Answer:
B. You need a separate W-2 form from EACH of your employers in order to file your taxes.
Explanation:
Taxation can be defined as the involuntary or compulsory fees levied on individuals or business entities by the government to generate revenues used for funding public institutions and activities.
In order to ensure that, all employees pay taxes on the income earned throughout the year, the internal revenue service (IRS) has made it compulsory and mandatory for all employers to make available a W-2 Form to all their employees, so as to enable these employees fill out the total amount of wages, how much income tax is to be withheld from their respective paycheck in relation to their filing status and how much was paid as tax the previous year. Therefore, a W-2 form is used by an employer to report the wages paid to each employee, calculate how much tax should be withheld from his or her employee's paycheck and submitted to the internal revenue service (IRS).
Additionally, any employee who defaults in the payment of his or her income tax would be faced with stiff penalties such as failure-to-file, paying a fine etc.
Hence, the true statement regarding a W-2 form is that, as an employer you need a separate W-2 form from each of your employers in order to file your taxes.
Answer:Ben Bates graduated from college six years ago with a finance undergraduate degree. Although he is satisfied with his current job, his goal is to become an investment banker. He feels that an MBA degree would allow him to achieve his goal
Explanation:Hope you understand but this is not the whole thing if you want me to tell you the full answer follow and like and give 5 star rating please.
Answer:
Explanation:
The journal entry is shown below:
Land A/c Dr
To Cash A/c
To Note payable A/c $250,000
(Being the purchase of the land is recorded)
The computation is shown below:
The cash would be
= Cash paid + delinquent property tax paid + title insurance cost + emove an unwanted building cost
= $110,000 + $1,100 + $1,550 + $5,900
= $118,550
Answer:
Direct labor time (efficiency) variance= 16,497 favorable
Explanation:
Giving the following information:
Standard labor-hours per unit of output 10.3 hours
Standard labor rate $14.10 per hour
Actual hours worked 8,100 hours
Actual output 900 units
<u>To calculate the direct labor efficiency variance, we need to use the following formula:</u>
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Standard quantity= 10.3*900= 9,270
Direct labor time (efficiency) variance= (9,270 - 8,100)*14.1
Direct labor time (efficiency) variance= 16,497 favorable
