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3 years ago

When working in the gig economy, what statement is true regarding your payroll taxes?

Business

1 answer:

juin [17]3 years ago

6 0

Answer:

c. You only have to pay half of your payroll taxes for Social Security but not for Medicare

Explanation:

This is true due to the fact that, payroll taxes is exempted from medicare as a result of the individual medicare subscription of the employees. <em>On the other hand, there is need for them to pay social security taxes towards the provision of the social amenities to the citizens.</em>

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Serena invents a device that uses body heat to power electronic devices. How would Serena's idea for this invention be classifie

LenKa [72]

B.) Entreprenuership

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3 years ago

Read 2 more answers

"To meet the customer's investment objective of tax advantaged income, the BEST recommendation is for the customer to:"

marishachu [46]

Customer Name: Jack and Jill Customer

Ages: 62 and 57

Marital Status: Married - 39 years

Dependents: None

Occupations: Jack - Manufacturing Manager - Dyno-Mite Corp.

Jill - Marketing Consultant - Self Employed

Household Income: $140,000 Joint Income

($100,000 for Jack and $40,000 for Jill)

Net Worth: $1,100,000 (excluding residence)

Own Home: Yes $420,000 Value, No Mortgage

Investment Objectives: Income / Tax Advantaged

Risk Tolerance: Moderate

Investment Time Horizon: 25 years

Investment Experience: 30 years

Tax Bracket: 30%

Current Portfolio Composition: Cash in Bank: $30,000

Growth Fund: $50,000

Variable Annuity: $50,000

Growth Stocks: $150,000

Retirement Accounts:

Jack's IRA: $100,000 invested in growth stocks

Jack's 401(k): $600,000 invested in Dyno-Mite Corp. stock

Jack's 529 Plan for Grandchild: $20,000 in growth mutual fund

To meet the customer's investment objective of tax advantaged income, the BEST recommendation is for the customer to:

A. immediately liquidate the entire Dyno-Mite position and invest the proceeds in high yield bonds

B. set a minimum and maximum threshold price to liquidate as much of the Dyno-Mite stock as the customer will permit, and invest the proceeds in high yielding common and preferred stocks

C. liquidate the IRA without penalty since Jack is past age 59 1/2, and use the proceeds to buy corporate income bonds

D. consider early retirement, since Jack is old enough to receive Social Security as a means of supplementing income

Answer:

B. set a minimum and maximum threshold price to liquidate as much of the Dyno-Mite stock as the customer will permit, and invest the proceeds in high yielding common and preferred stocks

Explanation:

Given that, the customer has a "moderate" risk tolerance level and dividend income is at the moment taxed at the preferential rate of 15%, therefore, it is expected that investments in high yielding common and preferred stocks will meet the customer's objective of tax-advantaged income.

Hence, the right answer is Option B. set a minimum and maximum threshold price to liquidate as much of the Dyno-Mite stock as the customer will permit, and invest the proceeds in high yielding common and preferred stocks

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4 years ago

Moonbeam Company manufactures toasters. For the first 8-months of 2017, the company reported the following operating results whi

bearhunter [10]

Answer:

Moonbeam Company

a. Incremental Analysis:

Sales revenue:

Units of toasters (21,600 at $8.12) $175,392

Variable costs (21,600 * $7.12) 153,792

Shipping costs 3,100

Total incremental costs $156,892

Incremental net income $18,500

b. Moonbeam should accept the special order. It has the required capacity to deliver the additional toasters. It will generate an incremental income of $18,500, which is better than nothing.

Explanation:

a) Data and Calculations:

Sales (350,000 units) $4,375,000

Cost of goods sold 2,600,000

Gross profit 1,775,000

Operating expenses 840,000

Net income $935,000

Operating capacity = 75%

Current sales = 350,000

Plant capacity = 466,667 units (350,000/75%)

Total Per Unit

Sales (350,000 units) $4,375,000 $12.50

Variable cost of goods sold = 1,820,000 ($2,600,000 * 70%)

Variable operating expense = 672,000 ($840,000 * 80%)

Total variable costs = $2,492,000 $7.12

Net income = $1,883,000

Special Order:

Incremental Sales revenue

Units of toasters (21,600 at $8.12) $175,392

Variable costs (21,600 * $7.12) 153,792

Shipping costs 3,100

Total incremental costs $156,892

Incremental net income $18,500

8 0

3 years ago

____ is a limited partnership agreement that may specify how profits and losses are to be allocated among the partners. If no ag

Leokris [45]

Answer:

The correct answer is: Share of Profits and Losses.

Explanation:

In a limited partnership, there are two types of partners, general and limited.

General partners invest capital and manage the business, and personally liable for debts. Limited partners only invest capital and do not manage a business, and are not personally liable for debts.

Share of Profits and Losses is an agreement that specifies how profits and losses are to be allocated among the partners.

In case there is no such agreement, RULPA which is a revision of ULPA provides that profits and losses are to be shared on the basis of capital contribution of each partner.

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3 years ago

The Matthews want to split their refund between savings and checking accounts. How is this accomplished, if possible? OA Complet

PSYCHO15rus [73]

Answer:

Option A is the right answer.

Explanation:

Matthews can split his refund in saving and checking accounts. Under form 8888 Allocation of refund, he can split his refund in 7 combinations, 3 direct deposits, 3 series saving bond and 1 paper check.

So long so our financial institution allows direct deposits for that type of account and has accurate account numbers, we will transfer our reimbursement to any of our checking or savings accounts with a US financial institution.

5 0

3 years ago