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Blizzard [7]
4 years ago
12

Adam Fleeman, a skilled carpenter, started a home improvement business with Tom Collins, a master plumber. Adam and Tom are conc

erned about the payroll taxes they will have to pay. Assume they form an S corporation and each earns a salary of $90,000 from the corporation; in addition, they expect their share of business profits to be $76,750 each. How much Social Security tax and Medicare tax (or self-employment tax) will Adam, Tom, and their corporation have to pay on their salary and profits?
Business
1 answer:
makkiz [27]4 years ago
8 0

Answer:

on average medicare tax is 1.45 % tax and social security is 6.25 % so simply multiply by those numbers their net income and go from there

Explanation:

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merchandise costing 1200 is sold for 2200 on term 2/30,n/60. If the customer pays within the discount period. Prepare the journa
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Answer:

The journal entries are as follows:

(a) Accounts receivables [$2,200 - 2%] A/c Dr. $2,156

             To Sales revenue                                              $2,156

(To record the sale)

(b) Cost of Goods Sold A/c Dr. $1,200

          To inventory                                $1,200

(To record the cost of goods sold)

(c) Cash A/c Dr. $2,156

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3 0
3 years ago
Each of the following describes a not for profit activity (hobby) except?
g100num [7]

Answer:

A Mary Kay consultant who deducts travel expenses and whose small customer base was mostly relatives who lived out of town.

Explanation:

A not for profit activity (or hobby) is something that you do simply because you like to do it and generally you should not make a profit from doing it.

A Mary Kay consultant is actually a salesperson whose job is to sell Mary Kay products. Whether she is able to make a profit or not is something different, but selling Mary Kay is actually considered work. Since they are independent consultants, they are considered independent contractors that must file their income taxes.

4 0
3 years ago
Macroeconomic analysis is concerned with: Group of answer choices government regulation of industry The structure of a market an
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Answer:

The answer is C.

Explanation:

Macroeconomics is the study of the economy as a whole, unlike microeconomics which is the study of the individual firms/markets.

Macroeconomics focuses on the standard of living, unemployment rate, inflation rate etc. and how this affects the whole economy.

Option A is wrong because it is the microeconomics and not macroeconomics that studies the market and the firm.

Option B and D are wrong because these are for microeconomics

8 0
3 years ago
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When we say informal sectors, these are organizations that are excused from being taxed or monitored by the government. In this sector, their activities are not part of the <span>gross national product and gross domestic product. Although this kind of economy has some negative impact for some, it can be effective and also helpful in providing jobs especially for the poor ones.</span>
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3 years ago
What would be the purpose of this meeting ? Jessica finds out that the government introduced a new trade policy that will increa
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To discuss the business opportunity given by the government
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4 years ago
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