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docker41 [41]
3 years ago
14

Eva received $55,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $7,000 in business expenses relating to

her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,000. Based on these facts answer the following questions:a. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for the year? (Round your final answer to the nearest whole dollar amount.)b. Assume that Eva is considered to be an employee. What is her regular income tax liability for the year? (Round your final answer to 2 decimal places.)c. Assume that Eva is considered to be a self-employed contractor. What is her self-employment tax liability and additional Medicare tax liability for the year? (Round your intermediate computations & final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.)d. Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year?

Business
1 answer:
larisa [96]3 years ago
3 0

Answer:

A. $4200

B. $7,599.20

C. $6,782

D. $3,113

Explanation:see attached file

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Onslow Co. purchased a used machine for $144,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the
il63 [147K]

The information is incomplete, but we can assume that the machine was sold at the fifth year for an X amount of money, so we should prepare the journal records. Since we are not given the sales amount, I will just use any number, like $50,000. You can adjust the calculation depending on the exact sales amount.

Explanation:

January 2, Year 1, purchase of machine:

Dr Machinery 144,000

    Cr Cash 144,000

January 3, Year 1, additional expenses needed to put machine into service (electric wiring):

Dr Machinery 10,000

    Cr Cash 10,000

January 3, Year 1, additional expenses needed to put machine into service (installation):

Dr Machinery 2,000

    Cr Cash 2,000

The machine's total cost = $144,000 + $10,000 + $2,000 = $156,000

depreciation expense per year = ($156,000 - salvage value) / 6 years = ($156,000 - $17,280) / 6 = $23,120

Accumulated depreciation during 5 years = $23,120 x 5 = $115,600, carrying value = $156,000 - $115,600 = $40,400

If the machine is sold at $50,000, the journal entries should be:

December 31, year 5, machine is sold:

Dr Cash 50,000

Dr Accumulated depreciation $115,600

    Cr Machinery 156,000

    Cr Gain on disposal 9,600

Gain on disposal = cash received - carrying value = $50,000 - $40,400 = $9,600

4 0
3 years ago
Would rocks make a good form of money? Explain why or why not?
barxatty [35]

Answer:

no.

Explanation:

They are to common.

8 0
4 years ago
An investment firm provides its customers mobile applications that significantly simplify traditional investing activities. For
Lunna [17]

The Differentiation strategy is used by the investment firm in standing out in the industry.

<h3>What is Michael Porter strategy? </h3>

A strategy is defined by Porter as a competitive position that is deliberately chosen as a different set of activities to deliver a unique mix of value.

The Generic Strategies model of Michael Porter includes:

  • Cost Leadership
  • Differentiation
  • Focus.

These strategy are important because they provide an options for organizations to gain competitive advantage.

In conclusion, the Differentiation strategy is used by the investment firm in standing out in the industry.

Read more about Porter strategy

<em>brainly.com/question/24843525</em>

5 0
3 years ago
At a widget store, the average widget sells for $20 with a profit of $5. Five applicants for a sales position, along with their
SIZIF [17.4K]

Answer:

I will hire the person who capable of generating maximum benefits from the rest of the applicants. This means that the chosen candidate has the capability of generating higher profits after commision from the rest of the candidates. This is what we call the most efficient candidate on the basis of cost benefit analysis.

4 0
3 years ago
You have recently found a location for your bakery and have begun implementing the first phases of your business plan. Your budg
kvasek [131]

Answer:

$118250

Explanation:

You have $118250 at your disposal to spend; regardless of it being a loan or not.

Cheers

8 0
4 years ago
Read 2 more answers
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