Answer:
$33,000
To avoid penalties, if a taxpayer owes $1,000 or more in tax payments beyond withholdings, such taxpayer will need to have paid in for taxes the lesser of: 90% of the current year's tax ($50,000 x 90%) = $45,000, or 100% of the previous year's tax ($30,000 x 100%) = $30,000
However, if the taxpayer had adjusted gross income in excess of $150,000 in the prior year, 110% of the prior year's tax liability is used to compute the safe harbor for estimated payments. (Previous year's tax $30,000 x 110% = $33,000).
Explanation:
Answer:
A. Date Account Title Debit Credit
Insurance expense $30,700
($3000+$32500-$4800)
Prepaid insurance $30,700
B. Date Account Title Debit Credit
Insurance expense $30,700
Prepaid insurance $30,700
Investing is important to make the cash flow of the economy.
Explanation:
The most vital component of a growing economy is the cash flow.
If the cash is not flowing from one business and one hand to another the economy is bogged down and then a slowdown occurs all across with a ripple effect.
Investments constantly bring capital in for the companies that are then able to spend that investment and to bring more and more money into the cash flow of the economy thus strengthening the circulation and creating growth.
This growth is what ultimately results in the growth of the whole economy.
