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pav-90 [236]
3 years ago
7

Freedom Inc. has 40 employees within Denver City and County. All of the employees worked a predominant number of hours within th

e city. The employees earned $8.30 per hour and worked 160 hours each during the month. The employer must remit $4.00 per month per employee who earns more than $500 per month. Additionally, employees who earn more than $500 per month must have $5.75 withheld from their pay.
What is the employee and company Occupational Privilege Tax for these employees? (Round your answers to 2 decimal places.)
Business
1 answer:
Paraphin [41]3 years ago
5 0

Answer:

the employee and company Occupational Privilege Tax for these employees is $92.00 and $64.00 respectively

Explanation:

The computation of the  employee and company Occupational Privilege Tax for these employees is shown below:

The Total amount with held from employees is

= 16 × $5.75

= $92.00

And, the total amount to be paid by the employer is

=16 × $4.00

= $64.00

hence, the employee and company Occupational Privilege Tax for these employees is $92.00 and $64.00 respectively

The same is relevant

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A country finds itself in the following situation: the government budget surplus is 2% of its GDP; private savings is 30% of GDP
DaniilM [7]

Answer:

The current account deficit will increase from 1% to 31% of GDP.

Explanation:

National saving and investment identity helps in understanding the determinants of trade and current account balance. The current account is in balance when the quantity demanded of financial capital is equal to the quantity supplied of financial capital.  

Here, the government saving or surplus and private savings are the supply of financial capital and investment indicates demand for financial capital.

The current account balance is

= Supply of capital - Demand for capital

= (30 + 2)% - 33%

= 32% - 33%

= -1%

So the current account is in deficit by 1% of GDP.  

If the private savings becomes zero, the current account balance will be

= Supply of capital - Demand for capital

= 2% - 33%

= -31%

The current account will be in deficit by 31%.

8 0
3 years ago
Profits from a sole proprietorship are reported as taxable income and
uranmaximum [27]

Profits from a sole proprietorship are reported as taxable income and (B) are subject to a self-employment tax of approximately 15%.

Explanation:

Sole proprietors are asked to  contribute  to both the Social Security and Medicare systems,this type of  contributions is known as the  "self-employment taxes."

Self-employment taxes are considered equal to the  payroll tax in case of an  employees of a business. Regular employees are said to make their  contributions to the above mentioned  two programs in form of  deductions fr, sole proprietors  make such contributions when the pay their  income tax

The rate of  self-employment tax  is 15.3%, which is further divided as  12.4% of  Social Security  and 2.9% of  Medicare .

Thus we can say that Profits from a sole proprietorship are reported as taxable income and (B) are subject to a self-employment tax of approximately 15%.

8 0
3 years ago
Read 2 more answers
You have just won the lottery and will receive $460,000 in one year. You will receive payments for 27 years, and the payments wi
Zepler [3.9K]

Answer:

The present Value of my winnings = $4,578,716.35

Explanation:

An annuity is a series od annual cash outflows or inflows which payable or receivable for a certain number of periods. If the annual cash flow is expected  to increase by a certain percentage yearly, it is called a growing annuity.

To work out the the present value of a growing annuity,

we the formula:

PV = A/(r-g) ×  (1-  (1+g/1+r)^n)

I will break out the formula into two parts to make the workings very clear to follow. So applying this formula, we can work out the present value of the growing annuity (winnings) as follows.

A/(r-g)

= 460,000/(12%-3%)

= $5,111,111.11

(1-  (1+g/1+r)^n

1 - (1+3%)/(1+12%)^(27)

=0.8958

PV = A/(r-g) ×  (1-  (1+g/1+r)^n)

$5,111,111.11 × $0.8958

= $4,578,716.35

The present Value of my winnings = $4,578,716.35

5 0
3 years ago
we come to them who weep foolishly and sit down and cry for company, instead of imparting to them truth and health in rough elec
gtnhenbr [62]

Answer:

Emerson elaborates what is know as rough love

Explanation:

Sometimes to bring out the best in a person it is necessary to do things against his or her will, this happens a lot in cases where the parent educates the child or a close family member or friend worries for the welfare of the loved one, and is determined to taking action to change the situation and that includes applying discipline; or for example, hiding drinks from an alcoholic's son or even punishing a children for misbehave.

Emerson elaborates this in a succinct and not too apparent way, emphasizing the need for relationship with discipline.

4 0
3 years ago
Gleason Company reported net income of $242,000 for the year. During the year, accounts receivable increased by $32,000, account
Degger [83]

Net cash provided by operating activities for the year is $265,000. $102,000. $242,000. $337,000 is :- <u>$265,000</u>

What is depreciation expense?

A fixed asset's share that has been deemed consumed in the current period is subject to depreciation expense. The cost is subsequently added to the expense list. With this charge, the carrying amount of fixed assets will be steadily decreased as their value is depleted over time. There is no cash outflow related to this item because it is non-monetary.

When an entry is made to the depreciation expenditure account, the contra asset account that offsets the fixed assets (asset) account is the accumulated depreciation account. Over the course of a fiscal year, the balance in the depreciation expenditure account grows; at year's end, the account is flushed out and its balance is reset to zero.

To learn more about depreciation expense with the help of given link:

brainly.com/question/25530648

#SPJ4

4 0
1 year ago
Read 2 more answers
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