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3 years ago

1. Do you think it is a good idea to have employers withhold

Business

1 answer:

Alina [70]3 years ago

5 0

Answer:

No,

Explanation:

The tax withholding system is something that most of us take for granted, but the concerned citizens, politicians and economists who have analyzed it have many criticisms of the system.

Taxpayers have no idea how much they pay and are apathetic about tax rates

If taxpayers had to make one large payment, they would know exactly how much they were forking over for federal taxes, Social Security taxes, Medicare taxes and state taxes. Since the money is taken gradually, many people never pay attention to the full amount, which makes it easier for high tax rates to persist and for the government to increase tax rates. For example, the state of California in 2009 decided to use the tax withholding system to take a large, interest-free loan from its taxpayers. It increased the withholding tax by 10%, and even journalists didn't seem to notice until the days before the rate hike was implemented. The government says it will refund the borrowed money in April.

You might be interested in

How can you differentiate between various economic systems that exist

liubo4ka [24]

Answer:

An economic system is defined by the way scarce resources are distributed in an economy.

There are 4 types of major economic systems which are following;

A mixed economy is an economic system, like its name is a mix of elements of planned economies, free markets with intervention of the state and public enterprises.
A command economy is a system where the government is key decision maker of what goods and services will be produced and introduced by the economy.
A market economy is the one in which the investment, production and distribution are dictated by the forces of demand and supply.
A traditional economic system is a result of customs, history and cultural norms which include the rules and manner of their distribution as well.

3 0

3 years ago

Dan owns an autographed copy of a brittany spears cd that he values at $100. if he sells the cd at the garage sale he's planning

Delvig [45]

The complete question is as follows:

Dan owns an autographed copy of a Brittany Spears CD that he values at $100. If he sells the CD at the garage sale he’s planning to hold in a few weeks, it will be sold to a buyer with a reservation price of $175. If he sells it on eBay, it will be sold to a buyer with a reservation price of $500. eBay will charge Dan $50 to auction the CD, which just covers eBay’s opportunity cost of running the auction. Relative to selling the CD at his garage sale, auctioning the CD on eBay will lead:

A. to no change in total economic surplus.

B. total economic surplus to increase by $500.

C. total economic surplus to increase by $275.

D. total economic surplus to increase by $100.

Answer: C - Total economic surplus to increase by $275.

In this question, we only need to consider producers' surplus since we're considering the various options for Dan to sell his CD.

We calculate Producer's Surplus as follows:

$Producer's surplus = Market Selling Price - Economic Cost.$

Economic costs not only refers to explicit costs like cost of the CD, but also includes opportunity costs. Since we need to calculate producer's surplus when Dan sells on Ebay, we need to consider the following costs:

Value of the CD = $100

Ebay's opportunity cost that Dan will have to bear = $50

$Profit Dan would've received in garage sale = $75 ($175 - $100)$

Among the three expenses listed above, the profit Dan would've got in the garage sale is considered the implicit cost or opportunity cost.

Substituting the values we have in the equation above, we get,

$Producer's Surplus = 500 - (100+50+75)$

$Producer's Surplus = 275$

8 0

3 years ago

During 2015 Lopez Corporation reported net sales of $3,200,000 and net income of $1,200,000. Its balance sheet reported average

Sholpan [36]

The asset turnover is 2.4 times.

Asset turnover = Net sales \div Average total assets

Asset turnover = $3,000,000 \div [ $1,000,000 + $1,500,000 ] \div 2

Asset turnover = 2.4 times

Asset turnover is the ratio of total sales or revenue to average assets. This metric helps investors understand how effectively companies are using their assets to generate revenue. Investors use asset turnover to compare similar companies in the same industry or group.

In the retail sector, an asset turnover of 2.5 or higher may be considered good, but in the utility sector, a company is more likely to aim for an asset turnover between his 0.25 and 0.5.

Learn more about asset turnover at

brainly.com/question/13401474

#SPJ4

8 0

2 years ago

Seth is mentally incompetent but has not been adjudged by a court to be incompetent. Seth enters into a contract with Toby for t

Kaylis [27]

Answer:

Void

Explanation:

Void is the term of law, which is defined as the contract is not valid currently, and the parties of the contract are not held to its terms. The void contract is the one which is generally unenforceable.

The contract could be void because of many reasons like the contract need one party to perform that act which is impossible or in that case, where one party is not mentally incompetent.

So, in this case, the contract is most likely to be void as the contract with the party who is mentally incompetent, though the party has not been adjudged through court.

6 0

3 years ago

On January 1, 2018, Lumos Company purchased a machine for $70,200. Lumos uses straight-line depreciation and estimates an eight-

jeka94

Answer:

Gain= $4,200

Explanation:

Giving the following information:

Purchase price (2018)= $70,200

Salvage value= $5,400

Useful life= 8 years

Selling price= $42,000

First, we need to calculate the depreciation expense and accumulated depreciation:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (70,200 - 5,400) / 8

Annual depreciation= $8,100

Accumulated depreciation (ending 2021)= 8,100*4= $32,400

If the selling price is higher than the book value, the company gain from the sale. Now, we need to determine the book value.

Book value= purchase price - accumulated depreciation

Book value= 70,200 - 32,400= $37,800

Gain/loss= selling price - book value

Gain/loss= 42,000 - 37,800

Gain= $4,200

6 0

3 years ago