It is false because the individual income taxes contributed about $1.718 trillion in Fiscal Year 2019 while Social Security and Medicare taxes only contributed $1.242 trillion.
<h3>What is an Income tax?</h3>
These are tax imposed on earned income by people in a country while the Social Security and Medicare taxes are imposed on people income while working as well.
However, the individual income taxes contributed about $1.718 trillion in Fiscal Year 2019 while Social Security and Medicare taxes only contributed $1.242 trillion.
Therefore, the Option C is correct.
Read more about Income tax
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Home loan amount = $165,000
Estimated closing costs = $6,187.50
% of estimated closing cost = ?
$165,000 * x% = $6,187.50
x% = $6,187.50 ÷ $165,000
x% = 0.0375
x = 0.0375 x 100 = 3.75
Therefore, estimated closing costs = 3.75% of loan amount = 3.75% of $165,000
Actual closing costs = 3.5% of loan amount = 3.5% of $165,000 = $5775
Difference in estimated and actual closing cost percent = 3.75% - 3.5% = 0.25%
The closing costs were lower than the estimate by 0.25%
Answer:
$8750.87
Explanation:
This is compound interest problem. The formula used to solve this would be:
Where
F is the future value (what we want, after 3 years)
P is the initial value (given 6900)
r is the rate of interest per period
here, 8% per year, so 8/4 = 2% per period (since compounded per quarter)
t is the time (3 years and compounding per year so times of compounding is 3*4 = 12), so t = 12
Substituting, we get our answer:
<u>There will be about $8750.87 at the account at the end of 3 years!</u>
Answer:
Desert Company
The amount of notes payable that should be recorded as a current liability will be $520,000.
Explanation:
The 8% notes payable had been refinanced to a long-term notes payable. But, the 7% notes payable was still being negotiated for refinancing. Since the refinancing had not been agreed, the notes payable would still have a balance of $520,000. However, a note in accounts could state the fact that the notes payable was being negotiated for refinancing.
The partnership most likely formed is a general partnership.
<h3>What is a general partnership?</h3>
A general partnership is when two or more people come together to form a business. The people who come together to create the business are referred to as partners.
In a general partnership, all the partners are responsible for the running the company. All the partners have an unlimited liability.
To learn more about partnerships, please check: brainly.com/question/9909227
