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Katena32 [7]
3 years ago
7

Norbert works in a beauty salon. he receives a 50% employee discount for salon services. in 2016, he used his discount to buy $1

,000 of services with a fair market value of $2,000. as a result of these bargain purchases, how much should norbert include in 2016 gross income?
a. $0
b. $2,000
c. $1,000
d. $600
Business
1 answer:
Crank3 years ago
4 0
The answer is D. $600. In general, the employee discount didn't result in taxable income to the recipient. The amount that may be excluded in relation to services purchased by employees, however, is limited to 20% of the amount normally charged to non-employee customers. As a result, Norbert would be able to exclude an employee discount up to 20% x $2,000 or $400 with the remaining $600 included in gross income.
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Answer:

Thee jounal entry for January 1 of Messing Company is done below.

Explanation:

3.5% * 4000 = 140

Date                Account Titles                                                Dr             Cr

Jan 1           Cash                                                                $3,860

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4 0
3 years ago
This problem has been solved!
velikii [3]

hey there!:

1)

a) Amount of credit the company would receive against the FUTA tax for its SUTA contributions = 2896.21

(56900*3.1%*90%)+(56900*(5.4%-3.1%)) = 2896.21

b)  Amount that Peroni Company would pay to the federal government for its FUTA tax = 517.79

(56900*6%)-2896.21 = 517.79

c) Amount that the company lost because of its late payments = 176.39

=517.79-(3414-1763.9-1308.7) = 176.39

Hope that helps!

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In a socialist system the businesses and properties are owned by the government. The government ensures equal distribution of income and wealth in the society.

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In a socialist system income redistribution takes place from rich to poor. Such things do not happen in capitalism. So people are mostly to face the problem of unequal distribution of wealth through this shift.

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