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3 years ago

Please help For what do governments use tax revenues?

Business

1 answer:

Irina18 [472]3 years ago

3 0

Explanation:

The revenue for the government is sourced through taxes. The government spends the tax money in three categories they are compulsory spending, discretionary spending and paying interest on the federal debt.

Mandatory spending by the government includes spending for medical aid, social security and other welfare programs such as unemployment, child nutrition programs, under privileged families etc. Discretionary spending is used for defense and non defense expenses. Non defense expenses are urban development. Veterans and students education are the other programs for which the government spends.

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The following totals for the month of April were taken from the payroll register of Magnum Company. Salaries $12,000 Social Secu

Novosadov [1.4K]

Answer:

d. credit to Salaries Payable for $8,600

Explanation:

The journal entry would be as follows.

Magnum Company

Payroll Journal

Particulars Debit Credit

Salaries $12,000 Debit

Federal Income taxes withheld 2,500 Credit

Social Security & Medicare taxes withheld 900 Credit

Salaries Payable $8,600 Credit

Unemployment taxes are paid by the employer . They are not deducted from the employees' wages . They include both the federal and state taxes.Social Security & Medicare taxes withheld $ 900 include the Social Security & Medicare taxes $ 900.

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3 years ago

Sweet Treats sells ice cream cones for $4.25 per customer. Variable costs are $1.25 per cone. Fixed costs are $3,300 per mont

ziro4ka [17]

Answer:

Company's contribution margin ratio is 70.59%

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3 years ago

Fred and Lucy are married, ages 33 and 32, and together have AGI of $120,000 in 2019. They have four dependents and file a joint

algol13

Answer:

$3,800

Explanation:

According to the scenario, computation of the given data are as follow:-

Particular Amount ($)

Bills of doctor and dentist and hospital expenses 9,200

Less-received an insurance reimbursement 4,400

Add-prescribed medicines and drugs 3,000

Add-high deductible health insurance policy 5,000

Total expenses 12,800

Less- AGI’s 7.5% ($120,000 × 7.5% ) $9,000

After Deduction medical expenses for 2019 $3,800

Contribution of $2,600 to a qualification health savings account is a deduction for AGI. So it is not calculated in deduction.

According to the analysis, option (C) $3,800 is correct.

3 0

3 years ago

State whether the following sentences are true or false regarding the nature of fiduciary-type funds and the accounting measurem

geniusboy [140]

Answer:

a. Governments may access the resources of fiduciary funds to help support their own programs.

True

b. When a government sponsors an Investment Trust Fund, the portion that belongs to other governments is reported as assets of the Fund, but the portion belonging to the sponsoring government is not.

True

c. The statement of net position for a typical Agency Fund shows assets and liabilities, but no fund balance.

True

d. When reporting on the resources of Pension Trust Funds, equity securities held by the Funds are reported at original cost.

True

Explanation:

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3 years ago

GenÃ¨ve is a member of the board of directors and the chief financial officer of the corporation. Under the duty of care that sh

loris [4]

Answer:

The correct answer is c."oversee every aspect of the business, including such things as ordering merchandise and arranging for janitorial services."

Explanation:

The chief financial officer is the person in charge of the financial administration of the organization, their tasks are focused on planning, implementing and analyzing the financial information of the company. Therefore, a chief financial officer like Genevieve does not get involved in activities such as ordering merchandise and arranging for janitorial services.

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3 years ago