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Afina-wow [57]
1 year ago
15

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

Business
1 answer:
mrs_skeptik [129]1 year ago
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.

<h3><u>What is tax?</u></h3>
  • 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.

Know more about tax with the help of the given link:

brainly.com/question/16423331

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Explain why a $50,000 increase in inventory during the year must be included in computing cash flows from operating activities under both the direct and indirect methods. The $50,000 increase in inventory must be used in the statement of cash flow calculations because it increases the outflow of cash (all else equal).

An increase in the company's inventory indicates that the company has purchased more goods than it has sold. It means an additional cash outflow as cash must be used to purchase additional consumables. Cash outflows have a negative or unfavorable impact on a company's cash position.

Therefore, as inventories increase, the company will have to spend money to buy them (cash outflow). On the other hand, the decrease in inventory will be cash in for the amount sold. We arrive at the following rule: Inventory Increase => Cash Outflow (Negative)

An indirect way to create a cash flow statement is the change in the amount of cash due to operating activities in the account on the balance sheet. and adjust the net profit for the year.

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5 0
2 years ago
In his book The Optimum Quantity of Money​, Milton Friedman talks about a helicopter dropping​ $2,000 over a community. The cash
Pepsi [2]

Answer:

A) Somewhat​ effective, but only to the extent that most of the tax cut is concurrently spent on domestic​ output, that multiplier effects​ occur, and crowding out is small.

Explanation:

First of all, the larger amount of money would increase the inflation rate since aggregate supply hasn't increased. The number of goods and services offered do not vary, then only thing that varies is the amount of disposable money.

The larger the multiplier, the larger the positive effect. The multiplier formula = 1 / MPS (marginal propensity to save). Even though inflation increases, still the economy is going to grow. That unless the local residents decide to purchase many imported goods. The larger the amount of imported goods purchased, the lower the positive effects.

This type of policy can be very effective under conditions where deflation or inflation rates are near 0 or even negative. Although high inflation is very bad for the economy, a small amount of inflation is always needed to boost economic growth. The healthy inflation is around 1.5 - 2% per year. This way salaries and wages can grow, pushing aggregate demand and supply.

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It is difficult to compare relative job growth for different-sized businesses because it is hard to determine the cutoff point at which a small business becomes a large business. It is not easy to know the comparative job development amongst businesses of different sizes. There are not the same parameters leading the size of a small business versus a big business. Moreover, there is no defined point where such a variation can be clearly identified.

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3 years ago
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