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Ostrovityanka [42]
3 years ago
7

Carl is a self-employed real estate agent. For the current year, his self-employment net earnings (revenues minus expenses) are

$80,000. He is also employed as an accountant with a gross salary of $70,000 for the year. Assume that the appropriate social security income ceiling for the year is $130,000 and that the self-employed FICA rates are 12.4% for social security and 2.9% for Medicare. What is Carl s self-employment tax liability for the year
Business
1 answer:
lisov135 [29]3 years ago
3 0

Answer:

$12,240

Explanation:

Social security Tax = $80,000 x 12.4%

Social security Tax = $9,920

Medicare Tax = $80,0000 x 2.9%

Medicare Tax =  $2,320

Total tax = $9,920 + $2,320

Total tax = $12,240

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The following information is available for the Maribel Company for the month of June: The unadjusted balance of the company's Ca
Alex787 [66]

Answer:

The adjusted bank and book balance is shown below:-

Explanation:

The computation of the adjusted bank and book balance is given below:-

                                  Bank statement balance     Book balance

Opening balance        $26,960                             $26,620

Add:        Transit Deposit $3,000            Earned Interest $150

Less:        Outstanding check 4000         Error on check $810

                                                                            ($4,900 - $4,090)

Adjusted Balance    $25,960                                  $25,960

5 0
4 years ago
Belle Corp. has a selling price of $56 per unit, variable costs of $46 per unit, and fixed costs of $77,000. What sales revenue
Nikitich [7]

Answer:

Break-even point (dollars)= $431,200

Explanation:

Giving the following information:

Selling price= $56 per unit

Unitary variable costs= $46

Fixed costs= $77,000

<u>To calculate the break-even point in sales, we need to use the following formula:</u>

Break-even point (dollars)= fixed costs/ contribution margin ratio

Break-even point (dollars)= 77,000 / [(56 - 46) / 56]

Break-even point (dollars)= $431,200

7 0
3 years ago
for brainliest and 100 points !!!!the unemployment rate is 5%. there are 139179 people working in the country. calculate the lab
lukranit [14]

Answer:

I think the answer is 2783580

5 0
3 years ago
Read 2 more answers
If the United States imposes an import quota on clothing, U.S. imports_____
AveGali [126]

Answer:

The correct answer is letter "D": decrease, exports decrease, and U.S. net exports are unchanged.

Explanation:

Imposing tariffs may have negative consequences for a country. Typically, this option is taken when the government tries to boost the purchase of domestic products but the countries imposed the quotas impose some other tariffs as well for retaliation. <em>Both exports and imports of those countries are likely to decrease</em> in that case since products become more expensive.

The net exports are calculated by subtracting the total of imports from the total of exports of a country. Under the scenario explained above, under a trade war, the <em>net exports will remain unchanged </em>since both imports and exports will decrease. For a change, only one of them must vary.

6 0
3 years ago
The zero-based budget is the best method of budgeting because:
Troyanec [42]

Answer:

The zero-based budget ensures that every dollar you make is assigned a specific purpose

Explanation:

Zero-based budge: It is also known as "zero-sum budget".

It refers to the process of creating a budget from nothing without using the previous year’s budget. It enables a firm allocate all its resources to expenses and debt payment.

Zero based budget ensures that every income made is allocated to a particular purpose without a remainder. The major goal of zero based budget is to ensure that revenue (income) less expenditure (spendings) is equal to zero.

That is, in zero based budgeting,

Income - expenditure= zero (0).

In other words,

income= expenses

5 0
3 years ago
Read 2 more answers
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