1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kvasek [131]
3 years ago
15

For 2019, Roberta is a self-employed truck driver with earnings of $47,000 from her business. During the year, Roberta received

$2,500 in interest income and dividends of $500. She also sold investment property and recognized a $1,500 gain. What is the amount of Roberta's self-employment tax (Social Security and Medicare taxes) liability for 2019?
Business
1 answer:
ad-work [718]3 years ago
3 0

Answer:

$6,641

Explanation:

Roberta must pay self-employment taxes from the income she received from her truck driving business ($47,000). Self-employment taxes are similar to the taxes paid by the employers (FICA) and are subject to he same maximums.

  • social security tax 12.4%
  • medicare tax 2.9%

Since the self-employed are allowed certain tax deductions, the easiest way to determine taxable income is by multiplying income x 92.35%.

Taxable income = $47,000 x 92.35% = $43,404.50

  • Social security taxes = 12.4% x $43,404.50 = $5,382
  • Medicare taxes = 2.9% x $43,404.50 = $1,259
  • total $6,641

You might be interested in
Heavy dream is best. <br><br> agree <br> or <br> no agree
Bad White [126]

Answer:

Agree

Explanation:

3 0
3 years ago
Read 2 more answers
A project produces annual net income of $18,200, $21,800, and $22,900 over its three-year life, respectively. the initial cost i
rjkz [21]
Initial cost = $197,000
Total net accounting income over three years = $18,200+$21,800+$22,900 = $62,900

Average annual accounting net income = $62,900/3 = $20,966.67

Accounting rate of return = Average net annual income / Initial cost = 20,966.67/197,000 = 0.106 = 10.6%

Since Accounting net income is  lower than the required discount rate, the project is not viable.
3 0
3 years ago
In the long run, an increase in the money supply will affect the price level and real GDP of an economy in which of the followin
Mars2501 [29]

Answer:

1. Lower the interest rates in the economy.

2. Increase asset prices

Explanation:

Remember, increase in money supply looks at the total money made available in circulation in an economy. Alternatively it is called liquidation.

The real of an economy takes into consideration the impact of inflation on the value of goods and services produced in an economy.

Therefore lower interest rates as a result of increase in money supply would results in more consumption and borrowing.

While the price of houses, stocks would rise because of the increased money supply.

4 0
2 years ago
One of Justin's largest international customers is Alpine Airwaves in Switzerland. He got a call from his contact at Alpine Airw
Evgen [1.6K]

Answer:

Justin's company should prepare to demonstrate that it is ISO 14001 compliant.

This means that it is following the environmental management standards for environmental footprint and waste reduction, while promoting environmental sustainability in its operations.

Explanation:

ISO 14001 is one of the environmental management standards, prescribed by the International Organization for Standardization (ISO), "to help reduce environmental impacts, reduce waste, and make the environment more sustainable," according to the ISO website.  ISO 14001 specifies requirements for an effective environmental management system (EMS) by providing a follow-able framework.

3 0
3 years ago
June Corp. sells one product and uses a perpetual inventory system. The beginning inventory consisted of 80 units that cost $20
inn [45]

Answer: 200 units

Explanation:

Beginning inventory                                      80 units.

Company Purchases                                     <u>480 units</u>

Total                                                                560 units

Sales                                                               <u>(360 units)</u>

Ending Inventory                                            200 units

200 units remain in Ending inventory.

7 0
2 years ago
Other questions:
  • During finals week, students arrive randomly at the help desk of the computer lab. There is only one technician due to budget cu
    5·1 answer
  • What do you call the second year of high school?
    10·1 answer
  • The flags used in jean desert's the burqa project (fig. 22.7) represent the western countries of:
    8·1 answer
  • Zink Co.’s defined benefit pension plan had plan assets with a fair value of $325,000 at December 31, year 8, and of $375,000 at
    14·1 answer
  • Starlite Industries will need $2.2 million 4.5 years from now to replace some equipment. Currently, the firm has some extra cash
    6·1 answer
  • The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses
    6·1 answer
  • A Giffen good is a good for which : _________
    10·1 answer
  • Many economists believe that the trend toward greater wage inequality across the u. S. Economy was primarily caused by _________
    14·1 answer
  • a project has a team member who routinely is not showing up to meetings or completing assignments. the appropriate place to capt
    11·1 answer
  • Where have you seen marketing take place?
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!