Answer:
Gwen's social security benefits are not taxable.
Explanation:
Social security benefits are taxable when the all other income plus 50% of the social security benefit exceeds $25,000
Total income of Gwen is Wages of Part-time job $5,000 plus 50% of social security benefits and pension comes to $23,500 .
Therefore, Gwen's social security benefits are not taxable.
Answer:
b. $100,420
Explanation:
Amount paid for investment $100,000
Add: Share of net income $400
($1000*40%)
Add: Share of other comprehensive income <u>$20 </u>
($50*40%)
Investment at the end of 2021 <u>$100,420
</u>
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Answer:
H and M, Gap, Gucci, Marshalls, Forever 21
Or Walmart
Explanation:
:)
Answer:
D. Medicare
Explanation:
Medicare is a federal tax imposed on all workers. It is a compulsory deduction based on the worker's gross pay. Employers are required to withhold the medicare tax amounts are remit to the government. Medicare is used by the federal government to provide medicare care to senior citizens aged 65 years and above.
Life Insurance, 401(k), and Health Insurance are voluntary deductions. The employer withholds the amounts and remits them to the relevant agency as per the employee's request.
Answer:
Accrual basis accounting
Explanation:
Under Accrual basis of accounting, income is recognized when it is earned and not when actual cash is paid or received.
Under cash basis of accounting, income is only recognized when actual cash is received.
Accrual basis of accounting ensures transactions pertaining to a period are recorded in that period and it depicts more accurate financial picture unlike in cash accounting wherein income for a period might be overstated or understated.
Following cash basis of accounting is not in accord with both US GAAPs (generally accepted accounting principles) and IFRS.