Answer:
see below
Explanation:
Social security and medicare taxes form the Federal Insurance Contributions Act (FICA) tax. These taxes are deducted from both the employer and employee per paycheck.
Social security tax forms the bulk of the FICA tax. The tax revenue collected as social security tax funds the United States government Social Security Trusts. The trusts are programs managed by the Social Security administration and include
- Retirement benefits
- Survivor benefits
- Disability benefits
Medicare tax revenue funds Federal government medicare programs. This program caters to older American health care costs. The government's general revenue also finances health care. Medicare or health services in the USA are not solely dependent on medicare tax.
Answer:
a. Performance must be 99.9% of what was promised and no less.
Explanation:
If performance was 99.9% of what was promised, then it was basically fully performed. It is like saying I will finish this in 1 hour, but it took me 1 hour and 1 second to finish.
Substantial performance allows a party to receive payment even if they didn't fully complete the specific terms of a contract. In some states, a % is used to measure substantial performance and it ranges from 2-3% of costs remaining to fully complete a contract.
The substantial performance doctrine basically allows a small deficit on either party involved in a contract. It depends a lot on the good faith that the parties had on completing the work.
Answer:
E. All of the above.
Explanation:
A) This has happened to other countries, e.g. over 100 years ago, the US owned a very large portion of British foreign debt and it was able to influence British policies. Until that time, the British had been the largest in the world.
B) When government sell bonds, it withdraws money form the economy and increases interest rates, which in the long run will lower capital stock and hurt the economy.
C) The higher the debt level, the higher the interest that must be paid. This also applies to everyone. Imagine if you do not owe any money, and if you need to loan you have several options where to choose from. But if you are over your head in debt, banks will stop lending you money and you will have to look to more expensive sources of credit.
Answer:
Hicks
Income Statement for the year ended December 31, 2017
$
Sales revenue 3,100,000
Cost of goods sold <u> (1,700,000)</u>
Gross profit 1,400,000
Administrative salaries (136,000)
Rent on corporate headquarters (65,000)
Advertisement and marketing (625,000)
Depreciation <u> (90,000)</u>
Net income <u> 484,000</u>
Explanation:
Gross profit is calculated by deducting cost of goods sold from sales revenue. All the expenses will be deducted from the gross profit in order to obtain the net income for the year ended December 31, 2017.
