000

Explanation:

given data

capitalized software costs = $600,000

expected total sales = 10%

sale = 4 year

net realizable value = $480,000

solution

we find out net capitalized cost of computer software that is

net capitalized cost of computer software is = Year 1 balance - Year 2 amortization ........................1

here we get first Year 2 amortization that is

Year 2 amortization is = capitalized software costs ÷ total projected sale ..............2

put here value

Year 2 amortization = $\frac{600000}{4}$

Year 2 amortization is = $150,000

so here we get net capitalized cost

net capitalized cost is = $600,000 - $150,000

net capitalized cost is = $450000

so correct option is b. $450,000

8 0

3 years ago

From each paycheck of your afterschool job, you’re able to save $45 toward the coat. You get paid twice a month. How many months

RoseWind [281]

Answer:4

Explanation:The total in 4 months would equal 360

6 0

3 years ago

Reserves decrease if the Federal Reserve?a. raises the discount rate or auctions more credit. b. raises the discount rate but no

sweet-ann [11.9K]

Answer:

D. lowers the discount rate but not if it auctions more credit

Explanation:

Discount rate adjustment and Federal Reserve's auction have the following effects on reserves.

Discount rate adjustment: a higher discount rate will encourage investment in the US economy, thus leading to increased reserves as investment inflows increase.

On the other hand, a lower discount rate encourages investment outflow into other jurisdictions with higher yields, thus reducing reserves.

Auction: auctioning more credit will result in the movement of investment flows into the Federal Reserve (an increase in reserves) as investors invest in auctions. Vice versa.

Therefore, a mix of lower discount rate and not auctioning more credit will result in lower reserves.

8 0

3 years ago