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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'.

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Dake Corporation's relevant range of activity is 2,000 units to 6,000 units. When it produces and sells 4,000 units, its average

Digiron [165]

Answer:

Instructions are below.

Explanation:

Giving the following information:

When it produces and sells 4,000 units, its average costs per unit are as follows:

Variable manufacturing overhead $1.40

Fixed manufacturing overhead $ 2.60

Units produced= 3,000

To calculate the unitary indirect manufacturing cost, you can use two different methods. The variable method only uses the variable manufacturing overhead. The absorption method uses the total unitary overhead.

Total fixed overhead= 2.6*4,000= 10,400

Variable costing method:

Unitary indirect manufacturing cost= $1.4

Absorption costing method:

Unitary fixed overhead= 10,400/3,000= $3.47

Unitary indirect manufacturing cost= 1.4 + 3.47= $4.87

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3 years ago

Let RUS be the annual risk free rate in the United States, RUK be the risk free rate in the United Kingdom, F be the futures pri

jeka57 [31]

Answer:

If RUS > RUK, then E < F ( C )

Explanation:

RUS = annual risk free rate in united states

RUK = annual risk free rate in United kingdom

F = futures price of $/BP for 1 year

E = spot exchange rate for $/BP

To get a higher the future price

this conditions must be met

The annual risk free rate of the united states must be higher than the annual risk free rate of the united kingdom. if this condition is met then the the British pound will have a forward premium ( F ) > ( E )

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3 years ago

Which of the following illustrates a tradeoff? A. Randy enjoys ski vacations. B. I will study for my exam instead of going to t

aliya0001 [1]

A tradeoff is a balance achieved between two desirable but incompatible feature. So the reasonable answer would be B

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3 years ago

At December 31, 2020 the following balances existed on the books of Rentro Corporation: Bonds Payable $7,000,000 Discount on Bon

Tomtit [17]

Answer:

Loss on retirement of debt = $1,030,000

Explanation:

the company paid $7,070,000 in order to retire the bonds, and hte journal entry was:

Dr Bonds payable 7,000,000

Dr Loss on retirement of debt 1,030,000

Cr Cash 7,070,000

Cr Discount on bonds payable 960,000

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3 years ago

An economy has experienced a rightward shift of its long-run aggregate supply curve and is now producing on that new long-run ag

slavikrds [6]

Answer:

The answer is letter D.

Explanation:

It is reasonable to expect that the cyclical unemployment rate has been unaffected.

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3 years ago