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rjkz [21]
3 years ago
10

Jamal is a nurse and earns $48,000 per year. He lives in California and pays about 6 percent of his income in state income taxes

. His sales tax rate is 8 percent. Diamond is an accountant and earns $50,000 per year. She lives in Arizona and pays about 3 percent of her income in state income taxes. Her sales tax rate is 9.5 percent. Jamal and Diamond are calculating their taxes for the year. They both have no dependents, so their federal tax rates are the same. Who would pay more in federal income taxes? Who would pay more in sales taxes when making purchases?
Business
2 answers:
Klio2033 [76]3 years ago
8 0

Answer:

1. Diamond

2. Diamond

Explanation:

VikaD [51]3 years ago
3 0

Answer:

A. Diamond

B. Diamond

Explanation:

Diamond earns more than Ethan and therefore pays more tax. The sales tax in Diamond community is higher comparing to Ethan

You might be interested in
What does it mean to say that "banks create money"?
vova2212 [387]
The process wereby banks make loans equal to amount of their excess recerves and create new checkbook money is known as multiple deposit creation each time a bank recieves a deposit it sets aside some of it to meet reserve requirements and may lend an amount equal to the remaing excess reserves 
8 0
3 years ago
Calla Company produces skateboards that sell for $56 per unit. The company currently has the capacity to produce 95,000 skateboa
Tema [17]

Answer:

Calla Company

Three-column comparative Income Statement:

                                                  Normal         Special order       Total

Sales Revenue                       $4,580,800         $673,200     $5,254,000

Cost of sales:

Direct materials                      $ 981,600           $158,400       $1,140,000

Direct labor                                613,500              99,000            712,500

Overhead                                  954,000              76,973         1,030,973

Selling expenses                      558,000               84,151             642,151

Administrative expenses          477,000                  890            477,890

Total costs and expenses  $ 3,584,100           $419,414      $4,003,514

Net income                           $ 996,700         $ 253,786     $1,250,486

Explanation:

a) Data and Calculations:

Annual production capacity = 95,000 units

Actual annual production and sales = 81,800 units

Special order (units) = 13,200

Selling price (normal) = $56 per unit

Special order selling price = $51 per unit

Direct materials                      $ 981,600

Direct labor                                613,500

Overhead                                  954,000

Selling expenses                      558,000

Administrative expenses          477,000

Total costs and expenses  $ 3,584,100

Three-column comparative Income Statement:

                                                  Normal         Special order       Total

Sales volume                             81,800                  13,200         95,000

Selling price                                $56                     $51    

Sales Revenue                       $4,580,800         $673,200     $5,254,000

Cost of sales:

Direct materials                      $ 981,600           $158,400       $1,140,000

Direct labor                                613,500              99,000            712,500

Overhead                                  954,000              76,973         1,030,973

Selling expenses                      558,000               84,151             642,151

Administrative expenses          477,000                  890            477,890

Total costs and expenses  $ 3,584,100           $419,414      $4,003,514

Net income                           $ 996,700         $ 253,786     $1,250,486

1. Direct materials cost per unit = $981,600/81,800 = $12

2. Direct labor cost per unit = $613,500/81,800 = $7.50

3. Variable Overhead cost = $954,000/2 = $477,000

Variable overhead cost per unit = $477,000/81,800 = $5.83129

4. Variable selling expenses = 70% of $558,000 = $390,600

Variable selling expenses per unit = $390,600/81,800 = $4.77506

Additional selling expense per unit = $6.37506 ($4.77506 + $1.60)

Selling expense for special order = 84,151($6.37506 * 13,200)

5. Administrative expenses increased by $890

8 0
3 years ago
Identify each good as either intermediate or final. intermediate final tires bought by a driver for her personal vehicle a memor
VARVARA [1.3K]

Answer:

Tires bought by a driver for her personal use- final good

Memory card bought by a photographer-intermediate good

Lenses bought by a camera manufacturer- intermediate good

Tires bought by a car manufacturer-intermediate good

Explanation:

Since tires are for personal use and not used to produce any other good it will be classified as a final good.  

A memory card bought by a photographer will be used in creating new pictures, so it will be categorized as an intermediate good.

Similarly, lenses bought by a camera manufacturer will be used for making cameras and tires bought by a car manufacturer will be used for making cars. So both will be classified as a final good.

8 0
3 years ago
ShipIt Corporation reported the following rounded amounts (in millions): 2016 2015 Accounts Receivable $ 5,435 $ 5,140 Allowance
Nikitich [7]

Answer:

Receivable turnover ratio = 8.1 times

Account receivable days = 44.9 days

Explanation:

<em>Th account receivable days is the  average length of time it takes a business to collect amount due on  account from customers</em>

A<em>ccount receivable ratio = Net sales /Average account receivable</em>

<em>Account receivable days = (Average receivable/Net sales) × 365 days</em>

<em>Average account receivable</em>

= (Receivable at the beginning + Receivable at the end)/2

= ( 4,830+ 5,130)/2

=4980

<em>Note that the accounts receivable balance at the end of 2015 will be the opening balance at the beginning of 2016. The closing balance of 4,830 of 2015 will be the opening balance for 2016</em>

Receivable turnover ratio

=45,500/4980

= 8.1 times

Account receivable days

= (4980/45,500)× 365 days

= 44.9 days

3 0
3 years ago
1. To calculate discretionary money, you ____?
ipn [44]
Discretionary money is the money that you can spend for your non-essentials goods (such as jewelry, nice jacket, etc)

In order to calculate t, you need to : B. calculate the difference between your net income and fixed expenses

hope this helps
5 0
3 years ago
Read 2 more answers
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