<span>Allocative efficiency is the state of the economy in which production suits consumer needs and preferences. Every good or service produced holds value. Even the last unit is able to serve the customer and satisfy them, but the product must also maintain an equal balance between cost effectiveness and user satisfaction.</span>
Thousands of developers, lenders, and investors were victims of deflation in commercial real estate beginning in the 1980s and in 2007-2009.
- Private property in the form of land and buildings is referred to as real estate. Real estate comprises all resources on the land, such as water and minerals, and can be used for residential, commercial, or industrial purposes.
- Homes, workplaces, retail establishments, healthcare facilities, farms, and other structures are all instances of real estate. Real estate includes both the undeveloped area outside of our city and the road that takes us there. Due to the fact that the asset is tangible by nature, many individuals like working with and investing in it.
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92.35% of $74,000 is the business income.
<h3>What is the formula for self-employment tax?</h3>
- 92.35% of your net self-employment income is typically subject to self-employment tax. By deducting regular and required trade or business expenses from the gross income you received from your trade or business, you can determine net earnings.
- You must disclose your net income to Social Security and the Internal Revenue Service if you are self-employed (IRS). Your net earnings for Social Security purposes are your trade or business's gross earnings less all permitted business expenses and depreciation.
- By deducting regular and required trade or business expenses from the gross income you received from your trade or business, you can determine net earnings.
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Answer:
B) Promptly advise Ms. Smith that she did not comply with the Internal Revenue laws by failing to file federal income tax returns for the Year 1 and Year 2 tax years and of the consequences she may face under the Code and regulations.
Explanation:
Tom is required to tell Ms. Smith that she didn't file her taxes during the two previous years, maybe she isn't aware of it. He is also required to tell her about the serious consequences of not filing taxes. The IRS will fine Ms. Smith, but if she continues to not file her taxes then she might be sentenced to one year in jail. Probably Tom will end up filing Ms. Smith's taxes for years 1, 2 and 3.