All categories

3 years ago

Nicoula is a server at a La Jolla restaurant. Nicoula received $1,200 in unreported tips during 2016 and owes Social

Business

1 answer:

lubasha [3.4K]3 years ago

5 0

Answer:

Yes. Nicoula is required to pay tax including the tips

Explanation:

Since Nicoula received $1,200 in unreported tips during 2016 and owes Social Security and Medicare taxes on these tips. Her total income for the year, including the tips, is $4,300.

Nicoula is required to pay an income tax return for 2016 because Tips are considered to be part of employee wages and or salaries, hence employers are required by law to withhold and pay to the IRS payroll taxes on the tips employees report to them each month.

It is mandatory to report on the tax return, the amount of any Social Security and Medicare taxes Nicoula has failed to pay on her 'tip income'.

You might be interested in

You decide to purchase an equal number of shares of stocks of firms to create a portfolio. If you wished to construct an index t

Bond [772]

Answer:

Price weighted index

Explanation:

A price weighted index is an index used in stocks where each company that is part of the index makes up a fraction of the total, and is proportional to its price per share.

Higher weight is given to sticks that have higher prices.

Rice weighted index is a good way to track track portfolio performance that best match for your portfolio.

3 0

3 years ago

Jamal has owned his home for about 5 years. his refrigerator needs to be replaced and jamal is thinking about buying an energy s

ipn [44]

Answer - A (7 years)

WORKINGS

To calculate how long it would take for the new refrigerator to pay for itself in lower utility costs, the cost of new refrigerator will be divided by lower utility cost per year

Cost of new refrigerator = $598

TO CALCULATE LOWER UTILITY COST PER YEAR

At a cost of only 12 cents per day

Annual cost will be 12 X 365 = 4380 Cents ($43.8)

Cost saved annually = Cost of old refrigerator – Cost of new refrigerator.

Lower utility cost per year = $132 – $43.8

Lower utility cost per year = $88.2

How long would it take for the new refrigerator to pay for itself in lower utility costs?

$598 ÷ $88.2

= 6.78 years

Approximately 7 years

7 0

3 years ago

Read 2 more answers

An organization decides to ask three advertising agencies to pitch a proposal to handle the organization's business, instead of

PtichkaEL [24]

Answer:

Explanation:

Satisficing is searching for and accepting something that is satisfactory rather than insisting on the perfect or optimal.

Managers tend to satisfice rather than optimize in considering and selecting alternatives.

Characteristics:

-accept good enough

-do not obsess over other opinions

-can move on after deciding

-happier with outcomes

4 0

3 years ago

Christmas Timber, Inc., produces Christmas trees. The trees are produced through a cutting and pruning process. Machine maintena

seropon [69]

Answer:

Cutting = $62,020

Pruning = $16,280

Explanation:

<em>The direct method does not consider the impact of reciprocal servicing arrangement when allocating the overhead of service centers and only allocates overhead to the production cost centers only.</em>

Allocation of Overhead

Janitorial overhead

Cutting = 6/(6+54)× $5,000 = $500

Pruning =54/(6+54) × $5,000= $4,500

Maintenance overhead

Cutting = 9/(9+1)× $7,800 = $7020

Pruning =1/(9+1) × $7,800= $780

Total cost of production department

Cutting = 54,500 + 500 + 7020= 62,020

Pruning department = 11,000 + 4,500 + 780 = 16,280

Cutting = $62,020

Pruning = $16,280

7 0

3 years ago

A general property of the EOQ inventory model is that total inventory holding and total ordering costs are equal at the optimal

ikadub [295]

Fkdhkwdkhehejwhvskwvdhd kid ideológico lemme lol lol lol

7 0

3 years ago