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aivan3 [116]
3 years ago
9

etween 2017 and​ 2018, a small​ businessperson's income increased from​ $200,000 to​ $220,000. The annual state income taxes tha

t she paid increased from ​$5 comma 200 to ​$6 comma 300. What was her marginal state income tax rate in​ 2018? Did this individual experience​ proportional, progressive, or regressive​ taxation? Explain briefly This small​ businessperson's marginal state income tax rate in 2018 was nothing percent
Business
1 answer:
a_sh-v [17]3 years ago
8 0

Answer:

To determine the marginal tax rate that the businessman paid in 2018, we must obtain the percentage that 6,300 represents in a total of 220,000. This is obtained through a cross multiplication:

220,000 = 100

6,300 = X

(6,300 x 100) / 220,000 = X

2.86 = X

As we can see, the tax rate that this businessman had to pay in 2018 was 2.86% of his income.

Now, in 2017, having obtained a profit of $ 200,000, he paid taxes of $ 5,200:

200,000 = 100

5,200 = X

(5,200 x 100) / 200,000 = X

2.6 = X

Therefore, in 2017 he paid taxes for 2.6% of his earnings.

As we can see, his marginal tax rate increased from 2.6% to 2.86% due to higher profits, which is a situation of progressive taxation.

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An entrepreneur opened a specialized business on her land. After using up most of her capital to purchase inventory, however, th
gregori [183]

Answer:

C) The friend may sell the land only after formally foreclosing on the property.

Explanation:

The friend is not the current owner of the land, but he will be if he forecloses the property. The friend received the deed for security purposes, but the ownership was not transferred. This deed can be treated as a mortgage and the friend (creditor) needs to foreclose it thorough a judicial actions before being able to sell it to a third party.

The friend may sell the land, but only after formally foreclosing

8 0
3 years ago
Paul consumes only books and DVDs. At his current consumption​ bundle, his marginal utility from DVDs is 21 and from books is 4
Nat2105 [25]

Answer:

Paul is NOT maximizing his utility.

Explanation:

Given:

MU_{D} = Marginal utility from DVDs = 21

MU_{B} = Marginal utility from books = 4

P_{D} = Price of DVDS = $11

P_{B} = Price of books = $1

Under the utility maximization theory for two or more goods, utility is said to be maximized by a consumer when the ratios of the marginal utility to price per unit of each good are equal to each other. For this question, this implies that when we have:

MU_{D} / P_{D} = MU_{B} / P_{B} ………………………….. (1)

Therefore, we have:

MU_{D} / P_{D} = 21 / 11 = 1.91

MU_{B} / P_{B} = 4 / 1 = 4

Since 1.91 = MU_{D} / P_{D}  < MU_{B} / P_{B} = 4, this implies that these conditions are NOT consistent with equation (1). Therefore, Paul is NOT maximizing his utility.

In order to maximize his utility, Paul should consume more DVDs and consume less books until these conditions are consistent with equation (1).

7 0
3 years ago
Which of the following is correct?
Eduardwww [97]

Answer:

The correct answer is option D.

Explanation:

The Bureau of Labor Statistics is a unit under the US department of labor. It is tasked with collecting information on the labor market, prices, and productivity and provide statistical data on its basis.  

The unemployment rate is calculated on the basis of data collected through a monthly survey called the current population survey.

The part of the adult population which is either working or do not have a job but are actively looking for one are included in labor force. Discouraged workers or those who are unemployed but not looking for jobs actively are not included.

Unemployed homemakers are not counted as employed, they are not included in the labor force either. They are considered out of the labor force as they do not have a job and are not looking for one.  

All full time and part-time workers are counted as employed.

6 0
3 years ago
Bindy Crawford created a corporation providing legal services, Skysong, Inc., on July 1, 2022. On July 31 the balance sheet show
ad-work [718]

Answer:

Bindy Crawford

1. Tabular Analysis of the August Transactions:

       Cash   Accounts  Supplies  Equipment  Accounts  Common  Retained

                  Receivable                                      Payable                    Earnings

7/31   $4,600  $7,400      $730        $9,900      $9,100    $11,700       $1,830

8/1      +1,200   -1,200

8/4     -2,770                                                        -2,770

8/9     +3,510  +2,540                                                                           +6,050

8/15       -510                                       +4,180     +3,670

8/19   -2,480                                                                                          -2,480

8/23     -670                                                                                             -670

8/26 +5,700                                                      +5,700

8/31      -370                                                                                             -370

8/31  $8,210  $8,740       $730       $14,080  $15,700     $11,700     $4,360

2. Income Statement for the month of August

Service revenue                $6,050

Salaries expense    $1,390

Rent expense              760

Advertising expenses 330

Utility expenses          370   2,850

Net income                        $3,200

3. Retained Earnings Statement for the month of August

Retained earnings, July 31    $1,830

Net income                             3,200

Dividends                                  (670)

Retained earnings, Aug. 31 $4,360

4. Classified Balance Sheet as of August 31

Assets

Current Assets:

Cash                        $8,210

Accounts receivable 8,740

Supplies                       730     $17,680

Long-term Assets:

Equipment                              $14,080

Total assets                            $31,760

Liabilities and Equity

Current liabilities:

Accounts Payable 10,000

Notes Payable        5,700      $15,700

Equity:

Common stock      11,700

Retained earnings 4,360     $16,060

Total liabilities and equity    $31,760

Explanation:

a) Data and Analysis:

8/1 Cash $1,200 Accounts receivable $1,200

8/4 Accounts payable $2,770 Cash $2,770

8/9 Accounts receivable $2,540, Cash $3,510 Service revenue $6,050

8/15 Equipment $4,180 Cash $510 Accounts payable $3,670

8/19 Salaries expense $1,390, Rent expense $760, Advertising expenses $330 Cash $6,150

8/23 Cash dividend $670 Cash $670

8/26 Cash $5,700 Note payable (American Federal Bank) $5,700

8/31 Utility expenses $370 Cash $370

Tabular Analysis of the August Transactions:

       Cash   Accounts  Supplies  Equipment  Accounts  Common  Retained

                  Receivable                                      Payable                    Earnings

7/31   $4,600  $7,400      $730        $9,900      $9,100    $11,700       $1,830

8/1      +1,200   -1,200

8/4     -2,770                                                        -2,770

8/9     +3,510  +2,540                                                                           +6,050

8/15       -510                                       +4,180     +3,670

8/19   -2,480                                                                                          -2,480

8/23     -670                                                                                             -670

8/26 +5,700                                                      +5,700

8/31      -370                                                                                             -370

8/31  $8,210  $8,740       $730       $14,080  $15,700     $11,700     $4,360

7 0
3 years ago
At the time of his death on July 9, Aiden held rights in the following real estate: Fair Market Value (on July 9) Apartment buil
VladimirAG [237]

Answer:

The answer is \$1,200,000"".

Explanation:

\to [\$500,000 (\frac{1}{3} \times \$1,500,000) + \$250,000 (\frac{1}[3}  \times \$750,000 + \$450,000 (\frac{1}[2}  \times \$900,000]\\\\\\to \$1,200,000

Though this tree farm is jointly held, Aiden is assumed to have given 1/3 of the treatment because his mother gave her a gift to create the lease. The tenancy of the major chunk is subjected to the fifty percent spouse exclusion rule. None of the structures is included as Chloe does not escape Aiden.

6 0
2 years ago
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