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stellarik [79]
3 years ago
13

In 2020, Miranda records net earnings from self-employment of $158,500. She has no other gross income. Determine the amount of M

iranda's self-employment tax and her for AGI income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is $fill in the blank 1 and sh
Business
1 answer:
grandymaker [24]3 years ago
3 0

Answer:

Miranda's self-employment tax = $21,320

AGI income tax deduction = $10,660

Explanation:

Particulars                                                    Amount

Net Earnings from Self Employment          $158,500

Taxable Self employment Earnings           $146,374.75

(158,500*92.35%)

Social Security Tax ($137,700*12.4%)         $17,074.80

Medicare Tax ($146,375*2.9%)                   $4,244.88

Self employment Tax = Social Security tax + Medicare tax

Self employment Tax = $17,074.80 + $4,244.88

Self employment Tax = 21,320

Taxpayer are allowed a deduction for AGI of 50% of self-employment tax.

= $21,320*50%

= $10,660

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A binding minimum wage will increase the income of Question 7 options: A. all workers. B. potential workers seeking employment.
katovenus [111]

Answer:

D. only those workers in jobs that would normally pay more than minimum wage.

Explanation:

A minimum wage is a price floor implemented by the government, which ensures that an employer must pay a minimum rate of pay to an employee, and anything lower than this rate of pay is illegal. “A minimum wage is binding if it is set above the equilibrium wage.

5 0
3 years ago
Read 2 more answers
Ernest Burns, Orlando summemour, and randy Hatcher formed swi Partners, a general partner- ship. J. t. turner Construction Compa
SpyIntel [72]

Answer:

Summemour and Hatcher WERE JOINTLY and SEVERALLY LIABLE

Explanation:

What is Partnership

Partnership is a form of business, where individuals come together to carry on business with the primary intention of making profit. Mostly, they come together by contributing capital and expertise to make the business work . Every partner is however liable and responsible for both the profit made and the losses or liabilities of the partnership.

Although the general partner has unlimited liability, every partner is however jointly and severely liable for the business

Were Summemour and Hatcher Liable?

This case is referred in the J.T. Turner Construction Company v. Summerour and Hatcher(2009). The court this case declared that both Hatcher and Summemour were jointly and severally liable as a result of the following reasons.

A partner becomes liable especially for a prior judgment based on the following

1. The partnership has proven indebtedness

2. A general partner in the partnership was sued to court

Based on these, Summemour and Hatcher WERE JOINTLY and SEVERALLY LIABLE

6 0
3 years ago
Two or more organizations that join forces in order to achieve advantages that neither can perform as well alone are known as __
SpyIntel [72]

Answer:

correct answer is Strategic allies

Explanation:

Strategic allies is a arrangement between 2 or more than 2 organization for undertaking mutual beneficial projects even both retain their independence.

as they have less complex than a joint venture  

and for improving their product and development competitor in the market , they can enter into a strategic alliance

so as that both organizations can work on common coal with benefit

so correct answer is Strategic allies  

5 0
3 years ago
You owe $6,800 on a car loan that has an interest rate of 6.75 percent and monthly payments of $310. You lost your job and your
solmaris [256]

Answer:

<em>It will take 9 months longer to repay this loan</em>

Explanation:

<u>Financial Loan Payments</u>

Let's assume a loan has been received for a present value PV at an interest rate i during n periods. Being R the amount of each payment, then

\displaystyle PV=R\cdot \frac{1-(1+i)^{-n}}{i}

Solving for n we have

\displaystyle n=-\frac{log\left(1-PV.i/R\right )}{log(1+i)}

The first agreement of payment has the following data

PV=6,800

i=6.75/(12\cdot 100)=0.005625

R=310

Computing n

\displaystyle n=-\frac{log\left(1-6,800\cdot 0.005625/310\right )}{log(1+0.005625)}

n=23.5\approx 24\ months

The new agreement changes R to 225, thus

\displaystyle n=-\frac{log\left(1-6,800\cdot 0.005625/225\right )}{log(1+0.005625)}

n=33.2\approx 33\ months

This means that it will take 9 months longer to repay this loan

8 0
3 years ago
As mario is filling out his income tax forms, he makes the decision not to report all of his income. he figures that it is okay
Roman55 [17]
Mario is exhibiting the defense mechanism: rationalization. Mario justifies his controversial decision and behavior (his decision not to report all of his income)  in rational or logical manner. This defense mechanism has two steps. The first step is the <span>decision itself with no reason, and the second step is when the <span>rationalization is performed</span></span> .
6 0
3 years ago
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