All categories

3 years ago

John Gates made $25,000 last year and paid $2,500 in taxes. What percentage of his income did John pay in taxes?

Business

1 answer:

Katen [24]3 years ago

8 0

Answer:

10%

Explanation:

The Percentage of tax that John pays on his income last year shall be calculated using the below mentioned formula

Percentage of taxes=taxes paid by John/total income of John last year

In the given question

tax paid by John=$2,500

total income of John last year=$25,000

Percentage of taxes=2,500/25,000=10%

You might be interested in

Which graphical display shows marginal and conditional distributions at the same time?

vivado [14]

<span>Contingency tables are the most common way of showing both marginal and conditional distributions. Reading them is quite easy and intuitive, and often the graphical part of the analysis is left at that. Taking a step further, one can translate the table into a chart: it is advised to use a bar chart to effectively show the data</span>

5 0

3 years ago

When it is reported that a nation is experiencing a "balance of payments deficit," this is best interpreted to mean that the nat

JulsSmile [24]

<span>When it is reported that a nation is experiencing a "balance of payments deficit," this is best interpreted to mean that the nation is experiencing? If it is reported that the nation is experiencing a balance of payments deific, the country is importing more goods, services and capital than it is exporting. When this happens, the nation has to borrow funds and items from other countries to help pay for what they are importing until the have the cash funds to pay for them, themselves. When this starts the happen, the nation that this is hurting should try and balance their payments and monitor transactions better to eliminate this in the future. </span>

8 0

3 years ago

Read 2 more answers

Sheridan Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in years) Salvage Value Machi

Vlad [161]

Answer:

Jan 1

Dr Accumulated depreciation equipment 64,000

Cr Equipment 64,000

June 30

Dr Depreciation expenses 3,000

Cr Accumulated depreciation equipment 3,000

June 30

Dr Cash 11,300

Dr Accumulated depreciation equipment

37,300

Cr Gain on disposal 25,600

Cr Equipment 23,000

Dec 31

Dr Depreciation expenses 3,300

Cr Accumulated depreciation truck 3,300

Dec 31

Dr Loss on disposal of truck 9,600

Dr Accumulated depreciation 19,800

Cr Equipment 23,400

Explanation:

Sheridan Company Journal entries

Jan 1

Dr Accumulated depreciation equipment 64,000

Cr Equipment 64,000

June 30

Dr Depreciation expenses 3,000

Cr Accumulated depreciation equipment 3,000

June 30

Dr Cash 11,300

Dr Accumulated depreciation equipment

($23,000+$3,000+$11,300) 37,300

Cr Gain on disposal 25,600

Cr Equipment 23,000

Dec 31

Dr Depreciation expenses 3,300

($29,400-$3,000)/8

Cr Accumulated depreciation truck 3,300

Dec 31

Dr Loss on disposal of truck 9,600

($29,400- $19,800)

Dr Accumulated depreciation 19,800

($3,300×6)

Cr Equipment 23,400

8 0

3 years ago

Umeron, a European country, wants to import 18 million bales of cotton from Trumberton, an Asian country. However, Umeron is abl

bazaltina [42]

The Schengen Area is one of the greatest achievements of the EU. It is an area without internal borders, an area within which citizens, many non-EU nationals, business people and tourists can freely circulate without being subjected to border checks. Since 1985, it has gradually grown and encompasses today almost all EU States and a few associated non-EU countries.

While having abolished their internal borders, Schengen States have also tightened controls at their common external border on the basis of Schengen rules to ensure the security of those living or travelling in the Schengen Area

7 0

3 years ago

Which of the following statements is true?

VladimirAG [237]

Answer:

Many countries do not have access to modern agricultural processes.

Explanation

"In desert regions, wells and irrigation are needed to supply water before crops can be grown at all. Insects, plant diseases, and rats are estimated to ruin one-third of the harvest in some areas, and where lands have been farmed for centuries the soil nutrients are gone. Proper fertilization and hybrid plants could easily multiply crop yields."

This Quote shows that third-world countries crops are going to die because they don't have any modern ways to get rid of insects, plant diseases, and rats.

7 0

3 years ago