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2 years ago

Where does the money you pay for the FICA tax on your paycheck go?

Business

1 answer:

strojnjashka [21]2 years ago

4 0

Answer:

see below

Explanation:

Social security and medicare taxes form the Federal Insurance Contributions Act (FICA) tax. These taxes are deducted from both the employer and employee per paycheck.

Social security tax forms the bulk of the FICA tax. The tax revenue collected as social security tax funds the United States government Social Security Trusts. The trusts are programs managed by the Social Security administration and include

Retirement benefits
Survivor benefits
Disability benefits

Medicare tax revenue funds Federal government medicare programs. This program caters to older American health care costs. The government's general revenue also finances health care. Medicare or health services in the USA are not solely dependent on medicare tax.

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Get Smart University is contemplating an increase in tuition to enhance revenue. If GSU feels that raising tuition would enhance

Vikentia [17]

Answer:

Correct option is (b)

Explanation:

Price elasticity of demand is the law that states that proportion of percentage change in demand due to percentage change in price only and not any other factors. Demand is perfectly elastic if quantity demanded changes tremendously with change in price. Demand is inelastic if there is no change in quantity demanded with increase in price.

Here, Get smart university plans to increase tuition fees assuming that there will be no change in demand for the seats offered by the university due to increase in price. So, it assumes that demand is inelastic.

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3 years ago

A credit sale is made on July 10 for $900, terms 1/15, n/30. On July 12, the purchaser returns $100 of goods for credit. Give th

balu736 [363]

Answer:

Dr. Cr.

July 19

Cash $792

Discount expense $8

Account Receivable $800

Explanation:

The term 1/15, n/30 mean there is a discount of 1% is available on the sales value, if payment is made within 15 days of sale with credit term of 30 days.

The sale of $900 was made on July 10 and discount period is until July 25.

On July 12 goods amounting $100 was returned and now the amount due from the customer is $800 ( $900 - $100 ).

The payment made on July 19 is actually in the discount period and it is eligible for the discount as it is made before July 25.

Discount = Amount due x Discount rate

Discount = $800 x 1% = $8

$792 Cash received against the sale made on July 10 and discount $8 is expensed. Total of $800 is credited from the account receivable account to eliminate it.

5 0

3 years ago

Which of the following is an example of an activity undertaken by an entrepreneur? A. being promoted to the position of Chief o

luda_lava [24]

Answer:

C) starting a snow cone business

Explanation:

An entrepreneur is someone who decides to start his own business, usually a small business. Only option C refers to starting a new business.

Option A and B refer to positions where you are employed by the government (being a government employee is the opposite of being an entrepreneur).

Option D refers to painting your kitchen not opening a new business.

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3 years ago

Not ah question but add : adore.aaliyahh_

Step2247 [10]

is this ur sn8pchat or what

4 0

3 years ago

Ivy orally agrees to buy a unique collection of sports memorabilia for $10,000 from Jess and sends $2,500 as an initial payment.

kow [346]

Answer:

D. specific performance.

Explanation:

Specific performance -

It is the act or the order by the court , in order to solve an any conflict for the law of contract .

This is basically used to solve any issue related to land , property or any goods or services , this practice is used in case of any personal service .

It helps the people to against any form of injustice or malpractice .

It is a form of forced action , which helps with some previous transaction , and is one of the best remedy for the problem .

6 0

3 years ago