Answer:
1. below;
2. the last dollars taxed but not to all income
Explanation:
Given that the average tax rate for individuals is the percentage of income that individuals pay in taxes. While the marginal tax rate applies to a certain part of taxable income, which is usually the last dollar of the income
Hence, Typically, the average tax rate for a person is BELOW his or her marginal tax rate, because the marginal tax rate applies to THE LAST DOLLARS TAXED BUT NOT TO ALL INCOME.
The largest country in the EU is Germany. It makes up almost 16% of the European Union's population.
Answer:
31 Dec 2021 Interest Expense $667 Dr
Interest Payable $667 Cr
Explanation:
The bond will pay the interest at maturity. However, following the accrual basis of accounting requires to match the revenue and expenses for a period and requires such transactions to be recorded in their respective periods. The year end adjusting entry will be made on 31 December 2021.
The interest expense for the period from August to December, 5 months, will be recorded on 31 December 2021 as interest expense and credit to interest payable.
The interest expense is = 16000 * 0.1 * 5/12 = $666.67 rounded off to $667
Sum of all costs to individuals in society, regardless of whether the costs are borne by those who produce the products or consume the product
