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Stells [14]
3 years ago
5

Profits from a sole proprietorship are reported as taxable income and

Business
2 answers:
uranmaximum [27]3 years ago
8 0

Profits from a sole proprietorship are reported as taxable income and (B) are subject to a self-employment tax of approximately 15%.

Explanation:

Sole proprietors are asked to  contribute  to both the Social Security and Medicare systems,this type of  contributions is known as the  "self-employment taxes."

Self-employment taxes are considered equal to the  payroll tax in case of an  employees of a business. Regular employees are said to make their  contributions to the above mentioned  two programs in form of  deductions fr, sole proprietors  make such contributions when the pay their  income tax

The rate of  self-employment tax  is 15.3%, which is further divided as  12.4% of  Social Security  and 2.9% of  Medicare .

Thus we can say that Profits from a sole proprietorship are reported as taxable income and (B) are subject to a self-employment tax of approximately 15%.

velikii [3]3 years ago
8 0

Answer:

Profits from a sole proprietorship are reported as taxable income and...

<h2>B.)</h2>

are subject to a self-employment tax of approximately 15%.

Explanation:

Textbook!!

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Equipment was purchased for $68,000 on January 1, 2013. Freight charges amounted to $2,800 and there was a cost of $8,000 for bu
Dahasolnce [82]

Answer:

a. $26,720

Explanation:

Before computing the accumulated depreciation, first we have to compute the original cost of the equipment, after that the depreciation expense. The calculation is shown below:

Original cos t = Equipment purchase cost + freight charges + installment charges

= $68,000 + $2,800 + $8,000

= $78,800

Now the depreciation expense under the straight-line method is shown below:

= (Original cost - residual value) ÷ estimated life in years

= ($78,800 - $12,000) ÷ 5 years

= $13,360

Now the accumulated depreciation is

= Depreciation expense × number of years

= $13,360 × 2 years

= $26,720

5 0
3 years ago
Haynes Automotive uses labor-hours as its base for calculating a predetermined overhead rate. Haynes had estimated the labor-hou
julia-pushkina [17]

Based on the information given the predetermined overhead rate is 31.89 per direct labor hour.

<h3>Predetermined overhead rate</h3>

Using this formula

Predetermined Overhead rate = Estimated manufacturing overhead / Estimated total labor hours

Let plug in the formula

Predetermined Overhead rate = [$1,026,260 + (46,000×6.25)] / 41,200

Predetermined Overhead rate =1,313,760/ 41,200

Predetermined Overhead rate = 31.89 per direct labor hour

Inconclusion the predetermined overhead rate is 31.89 per direct labor hour.

Learn more about predetermined overhead rate here:brainly.com/question/26372929

3 0
2 years ago
g The Work in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $
poizon [28]

Answer:

200% of direct labor cost

Explanation:

The computation of the company overhead application rate is shown below;

But before that overhead cost would be determined

GIP = Direct material + Direct labor + Overhead

$4,400 = $2,000 + $800 + Overhead

So,

Overhead = $4,400 - $2,000 - $800

= $1,600

Now the overhead application rate is

= overhead ÷ direct labor cost

= $1,600 ÷ $800 × 100

= 200%

6 0
3 years ago
All of the following options are good tips for borrowing money EXCEPT...
Jlenok [28]
I would say B. Quick cash loans. Interest rates are very high & not a good idea in borrowing money. They are designed for people who have poor credit ratings & have no other means to borrow money.
5 0
2 years ago
A single stock futures contract on a nondividend-paying stock with current price $180 has a maturity of one year.
guajiro [1.7K]

Answer:

a. $187.20.

b. $202.48.

c. $217.43.

Explanation:

Please find the below for detailed explanations and calculations:

We have the formula for determining the future price of the non-dividend-paying stock as below:

Future price = Spot price x (1+ annual risk free rate )n; which n = number of year(s) to maturity.

Thus, apply the general formula above, we have the below calculations:

a. Future price = 180 x (1+4%)^1 = $187.20;

b. Future price = 180 x ( 1+4%)^3 = $202.48;

c. Future price = 180 x (1+6.5%)^3 = $217.43.  

5 0
3 years ago
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