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3 years ago

The Federal personal income tax is:_______

Business

1 answer:

vredina [299]3 years ago

6 0

Answer:

D. Progressive and the incident is on the tax payer

Explanation:

The federal personal income tax is a progressive tax because the tax increases as the income of the individual increases.

A progressive tax system is where higher tax rate falls on high income earners and lower tax rate on low income earners. The incident of personal income tax is on the tax payers because they the burden of paying the tax is borne by them.

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What are three skills you are likely to need as an entrepreneur?

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Networking skills,organization skills, listening skills, and speaking skills hope that helps

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The cost to manufacture one unit of Rinker Audio Products' bestselling hearing aid, the Magnifier, is $87.50. The CFO of the com

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Answer:

d. economies of scale

Explanation:

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3 years ago

The automobile industry in Rhizo, a small developing country, has a monopolistic market structure. Crimson Inc., the only pla

IceJOKER [234]

Answer:

Option D is the correct answer to this question.

Explanation:

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3 years ago

Assume that on February 1, Procter & Gamble (P&G) paid $729,600 in advance for 2 years’ insurance coverage. Prepare P&am

Readme [11.4K]

Answer:

Journal entry on February 1:

Debit Prepaid Insurance $729,600

Credit Cash $729,600

Annual adjusting entry on June 30:

Debit Insurance Expense $152,000

Credits Prepaid Insurance $152,000

Explanation:

On February 1, Procter & Gamble (P&G) paid $729,600 in advance for 2 years’ insurance coverage. The company records the insurance as the prepaid Insurance:

Debit Prepaid Insurance $729,600

Credit Cash $729,600

On Jun 30, the last day of the following 5 months, the company records an adjusting entry that Credits Prepaid Insurance for $152,000 ($729,600 divided by 24 months times the 5 months that will be prepaid as of Jun 30) and Debits Insurance Expense for $152,000

Debit Insurance Expense $152,000

Credits Prepaid Insurance $152,000

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3 years ago