Answer:
the self-employment tax is $7,065
Explanation:
The computation of the self-employment tax is given below:
Given that
net profit = $50,000
Now the 92.35% of net profit is $46,175
As it is lower than $128,400
So,
= 15.3% of $46,175
= $7,065
Hence, the self-employment tax is $7,065
Answer:
$163,000
Explanation:
According to the historical cost principle, the value of the fixed assets should be recorded at purchase price or acquired price or historical cost
Since it is given that the seller counter offer is $163,000 and the same is to be recorded in the company books of accounts.
If there is value assessed, or any increment in the value of the land so it would be ignored. It only records the purchase price of the land
If
teamwork and support are high on your priority list, a closed corporation may
be a poor choice for a business.
A closed corporation is generally a smaller corporation, it means that it is held by a
limited number of shareholders and is not publicly traded. There are
many different types of corporations.