All categories

3 years ago

I have to create 2 sole trader businesses:

Business

1 answer:

alexgriva [62]3 years ago

5 0

Answer:

1. Dream Puffs

2.Study Buddies

Explanation:

1 is catchy, and makes your pastries sound very good, but a professional name at the same time. 2 does sound like a common name, but it gets to the point. I hope this helped you out, and if not, I'm sorry.

You might be interested in

Would a macroeconomist be interested in how individual consumers respond to an increase in taxes on gasoline?

shepuryov [24]

Yes i think they would

4 0

3 years ago

During the year, Eleanor earns $120,000 in wages as an employee of an accounting firm. She also earns $30,000 in gross income fr

madam [21]

Answer:

Self employment tax will be $24000

So option (e) will be correct option

Explanation:

We have given that earning from outside consulting service = $30000

Deductible amount paid in connection with consulting service = $6000

We have to find the self employment tax

Self employment tax is the difference of earning from outside source and deductible amount

So self employment tax = $30000 - $6000 = $24000

So option (e) will be correct option

5 0

3 years ago

Mr. Ballard retired in 2018 at age 69 and made his first withdrawal of $35,000 from his traditional IRA. At year-end, the IRA ba

serg [7]

Answer:

Contributions amounting to $320,000 were non deductible.

First year of withdrawal:

Taxfree withdrawal % = Uncovered Investments / Current year value x 100

Taxfree withdrawal % = [$320,000 / ($441,000 + $35,000)] x 100

Taxfree withdrawal % = [$320 / $476,000] x 100

Taxfree withdrawal % = 67.23%

Amount of taxfree withdrawal = 67.23% x $35,000

Amount of taxfree withdrawal = $23,530.5

Taxable amount = Total Withdrawal - Tax free withdrawal

Taxable amount = $35,000 - $23,530.5

Taxable amount = $11,469.5

Second year of withdrawal:

Taxfree withdrawal % = [($320,000 - $23,530.5) / ($407,000 + $60,000)] x 100

Taxfree withdrawal % = [$296, 469.5 / $467,000] x 100

Taxfree withdrawal % = 63.48%

Amount of taxfree withdrawal = 63.48% x $60,000

Amount of taxfree withdrawal = $38,088

Taxable amount = $60,000 - $38,088

Taxable amount = $21,912

$35,000 would be included in taxable income in first year and $60,000 would be included in taxable income in second year.

8 0

3 years ago

Most of the assets were bought a long

Margarita [4]

Answer:

Historical cost principle

Explanation:

Assets must be recorded at cost value, not market value. When you record an asset, you cannot change its value every period, you have to keep using the historical value. This is why we use a separate account to record accumulated depreciation of assets, so that the purchase cost is always constant, but the net carrying value will vary depending on depreciation expense.

Market value changes and can be very volatile. Imagine a house, whose initial value was $300,000, then it increased to $500,000 but the market went down and its value was $350,000. It would be a mess to change the value and pay capital gains taxes, or then report a loss.

4 0

3 years ago

Your company has just made the scientific breakthrough of the century. it has invented a tattoo cream that permanently removes u

Aloiza [94]

In this situation, you have to make sure your customer service backs the legitimacy of the product. If you can ensure excellent service, you could market the product on a higher level as a more luxurious item. Make it cheaper than the surgery if possible.

7 0

3 years ago