Answer:
Explanation:
.......................................................... Raise?
Answer:
Please see explanation.
Explanation:
Once the factory overhead rate is determined using the estimated amount of factory overhead and estimated base, it is used to charge overhead cost to the jobs, products or work performed.
Since, not all overhead costs are known at the time of making the product, (such as electricity bill is received after the month end) therefore, the estimated rate is used to apply the overhead cost to the job or product using actual activity level. This is called absorption or application of overheads to the products / jobs.
Due to this, at each period end, the management calculates and compares the actual overhead cost with the applied overhead cost and determine the over or under applied overheads.
A person's annual income is $40,000. She subtracts $2,000 for donations to charity. If she is also given a $3,000 tax credit, her total income would be $38,000.
<h3>What is the tax credit?</h3>
Tax credits are financial incentives that let some taxpayers deduct their accumulated credits from the total amount they repose on the state.
It can also be called as a “discount” that is offered by the state in some circumstances, or a credit given in recognition of prior tax payments. It is not considered as a part of person's income.
The person's gross income would be $38,000 ($40,000 – $2000), here, the Gross Income does not include the deduction, this is considered in the Net taxable income.
Learn more about the tax, refer to:
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Answer:
B) Promptly advise Ms. Smith that she did not comply with the Internal Revenue laws by failing to file federal income tax returns for the Year 1 and Year 2 tax years and of the consequences she may face under the Code and regulations.
Explanation:
Tom is required to tell Ms. Smith that she didn't file her taxes during the two previous years, maybe she isn't aware of it. He is also required to tell her about the serious consequences of not filing taxes. The IRS will fine Ms. Smith, but if she continues to not file her taxes then she might be sentenced to one year in jail. Probably Tom will end up filing Ms. Smith's taxes for years 1, 2 and 3.
