Answer:
Government's tax revenues would decrease by $1,250
Explanation:
Please refer the complete question below
Song earns $100,000 taxable income as an interior designer and is taxed at an average rate of 20 percent (i.e., $20,000 of tax). Answer the questions below assuming that Congress increases the income tax rate such that Song's average tax rate increases from 20 percent to 25 percent.
What will happen to the government’s tax revenues if Song chooses to spend more time pursuing her other passions besides work in response to the tax rate change and therefore earns only $75,000 in taxable income
If Song opts for pursuing his other passions he will end up earning $75,000 and therefore since the tax rate is now 25% he will have to pay $18,750 ($75,000 x 25%) as against the $20,000 ($100,000 x 20%) taxed previously and hence government's tax revenues would decrease by $1,250 ($20,000 - $18,750).
<span>a.price floor
Where the government fixes the minimum retail price</span>
Answer:
1. Transaction will have effects on Balance Sheet in the Assets Section and will be classified as an Investing Activity in the Statement of Cash flows.
2. Transaction will have effects on Balance Sheet in the Liability Section and will be classified as a Financing Activity in the Statement of Cash flows.
3. Transaction will have effects on Income Statement in the Revenue Section and will be classified as an Operating Activity in the Statement of Cash flows.
4. Transaction will have effects on Income Statement in the Revenue Section and will be classified as an Operating Activity of the Statement of Cash flows.
5. Transaction will have effect on Income Statement in the Expense Section and will be classified as a Financing Activity in the Statement of Cash flows.
Explanation:
1. Falcon purchases common stock of Wildcat. This is classified in the investments tab of the assets account. This will be reflected in balance sheet. The transaction is classified in the investing activity.
2. Falcon borrows from Wildcat and signs Notes payable this will have effects in balance sheet liability account. This is financing activity.
3. Falcon receives Dividend revenue from Wildcat. This will be reflected in income statements as revenue. It will operating activity.
4. Falcon provides services to Wildcat , this is reflected in income statement as revenue. This will appear under operating activity.
5. Falcon pays interest on the borrowings to Wildcat. This is income statement items and is an expense. It belongs to financing activity.
Its gross profit could be identical to its net revenue. There might not be a cost of goods sold in a service business. There is no distinction between net revenue and gross profit in this instance.
<h3>What are businesses?</h3>
- The practice of earning a living or generating revenue via the production, acquisition, and sale of items is known as business (such as goods and services).
- Additionally, it includes "any activity or enterprise undertaken for profit."
- The owner of the business is responsible and liable for any obligations made by the business since the business entity is not legally distinguished from the owner by the use of a business name.
- If a firm accrues debt, creditors may seize the owner's personal property.
- Corporate tax rates are not permitted in a firm structure.
- All business income is subject to personal taxation for the proprietor.
<h3>What is Management?</h3>
- Management (or managing) is the process of overseeing the operations of a company, nonprofit, or governmental entity.
- It is both the science and the art of managing a company's resources.
- Setting an organization's strategy and managing employee (or volunteer) efforts to achieve goals through the use of available resources, such as financial, natural, technological, and human resources, are included in management.
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If a firm has 50 employees at the point it applies for health coverage, it classifies as a small employer.
To be eligible for small business medical health insurance, an agency has to have between one and 50 employees. This is taken into consideration as a small commercial enterprise for purposes of purchasing organization medical health insurance. When you have extra than 50 employees, you will need to: observe for huge group insurance
Under the ACA, employers with 50 or greater full-time employees (or the equal in element-time personnel) ought to offer health insurance to 95% of their complete-time personnel or pay a penalty to the IRS. This penalty is pretty hefty—$3,860 in step with the worker in line with the year (in 2020).
The Affordable Care Act (ACA) is a comprehensive reform law, enacted in 2010, that will increase medical health insurance coverage for the uninsured and implements reforms to the medical health insurance market. This consists of many provisions which are constant with AMA coverage and holds the capacity for a higher health care system.
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