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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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Ben makes an appointment for a $50 haircut, buys a bike for $250, and agrees to work for Coding Associates for one year for $5,0
galina1969 [7]

Answer:

The correct answer is d. ​none of the choices.

Explanation:

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Currently the contract is an economic instrument to negotiate, to meet needs. Contracts are used to agree on services, products, locations, among others.

4 0
3 years ago
A journal entry that debits Raw Materials and credits Accounts Payable is recording the ______.
lbvjy [14]

When you see a journal entry that leads to a debit of Raw Materials and a credit of Accounts Payable, this is a<u> C. purchase of materials. </u>

<h3 /><h3>What happens when materials are purchased?
</h3>

As materials are an asset, the raw materials account will be debited to show that raw materials are increasing.

If the Accounts Payable is credited, it means that it is increasing as well because it is a liability. The transaction was therefore done by buying the materials on credit.

In conclusion, option C is correct.

Find out more on raw materials purchases at brainly.com/question/26446159.

5 0
2 years ago
If jack was in a 25% tax bracket and received a $1,000 tax deduction, by how much would his taxes be reduced?
Lubov Fominskaja [6]

<span>The answer is that the taxes would be reduced by the following procedure;</span>

(Tax deduction) * (Tax rate) = Your Answer

Applying this formula;

<span>$1000 x 25% </span>  = (?)

<span>$1000 x 25/100 = $<span>250  

</span></span> <span>So the answer is that his taxes would be reduced by “$250”.</span> <span><span> 

Hope that is helpful :)</span></span>
7 0
2 years ago
A bill that deals with such a diverse set of unrelated issues as environmental issues, tax issues, and criminal justice issues i
Leona [35]

A bill that deals with such a diverse set of unrelated issues as environmental issues, tax issues, and criminal justice issues is likely to be an Omnibus bill

<h3>What is an Omnibus Bill?</h3>

An omnibus bill is a bill that covers divers issues which is coupled into one document.

It is a single document which is accepted in a single vote by a legislature but encompasses several measures into one or combines diverse subjects.

Due to their large size and scope, omnibus bills limit opportunities for debate and scrutiny.

Learn more about Omnibus Bill at brainly.com/question/18667507

3 0
2 years ago
Which one of the assertions about statement 1 and statement 2 is most likely to be true? Statement 1: When a company performs ve
vesna_86 [32]

Answer: B. Statement 1 is false and statement 2 is true

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If you need any clarification do comment.

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