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spin [16.1K]
3 years ago
5

Suppose you are offered a job with Amazon upon graduation. Your starting salary will be $70,000, which will put you in the 25 pe

rcent federal income tax bracket. The total amount of income taxes you pay is $13,530. Your average tax rate is approximately___________
Business
1 answer:
KiRa [710]3 years ago
3 0

Answer:

19.3% average tax rate

Explanation:

The formula for calculating your average tax rate is simple: divide your total taxes due by your total gross income = $13,530 / $70,000 = 19.3$

The reason that the average tax rate is lower than the tax bracket is that the tax rates are progressive, that means that lower incomes pay lower tax rates.

For example people earning up to $9,700 only pay a 10% tax rate.

You might be interested in
The entity that collects economic data at a regional level is the:___________
Scorpion4ik [409]

Answer:

<u>the World Bank</u>

<u>Explanation:</u>

The <u>World Bank</u> is an international financial institution that monitors the financial activities of most countries. Regional economic data collection is done by means of a World Bank initiative called the International Comparison Program.

An example of this economic data collected is the gross domestic product (GDP) of the regions.  

6 0
3 years ago
Frantic Fast Foods had earnings after taxes of $900,000 in 20X1 with 301,000 shares outstanding. On January 1, 20X2, the firm is
Semmy [17]

Answer:

A.$2.99

B.$1.15

Explanation:

Frantic Fast Foods

A.Computation of the earnings per share for the year 20X

Using this formula

Earnings per Share=Earnings after Taxes/Shares Outstanding

Let plug in the formula

900,000/301,000

=$2.99

The earnings per share for 20X1 will be $2.99

B. Computation of the earnings per share for the year 201X

Earnings after Taxes= 301,000 * 1.28 = 385,280

Shares Outstanding=301,000 + 32,000 = 333,000

Hence,

Earnings after Taxes/Shares Outstanding

385,280 / 333,000 = $1.15

Therefore the earnings per share for 20X1 will

be $1.15 .

5 0
3 years ago
Some individuals argue that accountants should focus on producing financial statements and leave the design and production of ma
dusya [7]

Answer:

If the accountants of an organization are to concentrate only on financial information then there will be no advantage. The both party (organization and the accountant) might suffer if this happened.

Moreover, it would be very costly to have two systems rather than one that captures and processes operational facts at the same time as it captures and reports financial facts.

The main disadvantage of this is that accountants would ignore much relevant information about the organization's activities. To the extent that such non-financial information (e.g., market share, customer satisfaction, measures of quality, etc.) is important to management, the value of the accounting function would decline.

Explanation:

3 0
3 years ago
Glace has a ______ consistency. A. creamy B. jelly-like C. watery D. thick
kari74 [83]
Glace has a glossy surface, and when frozen, appears like hard gelatin. I would have to say it is D. Thick.

Hope that helps!
8 0
4 years ago
Read 2 more answers
As a factor of production, how is capital created? A. By adding land to entrepreneurship B. By adding human labor to land C. By
Dennis_Churaev [7]

Answer:

B

Explanation:

By adding human labor to land

7 0
3 years ago
Read 2 more answers
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