Answer:
$31,500
Explanation:
Given:
Earned a salary = $30,000
Expense allowance received for travel and lodging = $1,500
The expenses incurred by an employee over business expenses do not need to be deducted from gross income or included in the gross income.
Hence, the gross salary of Justin Peter
= Earned a salary + Expense allowance received for travel and lodging
= $30,000 + $1,500
= $31,500
Answer:
The correct option is B, high surgency
Explanation:
Agreeableness in a personality test refers to people whose main aim is to get along with colleagues at workplace thereby putting aside their self interests with sole aim of maintaining strong social ties.
High surgency in personality score reflects high level of positivism where one is confident and assured that subordinates or co-workers would do as expected.
High adjustment means having level of adaptability to changing circumstances in workplace especially when one fears that one's job is at risk
High consciousness ensures an employee takes cognizance every little detail of happenings or events unfolding in the work environment with aim of knowing how best to tackle each situation head-on
Answer:
- Self employment tax liability = $22,323.97
- Additional Medicare tax liability = $0
Explanation:
According to the IRS, the amount subject to self-employment tax is 92.35% of net income from self-employment for the year.
Alice's taxable income is:
= 92.35% * 196,000
= $181,006
Self employment tax-liability:
Social security tax for 2020 is 12.4% for the first $137,700 of income.
= 12.4% * 137,700
= $17,074.80
Medicare tax:
= 2.9% on taxable income
= 2.9% * 181,006
= $5,249.17
Self-employment tax is:
= 17,074.80 + 5,249.17
= $22,323.97
<em>Additional Medicare tax applies on only amounts above $200,000 so it is $0 in this case. </em>
Answer:
The answer is: $100,000
Explanation:
Under LIFO (last in, first out) costing method, we use the oldest costs are used to determine the ending inventory:
We were given the following data:
- Jan. 1: 8,000 purchased at $11 per unit
- June 19: 13,000 purchased at $12 per unit
- Nov. 8: 5,000 purchased at $13 per unit
If the ending inventory had 9,000 units, then its total cost is:
Ending inventory = (8,000 units x $11 per unit) + (1,000 units x $12 per unit)
Ending inventory = $88,000 + $12,000 = $100,000
Answer:
b. Income from both sole proprietorship and partnerships is taxed as individual income.
Explanation:
According to the following statements, the correct option is b. as income from both sole proprietorship and partnerships is taxed as individual income as there is no specific tax rates or separate tax rate so, in this forms of business organization, the income that is generated should be filed in their individual tax return
Hence, all other given statements are wrong as a general partnership is totally different from the corporation plus partnership is not the most complicated form of business. Neither all business organizations have by-laws nor the sole proprietorship has limited lives but the partnership has also limited lives.
