Answer:
a) Tax paid to the state, federal, and local governments based on income earned over the past year.
Explanation:
Income tax is the tax imposed on workers by the state or federal government. It is based on a worker's regular pay, for example, a monthly salary or wage. Income tax is usually a percentage of gross income.
Payment of income tax is mandatory. Employers are required to withhold the income tax amount and submit it to the state or federal government.
Answer:
.,............. ....................................................
Answer:
58,500
Explanation:
Given the information above, the formula for Inventory loss is
Inventory loss = Opening inventory + Purchases - Cost of sales
Where,
Cost of sales = $432,000 × 100 ÷ 160
=$270,000
Since opening inventory = $153,000
Purchases = $175,500
Therefore,
Inventory loss = $153,000 + $175,500 - $270,000
= $58,500
If we didnt know the value of money, then youll never truly know how much you have, you could see that lettuce is "1.00" and all you have are pennies, but to you, its one peny which you would be disappionted to find out that you dont have enough at all. knowing the value of money is extremely important
