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xeze [42]
3 years ago
14

Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Niemann Company has a SUTA tax rate of 7.1%. The taxable

payroll for the year for FUTA and SUTA is $82,600. Round your answers to two decimal places a. The amount of FUTA tax for the year is $ . b. The amount of SUTA tax for the year is $
Business
1 answer:
maw [93]3 years ago
3 0

Answer: A. $42.00 , B. $5864.60

Explanation:

The amount of FUTA tax for the year is given as,

0.6% of $7000 = $42.00

2. The amount of SUTA tax for the year at 7.1% is

7.1% of $82600 = $5864.60

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Green et al.​ (2005) estimate that the demand elasticity is minus0.47 and the​ long-run supply elasticity is 12.0 for almonds. T
Ronch [10]

Answer:

The numeric response for the question using real numbers rounded to one decimal​ place is given as below.

Explanation:

Tax incidence for almonds is (12 / (12 + 0.47)) = 0.96

for cotton (0.73 / (0.73 + 0.68)) = 0.52 and

for processing tomatoes is (0.64 / (0.64 + 0.26)) = 0.71

5 0
3 years ago
During Year 5, Tedd Co. became involved in a tax dispute with the IRS. At December 31, Year 5, Tedd's tax advisor believed that
kkurt [141]

Answer:

$400,000

Explanation:

Since at December 31, Year 5, Tedd's tax advisor believed that an unfavorable outcome was <u>probable</u>. And a <u>reasonable estimate </u>of additional taxes was $400,000 but could be as much as $600,000.

Although after the Year 5 financial statements were issued, Tedd received and accepted an IRS settlement offer of $450,000.

Tedd should have included an amount of $400,000 as accrued liability in its December 31, Year 5 balance sheet

The reason is that according to the International Financial Reporting Standards, a PROVISION must be made as long as the conditions below were obtainable at year end.

- Existing Condition (which in this case is the tax dispute with the IRS)

- Probable Cash Outflow (which Tedd's Tax adviser confirmed)

- Reliable Estimate of Outflow ( which the scenario stated ''A reasonable estimate of additional taxes was $400,000'')

Hence, such 'reasonable estimate is the appropriate amount for inclusion in the financial statements.

5 0
3 years ago
Vocational education is one path to a career
balu736 [363]

Answer:

It's true I think if I'm wrong do tell me.

5 0
2 years ago
Which of the following is not true in regard to selling fixed assets?
hichkok12 [17]
Your answer is C. Accumulated Depreciation will be credited. :D
5 0
3 years ago
Reethika is in a meeting and has an important question. The only coworker who can answer the question is in a different meeting.
Savatey [412]

Answer:

In the following situation:

Reethika is in a meeting and has an important question. The only coworker who can answer the question is in a different meeting.

The only way Reethika can get the answer without disturbing either meeting is:

Sending a direct text message to her co-worker's cellphone.  

Explanation:

First of all, she can't send someone to look for her because that would disturb both meetings. Also, if she calls her that is also going to disturb both meetings. The only way she has is to send an e-mail or an SMS to her co-worker. However, that depends on the effect people can take upon her. Nevertheless, text messages like e-mails, SMS, or direct messages don't have a high level of disturbance. Considering most people have their cellphones in silence mode.

5 0
3 years ago
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