Gross income is different from Taxable Income. There are deductions that must be deducted from gross income to arrive at the taxable income.
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Federal income tax this year</h3>
Correct option is C.
Georgia pay in federal income tax this year "$5,696. 00"
In order to find federal income tax, calculate adjusted gross income.
Then from adjusted gross income, subtract exemptions and deductions to get your taxable income.
Only 11 % of the people who belong to the age group 25-55 years do not pay federal income tax while more than 80% who belong to the age group of 75 years or older also do not pay tax.
Georgia's gross pay 35,600 this year.
Rate of federal income tax = 16%
Hence, amount paid by Georgia = 16/100×35,600 =$5696
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When Prior year ending inventory understated by $ 50,000 :
If the ending inventory of the prior year has been understated then the COGS of the prior year get overstated which ultimately understated Pretax income by the same margin.
Prior year ending inventory is the current year opening inventory, so when the prior year ending inventory has been understated that means the current year opening inventory is also getting understated. Which resulted in an understatement of COGS and due to which pretax income of the current year gets overstated by the same margin.
Total pretax income of the two years = $ (50,000) + $ 50,000 = Nil ( No effect).
The four most commonly used inventory types are Raw Materials, Work in Process (WIP), Finished Goods, Maintenance, Repair, and Overhaul (MRO). Knowing the nature of your inventory will help you manage your inventory better and smarter. Consider a fashion retailer like Zara, which operates seasonally.
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The basic economic problem is that of scarcity and choice. This is because people have infinite wants in the face of limited resources, therefore decisions have to be made. The basic economic problem ensures that every society has to decide what to produce, how best to produce it, and for whom to produce it.
Answer:
c. variable selling and administrative expenses
Explanation:
On the variable costing income statement, the figure representing the difference between manufacturing margin and contribution margin is the <u>variable selling and administrative expenses.</u> Variable cost is comprised of cost of goods sold and selling and administrative expense when we deduct cost of goods sold from sales we get manufacturing margin and when we deduct further selling and administrative expense we get contribution margin.
