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egoroff_w [7]
3 years ago
8

For 2019, Eric is a self-employed financial consultant. During the current year, Eric's net self-employment income is $132,150.

The OASDI rate is 6.2%; the MHI rate is 1.45%. Hint: OASDI 6.2% tax is on the first $132,900 for the year. Note: Round all calculations to the nearest cent. What is Eric's self-employment tax?
Business
1 answer:
Alex Ar [27]3 years ago
3 0

Answer:

The Eric's self-employment tax is $10109

Explanation:

The computation of the Eric's self employment tax is shown below:

= Net Self employment income × OASDI  tax rate +  Net Self employment income × MHI tax rate

= $132,150 × 6.2% + $132,150 × 1.45%

= $8,193.30 + $1,916.175

= $10109.475

The OASDI tax rate is also called social security tax and the self employment tax comprises of OASDI tax and MHI tax.

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Unemployment compensation is a. not part of GDP because it is a transfer payment. b. part of GDP because the recipients must hav
Alex17521 [72]

Answer:

a. not part of GDP because it is a transfer payment.

Explanation:

Unemployment compensation includes the funds given to a worker who is currently without a job but actively seeking one. Usually, it is funded from the taxes given to the state by employers.

GDP is the measure (in terms of money) of all goods made or services given in a time period (usually a year) in a particular country. Since the unemployment compensation does not reflect any produced goods or services, it is a <em>transfer paymen</em>t. Thus, it is not included in the GDP.

4 0
3 years ago
The HR department at Devlin Enterprises has a variety of communication tasks it has been assigned to handle. First, Isabelle, th
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Answer:

Letter B is correct. <u>Memo.</u>

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4 years ago
An investment of $9,875 earns 4.8% interest compounded monthly over 12 years. Approximately how much interest is earned on the i
Sladkaya [172]

Answer:

Option (c)  $7,672

Explanation:

Data provided in the question:

Investment amount i.e principle = $9,875

Interest rate,r = 4.8%

Time, t = 12 years

Now,

Future value = Principle ×\left( 1 + \frac{r}{n} \right)^{\Large{n \cdot t}}

n = number of times compounded per year

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Future value =9875\times{ 1.004 } ^ { 144 }

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Future value = $17,546.55

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Option (c)  $7,672

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4 years ago
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