The borrower will get a late fee for not paying on the due date.
When we use the IRS rule which states the standard deduction amount should be greater than $900 or the income earned by the taxpayer for the year in addition with $300 (should not be exceeding the regular standard deduction). Income earned by Toby is $2,897, then add
$300 into it.
The correct standard deduction amount would then be $3,197 ($2,897 +300)=$3197.
Standard deduction is the deduction given by the income tax authorities to the tax payer.
Internal revenue bulletin is the instrument used by the IRS for announcing all the rules.
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Answer:
The percentage markup added to the product cost was 10%
Answer:
B) False
Explanation:
Not necessary. Every transactions has two parts recorded as a debit and a credit.
If the purchases of US assets (credit to US capital account, broadly include Treasury bonds, businesses and land) are funded by the sales of goods and services (debit to US current account) then it will push the US balance of payments down.
However, if those purchases are funded by the sales of foreign assets to US investors (debit to US broadly defined capital account), then it will not affect the US BOP negatively. It's the cross ownership of international investors in US assets and US investors in international assets.
Answer:
If the company budgets 40% for income tax expense, the budgeted net income will be $16,002
Explanation:
Total expense of the company = COGS + Depreciation expense + Interest expense + Other expenses = $48,500 + $1,500 + $250 + $41,880 = $92,130
Pretax income = Sales - Total expense = $118,800 - $92,130 = $26,670
Income tax expense = $26,670 x 40% = $10,668
The budgeted net income = Pretax income - Income tax expense = $26,670 - $10,668 = $16,002
