According to the Internal Revenue Services and the tax code, each year, you must file "<u>your </u><u>federal taxes </u><u>and </u><u>state taxes</u><u> if your state requires it</u>"
Individuals are required to pay taxes to the federal government and the state government.
There are various types of taxes available, some of which include the following:
- Income Tax
- Payroll Tax
- Excise Tax
- Corporate Tax, etc.
All these taxes are paid to the federal government and state if they require it.
Hence, in this case, it is concluded that the correct answer is option D. "your federal taxes and state taxes if your state requires it."
Learn more about tax here: brainly.com/question/16381818
Answer: Debit: Interest expense $9900
Debit: Premium on bonds payable $540
Credit: Cash $10440
Explanation:
First and foremost, the cash payment will be calculated as:
= $174,000 × 12% × 6/12
= $174,000 × 0.12 × 0.5
= $10440
Interest expenses will be calculated as:
= $180000 × 11% × 6/12
= $180000 × 0.11 × 0.5
= $9900
Therefore, the journal entry to record the first interest payment would be:
Debit: Interest expense $9900
Debit: Premium on bonds payable $540
Credit: Cash $10440
<u>Answer: </u>
Property tax: 1 percent charged on the value of all residential houses
Excise tax: $2 tax charged on each pack of cigarettes
Sales Tax: 7 percent charged on the purchase of all non-
necessary goods
<u>Explanation:</u>
Property tax is the tax that is charged on the property that is being purchased based on the tax rates in that jurisdiction where the property is located in. The property can be building or land. The value changes based on the developments that take place in the surroundings.
Excise tax are charged on specific goods like fuel, alcohol and cigarettes . These are international taxes charged within the country. They are generally charged on businesses. They are not paid directly by the consumers.
Sales tax is collected on the sales of goods or services. These sales tax are charged by the retailers to the customers which are then paid by retailers to the government.
Answer:
The correct option is b. a limited liability partnership.
Explanation:
Limited liability partnerships (LLPs) are a type of partnership in which each partner's liability is limited to the amount invested in the company.
Limited liability means that creditors cannot seize a partner's personal assets or income if the partnership fails.
Spreading risk, leveraging individual abilities and knowledge, and establishing a division of labor are all advantages of having business partners.
Some of the professional businesses in which LLPs are common include accounting firms, legal firms, and among others.
Therefore, the correct option is b. a limited liability partnership.
Answer:
The correct answer is the option A: Diseconomies of scales.
Explanation:
To begin with, the concept known as <em>''diseconomies of scales''</em>, in the field of economics and management, refers to the situation where an organization finds itself in problems due to the fact that a large production is being produced by them and the coordination and management of that large production is beginning to cause trouble and that impacts in the fact that the company will produce good or services with an increase in the cost per unit of the products.
