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
vfiekz [6]
3 years ago
5

Patrick has a written independent contractor agreement with his broker Tami. Last year, about 25% of his income came from sales

commissions. The other 75% came from an hourly wage paid by Tami. For income tax purposes, the IRS would probably classify Patrick as:
A) An independent contractorB) A self-employed personC) An employeeD) A real estate assistant
Business
2 answers:
melomori [17]3 years ago
7 0

Answer:

The correct answer here is C) an employee .

Explanation:

Even though Patrick has written independent contract agreement with his broker, he will be considered an employee not independent contractor because Patrick is earning 75% of his total income from his broker on a hourly wage and that is paid to him on normal pay date , while the independent contractors are paid when the accounts payable receives the invoice, usually independent contractors are paid after the completion of task or at the end of a period.

marin [14]3 years ago
7 0

Answer:

A) An independent contractor

Explanation:

The IRS uses the following 3 criteria to determine if a worker is an employee or not:

  1. Behavioral: does the employer control what the worker does? if +, employee
  2. Financial: does the employer have control over how and what amount a worker is paid? if +, employee
  3. Type of Relationship: Does the worker have any written contract or any does he/she receive any type of benefits? Does the relationship between the employer and the worker permanent? If +, employee

Apparently Patrick would fit quite well into the criteria of being an employee, but since he has a written agreement that states that he is an independent contractor, then that is how he should be classified. Also, it must be considered how Patrick pays his taxes, but we were not given that information.

Some states use a more strict parameter to determine if a worker is an employee, but that is not the case here.

You might be interested in
If a company has three bank accounts for processing payments, what is the minimum number of ledgers it needs?
earnstyle [38]
A Company needs three ledgers if it has three bank accounts for processing payments. Three ledgers need for each of the bank accounts.

This three ledger provide more efficient and effective in maintaining each of the accounts and the payment process related to the account. This method will make the bank reconciliation process easier too.
6 0
3 years ago
Mack's guitar fabrication shop produces low cost, highly durable guitars for beginners. Typically, out of the 100 guitars that b
Anuta_ua [19.1K]

Answer:

a. Labor productivity is 16.67 per hour

b. Multifactor productivity = 0.93

Explanation:

a.

Number of guitars produced = 100

Guitars good enough to sell = 80%

Number of guitars good enough to sell = 80% * 100 = 80 guitars.

Selling per price = 250

Labour hours per guitar = 12 hours

Value of output = 250 * 80 = 20.000

input in labor hourse = guitars produced * labors per guitar = 100 * 12 = 1200 hours

Labor productivity = output/input = 20.000 / 1.200 = 16.67 per hour

Therefore, labor productivity is 16.67 per hour

b.

labor cost = 11 per hour

material cost= 42 per guitar

overhead cost = 4.000

total labor cost = guitars produced* labor cost per hour*labor hours per guitar

= 100*11*12

=13.200

Total material cost = guitars produced * material cost per guitar = 100 * 42 = 4.200

Multifactor productivity = output / labour cost + material cost + overhead cost

Multifactor productivity = 20.000 / (13200 + 4200 + 4000)

Multifactor productivity = 20.000 / 21.400

Multifactor productivity = 0.93

4 0
3 years ago
Consider a European put option with strike price $30 and time to expiration 1 month. Assume the underlying stock price does not
dexar [7]

Answer:

$7.90

Explanation:

Calculation for lower bound on the current value of the European put option

Using this formula

Lower bound current value for European put option = Ke^–rt –So

Where,

Rf represent risk free rate 4%

K represent (Strike price) = $30

(t) represent Time = 1 month = 1/12 year

(So) represent Stock price = $22

Let plug in the formula

Lower bound current value for European put option = [30e^–0.04 x (1/12) ] – 22

Lower bound current value for European put option = $29.90 – $22

Lower bound current value for European put option = $7.90

Therefore the lower bound on the current value of the European put option will be $7.90

6 0
3 years ago
refers to a system under which a country's currency is nominally allowed to float freely against other currencies, but in which
Temka [501]

Answer:

A Dirty Float

Explanation:

A dirty float or managed float, refers to a floating exchange rate system operated by a country's central bank where there are occasional interventions in the foreign excange markets to influence the demand and supply with the intention of curbing perceived volatilities in the currency.

As stated in the question, the intervention of the Central Bank will usually occur when it believes that the currency has deviated too far from its fair value.

The dirty float system is a buffer against external economic influences that may want to disrupt the foreign exchange market in a country.

Actually, from 1946-1971, many industrialized nations around the world operated the fixed exchange rate system or the Bretton Woods agreement but this changed August 15, 1971, when President Richard Nixon decided to exit the United States from this system and till date most nations that intend to protect their domestic markets and industries against external foreign influences have adopted the dirty float exchange system.

8 0
3 years ago
Would you say that systems that have higher efficiency ratios than other systems will always have higher utilization ratios than
SashulF [63]

Complete Question:

Determine the utilization and the efficiency for each of these situations:

a. A loan processing operation that processes an average of 7 loans per day. The operation has a design capacity of 10 loans per

day and an effective capacity of 8 loans per day.

b. A furnace repair team that services an average of four furnaces a day if the design capacity is six furnaces a day and the

effective capacity is five furnaces a day.

c. Would you say that systems that have higher efficiency ratios than other systems will always have higher utilization ratios than

those other systems? Explain.

Explanation:

It's not (true) actually. Whether the design capacity is comparatively (high), the utilisation could be (low) even though the efficiency was (high).

Utilisation = Output / Design capacity = \frac{17}{10} x 100%

Efficiency = Output / Effective capacity = \frac{7}{8}

Utilisation = \frac{4}{6}

Efficiency  = \frac{4}{5}

U = 1000/2000

e = 1000/1000

4 0
3 years ago
Other questions:
  • Riverwalk Corporation is liquidated, with Juan receiving $5,000 in money, other property having a $6,000 FMV, and a $1,000 mortg
    12·2 answers
  • Anthony, the plant manager, was talking with another manager about tim, the lead engineer in the corporate r & d department.
    10·2 answers
  • Suppose Apple builds a plant in Taiwan and agrees to take 30% of the plant's output as
    15·1 answer
  • On July 1, 2020, Marigold Corp. pays $13,200 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal
    6·1 answer
  • In 1999, oil producers in the Middle East nearly tripled the price of crude oil. You might think that this would be bad for U.S.
    10·1 answer
  • On June 1, 2019, Cain Company, a new firm, paid $4,300 rent in advance for a five-month period. The $4,300 was debited to the Pr
    14·1 answer
  • Global institutions are needed to _____. Multiple choice question. shift economic power away from national governments prevent f
    5·1 answer
  • Demonstrate your understanding of the difference between intrapreneurs, entrepreneurs and managers and their role in organizatio
    8·1 answer
  • Using the allowance method of accounting for uncollectible receivables, the entry to reinstate a specific receivable previously
    7·1 answer
  • Currently in the united states, money is backed by:____.
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!