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klemol [59]
3 years ago
8

A sole proprietorship that began business's May 1, 2018, incurred $9000 of startup expenses. If the business elects to report th

e maximum of startup costs as a current expense, what is the amortization amount reported as an "other expense" on schedule C?
A. $88

B. $134

C. $178

D. $266
Business
1 answer:
labwork [276]3 years ago
3 0

Answer:

Option (C) $178

Explanation:

Data provided in the question:

Startup expense incurred by the business = $9,000

Now,

The start-up costs and organizational expenses are deducted over a time period of 180 months

also,

$5,000 can be deducted in the first year by the startup expense.

Therefore,

Amortization amount reported as a "other expense" on Schedule C per month

= [ Startup expense - $5,000 ] ÷ 180

= [ $9,000 - $5,000 ] ÷180 = $22.22

for the year = $22.22 × Number of months left in the year from May

= $22.22 × 8

= 177.78 ≈ $178

Hence,

Option (C) $178

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The scenarios each illustrate a principle of economics. classify each scenario according to the principle that best fits it. you
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David's decision on the electronics to purchase represents opportunity cost.

The decision to hire another economist is marginal analysis.

Ana's decision on how to use her time involves opportunity cost.

<h3>What is opportunity cost?</h3>

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<h3>What is marginal analysis?</h3>

Marginal analysis involves comparing the marginal cost or / and the marginal benefit of a decision.

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8 0
2 years ago
Lee went to great lengths to make sure that Heard was considered an independent contractor and it didn't work. Since Lee made it
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The court found the employee status because he had and agreement indicating that he was an independent <em>contractor</em>.

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8 0
2 years ago
Markland Manufacturing intends to increase capacity by overcoming a bottleneck operation by adding new equipment. Two vendors ha
Veseljchak [2.6K]

Answer:

Proposal A: 5,455 units

Proposal B: 5,770 units

Explanation:

The break-even point is the number of units required for the revenue to equal the total costs.

For proposal A:

Fixed Costs = $60,000

Variable Costs = $13 / unit

Selling Price = $24 / unit

(P-VC)*n-FC = 0\\(24-13)*n-60,000 = 0\\n=5,454.5\ units

For proposal B:

Fixed Costs = $75,000

Variable Costs = $11 / unit

Selling Price = $24 / unit

(P-VC)*n-FC = 0\\(24-11)*n-75,000 = 0\\n=5,769.2\ units

Rounding up to the next whole unit, the break-even points for proposal A and B, respectively, are 5,455 and 5,770 units.

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3 years ago
Simon has net investment income of $38,000 and MAGI of $223,000 and files as a single taxpayer. Simon's additional Medicare tax
Sergeeva-Olga [200]

Answer:

$874

Explanation:

Calculation for Simon's additional Medicare tax

Based on the information given we were told Simon has a MAGI of the amount of $223,000 in which part of it is for wages income of the amount of $185,000 ($223,000 -$38,000)

while the amount of $38,000 is the net investment income which means that Samson MAGI is below the threshold limit of the amount of $200,000, therefore tax rate of 3.8% tax will be applied.

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Additional Medicare tax =$23,000*3.8%

Additional Medicare tax = $874

Therefore Simon's additional Medicare tax is:874

5 0
2 years ago
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