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3 years ago

What is the W-4 form used for?

Business

1 answer:

AleksAgata [21]3 years ago

3 0

Answer:

C. calculating how much tax should be withheld from a person's paycheck

Explanation:

In order to ensure that, all employees pay taxes on the income earned throughout the year, the internal revenue service (IRS) has made it compulsory and mandatory for all employers to make available a W-4 Form to all their employees, so as to enable these employees fill out how much income tax is to be withheld from their respective paycheck in relation to their filing status.

Hence, a W-4 form is used for calculating how much tax should be withheld from a person's paycheck and submitted to the internal revenue service (IRS).

Additionally, any employee who defaults in the payment of his or her income tax would be faced with stiff penalties such as failure-to-file, paying a fine etc.

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The following information came from the income statement of the Wilkens Company at December 31, 2017: sales revenue $1,800,000;

andriy [413]

Answer:

Wilkens' days in inventory for 2017 = 60.833

Explanation:

Given:

Sales = $1,800,000

Beginning inventory = $160,000

Ending inventory = $240,000

Gross profit = $600,000

Inventory turnover = 6 times

Wilkens' days in inventory for 2017 = ?

Computation of Wilkens' days in inventory for 2017:

Wilkens' days in inventory for 2017 = Number of days in a year / Inventory turnover

Wilkens' days in inventory for 2017 = 365 / 6 times

Wilkens' days in inventory for 2017 = 60.833

7 0

4 years ago

The following information is for the Jeffries Corporation: Product A: Revenue $18.00 Variable Cost $14.00 Product B: Revenu

shusha [124]

Jeffries Corporation's Operating Income from the two products is <em>A. $35,000.</em>

The operating income is the difference between the revenue and operating costs (variable and fixed costs).

Data and Calculations:

Product A Product B Total

Revenue $18.00 $21.00

Variable cost 14.00 13.00

Contribution $4.00 $8.00

Fixed costs $143,000

Total sales units 35,600

Sales mix 3 1 4

Sales units 26,700 8,900 35,600

Total contribution$106,800 $71,200 $178,000

Total fixed costs 143,000

Operating income $35,000

Thus, the operating income is $35,000.

5 0

3 years ago

____ are spending by the government on goods, services, and factors of production.

AlladinOne [14]

Answer:

The correct words for the blank spaces are: Government purchases; Government Expenditures.

Explanation:

Government purchases refer to the expenses the central government incurs in federal, state, and local agencies. These purchases represent part of the <em>Gross Domestic Product</em> (GDP) of the country considering transfer payments are not including in these expenditures.

When the transfer payments are added to the government purchases the result represents the Government Expenditures. It is one of the factors of the GDP along with private investments, individuals' consumption, and net exports (exports minus imports).

4 0

3 years ago

In the United States today what gives money its value

VMariaS [17]

Answer:

It can give money value today but it reallys depends because if you are trying to say money give us value to help us pay for medicare then yes. In order for us to afford medicare. You need the Goverments support especally if you an need for support or you have someone is need.

Explanation:

4 0

3 years ago

The following bond investment transactions were completed during 2016 by Starks Company:

saw5 [17]

Answer:

31st Jan 2016

Dr Bond Receivable 75,000

Dr Interest Receivable 375

Cr Cash 75,375

(to record the bond purchase)

* working note: Bond proceed = 75 x 1,000 = 75,000; Interest receivable = 75,000 x 6% x 30/360 = 375)

1st Jul 2016

Dr Cash 2,250

Cr Interest Income 1,875

Cr Interest Receivable 375

(to record interest receipt on bonds holding, in which 5 months of it ( 75,000 x 6% x 5/12 is recorded as Income, the other one is recorded as collection of Income earned by the bond's seller)

29th Aug 2016

Dr Cash 34,650

Dr Loss on bond Investment 700

Cr Interest income 350

Cr Bond Receivable 35,000

( to record the Sold 35, $1,000 bonds at 98% plus $350 accrued interest = 35,000 x 98% + 350 = 34,650)

31st Dec 2016

Dr Interest Receivable 1,200

Cr Interest Income 1,200

( to record the interest earned on 40,000 bonds outstanding)

Explanation:

6 0

4 years ago