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3 years ago

In general, is the U.S. federal tax system progressive or regressive?

Business

1 answer:

Lubov Fominskaja [6]3 years ago

3 0

Answer:

1- (a) Progressive.

2- (a) As a capital gain taxed at the long-term tax rate.

3- decreased, reduce, greater

4- required

5- Dividends paid.

Explanation:

1- In the U.S. federal income taxes are progressive. They take a larger share of income as the income grows. People with higher incomes will pay a large percentage of their income as federal tax and people with lower incomes will pay a lower percentage of income.

2- The share are purchased and sold after few years. The investment is kept for more than a year than its capital gains will be taxed at the long-term tax rate.

3- Depreciation expense is considered as a tax shield. The larger the depreciation expense, the lower will be the taxable income.

4- The tax payers are liable to pay greater if AMT liability or regular tax liability under tax law 1969.

5- Dividends paid are not deducted to derive taxable income. Interest paid is deducted from operating income to calculate taxable income.

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For jacobs company, the predetermined overhead rate is 70% of direct labor cost. during the month, $600,000 of factory labor cos

kolbaska11 [484]

First find the amount of direct labor cost by subtracting the amount of indirect labor cost from the amount of factory labor cost
Direct labor cost is
600,000−140,000=460,000

The amount of overhead debited to work in process inventory should be
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Answer 322000

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3 years ago

Riley, age 16, and Samuel, age 36, enter into a contract in which Riley will sell Samuel his car for $11,000. The next day, Samu

Olin [163]

Answer: The answer is that Riley cannot enforce the contract because he is a minor.

Explanation:

Contract is an agreement between two or more individuals which is enforceable by the law. For a contract to be considered valid in law it must contain some essential elements such as the following

Offer: This is the person who is making the offer in the contract agreement, known as the offeror

Acceptance : This is the person who is willing to accept the offer, known in this case as the offeree.

Consideration : The law states that, all simple contract must be supported by value consideration known as price.

Intention to create legal relations :The parties in contract must agree to enter into a legal relationship as regard the contract.

Capacity : The law also states that, The parties in contract must be capable of entering into contract at the time of coming into the contract. In other words, the person must be of age of 18 years and above.

Legality : The contract must not contrary to the law , it must be seen to be legal according to the law .

Therefore, in the question under review, Riley is 16 years, by law he is a minor, he has not fulfilled one of the essential elements of a valid contract which is capacity. The law states that, any contract enter into with a minor is null and void according to law.because, as at the time of entering into the contract such a minor is not capable of entering into the contract. Therefore, Riley will not be able to enforce the contract because he is a minor.

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3 years ago

New York City limits the number of taxi cabs that can legally operate in the city. The most likely result of this practice is th

stich3 [128]

Answer:

cab fares will be higher.

Explanation:

The supply of cabs would fall as a result of the limit. The fall in supply would lead to a rightward shift of the demand curve for cabs.

As a result, equilibrium price (cab fares) would increase and equilibrium quantity would fall.

subway is a substitute for cabs

Due to the increase in the price of cabs, there would be an increase in the demand for subway. This would lead to a rise in equilibrium price and quantity

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3 years ago

When empty, the bladder is much smaller than when it is full. since the bladder must be able to stretch and expand as it fills,

Dmitry_Shevchenko [17]

Transitional epithelium

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3 years ago

How do banks make a profit?

fiasKO [112]

Banks make a profit by c. charging interest

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3 years ago