Answer:
$102,000
Explanation:
According to 26 US code Section 704(c) - Partner's distributive share :
Taxable gain to be recognized from sale = Sale value - ( Partner's share * Fair market value )
Brooke contributed the land, the gain realized before the land was contributed = $120,000 - $90,000 will be allocated entirely to her. She will also be allocated 40% of the gain after the contribution was made = ($150,000 - $120,000) x 40% = $30,000 x 40% = $12,000.
So the total gain recognized by Brooke will be $90,000 + $12,000 = $102,000.
Partnerships are pass through entities, the partners are taxed, not the partnership itself.
Answer:
<u><em>FALSE</em></u>
Explanation:
Remember, total asset turnover is calculated using a ratio that measures how the management was able to use its assets to efficiently increase sales. Usually the total asset turnover is gotten by dividing a<em> company's sales </em>by its <em>total assets.</em>
<em />
To increase sales, management should <em>continue</em> to use its existing assets (not making purchase of any new asset), and at the same time reducing their purchases of inventory.
Answer:
The correct answers are:
1. Actor, writer, musician : entertainment.
2. Dietician, optician : health care.
3. Litigator, paralegal, attorney : legal industry
Explanation:
Industries dedicated to consumer service are those whose product is directed directly to a consumer, and not to a company.
The product they offer is a service, and not a material good.
These industries will have professionals or people specialized in the subject who will be in charge of offering and selling this product.
That is what we see in the examples.
The health industry will offer services dedicated to health, therefore it will have professionals dedicated to this field.
The legal industry will have services dedicated to legal issues such as a lawyer, a litigator, etc.
And the entertainment industry will be dedicated to shows, this is where actors, musicians or writers come in.
Answer:
Gross pay:
- consultant $4,000
- computer programmer $3,300
- administrator $2,800
Net pay:
- consultant $2,767.98
- computer programmer $2,295.48
- administrator $1,993.98
Explanation:
regular earnings overtime withholding
allowances
Consultant $4,000 per week N/A 2
Computer programmer $60 per hour 1.5 1
Administrator $50 per hour 2 2
computer programmer worked 50 hours = ($60 x 40) + ($60 x 10 x 1.5) = $3,300
administrator worked 48 hours = ($50 x 40) + ($50 x 8 x 2) = $2,800
Social security taxes:
-
Consultant = 6% x $4,000 = $240
- Computer programmer = 6% x $3,300 = $198
- Administrator = 6% x $2,800 = $168
Medicare taxes:
- Consultant = 1.5% x $4,000 = $60
- Computer programmer = 1.5% x $3,300 = $49.50
- Administrator = 1.5% x $2,800 = $42
Federal income taxes:
- Consultant: amount subject to withholding = $4,000 - (2 x $75) = $3,850. Federal income taxes = $356.90 + [28% x ($3,850 - $1,796) = $932.02
- Computer programmer = amount subject to withholding = $3,300 - (1 x $75) = $3,225. Federal income taxes = $356.90 + [28% x ($3,225 - $1,796) = $757.02
- Administrator = amount subject to withholding = $2,800 - (2 x $75) = $2,650. Federal income taxes = $356.90 + [28% x ($2,650 - $1,796) = $596.02
Gross pay:
- consultant $4,000
- computer programmer $3,300
- administrator $2,800
Net pay:
- consultant $4,000 - ($240 + $60 + $932.02) = $2,767.98
- computer programmer $3,300 - ($198 + $49.50 + $757.02) = $2,295.48
- administrator $2,800 - ($168 + $42 + $596.02) = $1,993.98
