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3 years ago

Which of the following is not a payroll tax deduction? federal payroll tax state payroll tax FICA sales tax

Business

1 answer:

Morgarella [4.7K]3 years ago

7 0

Answer: The Correct Answer is Sales tax.

Explanation:

Sales tax is the Tax forced by the government body during the sale of the goods and services at a retail level.

While payroll tax is the tax which is forced on the salary of the employees and this tax is forced by the employer. payroll taxes are directly deducted from the salaries of the employees and directly paid to the internal revenue services by the employer.

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Land was acquired in 2021 for a future building site at a cost of $41,500. The assessed valuation for tax purposes is $28,200, a

alexira [117]

Answer:

The land should be reported in the financial statements at $41,500

Explanation:

The company will report the asset value in the financial statements as their original purchase price of $40,300. Under Historical cost principle, the price of an asset on the balance sheet is always based on the original cost when the company purchased the asset. It follows the Generally Accepted Accounting Principles (GAAP) which is widely accepted. Therefore the land is reported in the financial statements at its purchase value of $41,500

8 0

3 years ago

A small business company is considering updating the current production line. There are two plans. For plan A, the fixed cost wi

ICE Princess25 [194]

Answer:

Results are below.

Explanation:

Giving the following information:

Plan A:

Fixed costs= $40,000

Unitary varaible cost= $27

Plan B:

Fixed costs= $54,000

Unitary varaible cost= $26

Selling price per unit= $35

To calculate the break-even point in units, we need to use the following formula:

Break-even point in units= fixed costs/ contribution margin per unit

Plan A:

Break-even point in units= 40,000 / (35 - 27)

Break-even point in units= 5,000

Plan B:

Break-even point in units= 54,000 / (35 - 26)

Break-even point in units= 6,000

3 0

3 years ago

Teresa has just opened a NOW account that pays 3.50% interest. If she maintains the account at the required minimum balance of

nataly862011 [7]

Answer:

She will earn $17.50.

Explanation:

Interest earned is the amount of interest earned on the a deposited amount in a saving amount on simple interest.

Balance in the account = $500

Interest rate = 3.5%

Interest earned = Average balance x Interest rate

Interest earned = $500 x 3.50%

Interest earned = $500 x 0.035

Interest earned = $17.50

5 0

3 years ago

On July 1, 2021, Apache Company, a real estate developer, sold a parcel of land to a construction company for $3,000,000. The bo

atroni [7]

Answer:

Revenue 2021 = $3,000,000

Revenue 2022 = $0

Explanation:

Given that,

Sold a parcel of land to a construction company = $3,000,000

book value of the land on Apache’s books = $1,200,000

In this case, revenue is identified at a point when the parcel of land is transferred to the construction company.

Therefore, full revenue from the sale of land should be recognized in the year 2021 because the transfer of land occured in 2021 and there will be no revenue reflected in the year 2022.

Revenue 2021 = $3,000,000

Revenue 2022 = $0

4 0

3 years ago

Fred and Barney started a partnership. Fred invested $20,000 in the business and Barney invested $32,000. The partnership agreem

svet-max [94.6K]

Answer:

The amount of income assigned to the two partners would be $18,100 and $19,900 respectively.

Explanation:

For computing the amount of income assigned to the two partners, we have to do the following calculations which are shown below:

1. Dividend amount for each partner:

For Fred = Invested amount × rate of return

= $20,000 × 15%

=$3,000

For Barney = Invested amount × rate of return

= $32,000 × 15%

= $4,800

The total dividend amount equals to

= Fred dividend + barney dividend

= $3,000 + $4,800

= $7,800

2. Now compute the remaining amount, and divide it in the sharing ratio

So, the remaining amount would be

= Partnership income - total dividend amount

= $38,000 - $7,800

= $30,200

So the Fred income would be = $30,200 × 50% = $15,100

And, the barney income would be = $30,200 × 50% = $15,100

So, the amount of income:

For Fred = Dividend income + remaining income

= $3,000 + $15,100

= $18,100

For Barney = Dividend income + remaining income

=$4,800 + $15,100

= $19,900

Hence, the amount of income assigned to the two partners would be $18,100 and $19,900 respectively.

8 0

3 years ago