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velikii [3]
3 years ago
15

Problem 13-46 (LO. 6) In 2018, Maria records self-employed earnings of $135,000. Using the format illustrated in the text, compu

te Maria's self-employment tax liability and the allowable income tax deduction for the self-employment tax paid. Do not round intermediate computations. Round your final answers to the dollar. Maria's self-employment tax liability is $ , and the allowable income tax deduction for the self-employment tax paid is $ 9,154 .
Business
1 answer:
kifflom [539]3 years ago
3 0

Answer:

Payable tax 9.154, equal to the tax deduction 9,154

Explanation:

Net earnings from self-employment is $135.000

Multiply earnings by 92.3%

= 135.000 * 0.9235

= 124.672,5

If the amount after multiplication is in excess of $118.500, in such case the excess of amount over 118.500 should be multiplied by 2.9%

= 124.672,5 > 118.500

The difference between both amounts is 179.

Add: to the above amount tax on social security portion and medicare portion 15.3%$ on 118.500 which is the ceiling limit.

118.500 * 15.3%

=18.130.5 + 179

=18309.5

Therefore, the tax is 18309.5

Deduction of 50% on the tax can be claimed

Therefore, deduction is 9.154.

Thus, the tax payer can be benefited from the self-assessment tax deduction.

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maksim [4K]

Answer:

$35,000

Explanation:

Since this is an operating lease (short lease term, no transfer of ownership, and low present value of lease payments), the lessor has to record a depreciation expense, but the lessee only considers lease payments as operating costs (no depreciation expense or lease liability should be recognized).

Depreciation expense per year under the straight line method = asset cost / useful life = $280,000 / 8 years = $35,000

7 0
3 years ago
Suppose Saron has 7 Birr to be spent on two goods: banana and bread. The unit price of banana is 1 Birr and the unit price of a
mojhsa [17]

Answer:

Solution:

A.

p_x=3, G_x=\frac {100}{3}=33\frac{1}{3}p

x

=3,G

x

=

3

100

=33

3

1

p_y=5, G_y=\frac{100}{5}=20p

y

=5,G

y

=

5

100

=20

B.

100-0.25\times 100=75100−0.25×100=75

p_x=3, G_x=\frac {75}{3}=25p

x

=3,G

x

=

3

75

=25

p_y=5, G_y=\frac{75}{5}=15p

y

=5,G

y

=

5

75

=15

C.

p_x=6, G_x=\frac {100}{6}=16\frac{2}{3}p

x

=6,G

x

=

6

100

=16

3

2

D.

p_y=5, G_y=\frac{100}{4}=25p

y

=5,G

y

=

4

100

=25

2.

MU_x=68-60=8, p_x=2MU

x

=68−60=8,p

x

=2

MU_y=29-25=4, p_y-?MU

y

=29−25=4,p

y

−?

\frac {MU_x}{p_x}=\frac{MU_y}{p_y}

p

x

MU

x

=

p

y

MU

y

\frac{8}{2}=\frac {4}{p_y}

2

8

=

p

y

4

p_y=1p

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=1

8 0
3 years ago
When the unemployment rate is at a steady state: Group of answer choices the number of people finding jobs exceeds the number of
liraira [26]

Answer:

The number of people finding jobs equals the number of people losing jobs.

Explanation:

Unemployment rate can be defined as the percentage of unemployed workers that are present in the the labor force. The Labor force of a country comprises of both employed and unemployed individuals that are present in the country. Unemployment rate can also be described as the percentage of the total workforce of a country that is yet to be gainfully employed.

High unemployment rate poses an adverse effect on the economy, it leads to an increase in crime rate this is due to the fact that unemployed individuals have no source of income to take care of their respective families and as such have to turn to the life of crime inorder to earn money.

7 0
3 years ago
Accounts payable: Select one: a. Are amounts owed to suppliers for products and/or services purchased on credit. b. Are long-ter
Nutka1998 [239]

Answer:

The correct answer is letter "A":  Are amounts owed to suppliers for products and/or services purchased on credit.

Explanation:

Accounts Payable is the amount of the total invoices currently awaiting payment by the company. These invoices are from suppliers of products and services that have recently been delivered. They are usually due within 15, 30 or 45 days after receiving the invoice from the vendor.

6 0
3 years ago
A company borrows $50,000 by signing a $50,000, 8% note that requires six equal payments of (round to the nearest dollar) at the
elixir [45]

Answer:

An information is missing on this question but I found the complete details as shown below;

"A company borrows $50,000 by signing a $50,000, 8% note that requires six equal payments of

<em>10816</em> (round to the nearest dollar) at the end of each year. (The present value of an annuity of six

annual payments, discounted at 8% equals 4.6229.) "

Explanation:

An annuity payment is made in equal amounts for a specified period of time in this case 6 years.

Since the equal payments are made annually and you are given the Present value of the annuity as $50,000 & discount factor of 4.6229, divide the PV by the discount factor. The value of equal payments should be equivalent to the $<em>10816 ;</em>

<em>=50,000 / </em>4.6229

= 10815.7217

Next, round the answer to the nearest dollar;

When rounded to the nearest whole number it becomes $10,816.

<em />

8 0
3 years ago
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