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1 year ago

americans pay federal, state, and local governments nearly percent of every dollar they earn in taxes.

Business

1 answer:

frozen [14]1 year ago

4 0

nearly 41.1 percent of every dollar they earn in taxes.

the required details about taxes is given in below link

In the United States, the primary source of tax revenue was from individual income taxes (federal, state, and municipal).

sources of US tax revenue.

The United States relies substantially more on individual income taxes and property taxes than the OECD average. Individual income taxes generated 41.1 percent of total tax revenue in the United States, compared to an average of 24 percent in OECD countries—a 17.1 percentage point differential.

This is mainly due to the fact that in the United States, more than half of business income is reported on individual tax returns. In comparison to other OECD nations, the United States' method of taxing business income increases the share of tax revenue from individual income taxes and decreases the share of tax revenue from corporate taxes.

to know more about US tax revenue.

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Softa [21]

Answer:

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3 years ago

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On December 31, 2020, Wayne, Inc. sold $4,000,000 (face value) of bonds. The bonds are dated December 30, 2020, pay interest ann

Andreas93 [3]

Answer:

Wayne, Inc.

1. The stated interest rate for this bond issue is:

= 8%.

2. The market interest rate for this bond issue is:

= 9%.

3. The selling price of the bonds as a percentage of the face value is 97.5% ($3,900,000/$4,000,000 * 100)

4. Journal Entry to record the sale of the bond issue on December 31, 2020:

December 31, 2020:

Debit Cash $3,900,000

Debit Bonds Discounts $100,000

Credit Bonds Payable $4,000,000

To record the bonds proceeds, discounts, and liability.

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Credit Bonds Amortization $31,000

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a) Data and Calculations:

Face value of bonds = $4,000,000

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Discount = $100,000

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Interest expense = $351,000

Market interest rate = $351,000/$3,900,000 * 100 = 9%

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