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Olegator [25]
3 years ago
9

Christine and Doug are married. In 2014, Christine earns a salary of $250,000 and Doug earns a salary of $50,000. They have no o

ther income and work for the same employers for all of 2014. How much Medicare surtax for high-income taxpayers will Christine and Doug have to pay with their 2014 income tax return?
A. $450 B. $900 C. $2,700 D. None
Business
1 answer:
Rus_ich [418]3 years ago
3 0

Answer:

A. $450

Explanation:

In 2014, the Medicare surtax for high-income taxpayers started when married couples filing jointly earned over $250,000. in this case, Christine and Doug made $300,000, so the surtax = ($300,000 - $250,000) x 0.9% = $450

The Medicare surtax income threshold has not been adjusted to inflation and remains at the same level for 2020.

Total medicare contributions for high income taxpayers = 1.45% + 0.9% = 2.35%

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Gomez runs a small pottery firm. He hires one helper at $11,500 per year, pays annual rent of $7,000 for his shop, and spends $2
madreJ [45]

Answer:

in this problem, we need to calculate Gomez's accounting and economic profit. To do this, let us first classify and list the explicit and implicit costs. Revenue: Sales: $85,000 Explicit costs: Cost of one helper: $18,000 Rent: $8,000 Materials: $24,000 These are the costs that require an outlay of cash. Implicit costs: Opportunity cost of funds invested in equipment: $7,000 Gomez could have invested the funds in another asset that could earn him $7,000 Opportunity cost of working as a potter in his own shop: $20,000 Gomez could have worked as a potter for a competitor that could earn him $20,000. This is the worth of Gomez's skill as a potter. Entrepreneurial talent: $4,000 This is the worth of Gomez's talent in running the business. These costs do not require an outlay of cash. These are the implicit costs. Now, we are ready to calculate both the accounting and economic profit of Gomez. a. Calculate the accounting profit for Gomez's pottery firm. $_ Accounting profit = Total Revenue − Total Explicit Costs Accounting profit = $ 85 , 000 − ( $ 18 , 000 + $ 8 , 000 + $ 24 , 000 ) Accounting profit = $ 85 , 000 − $ 50 , 000 Accounting profit = $ 35 , 000 The accounting profit is equal to $35,000. b. Now calculate Gomez's economic profit. $_ Economic profit = Total Revenue − Total Explicit and Implicit Costs Economic profit = $ 85 , 000 − ( $ 18 , 000 + $ 8 , 000 + $ 24 , 000 + $ 7 , 000 + $ 20 , 000 + $ 4 , 000 ) Economic profit = $ 85 , 000 − $ 81 , 000 Economic profit = $ 4 , 000 The economic profit is equal to $4,000.

8 0
3 years ago
Penny is paid a gross wage of $2,648.00 on a monthly basis. She is single and is entitled to 2 withholding allowances. How much
Damm [24]

Answer:

The combined wage bracket tables in Exhibits 9-3 and 9-4 is missing hence I will use 2014 tax year

answer :

a) Federal income tax withheld

 = 75.6 + ( 1989.60 - 944 )*15%  = $232.44

b) social security

 6% * 1989.6 = $119.38

c) Medicare

1.45% * 1989.6 = $28.85

Explanation:

For a single individual

Two withholding allowance = $329.20 * 2  = $658.40

Gross Pay = $2648

withholding allowance = $658.40

Subject to withholding = $2648 - $658.40 = $1989.60

a) Federal income tax withheld

 = 75.6 + ( 1989.60 - 944 )*15%  = $232.44

b) social security

 6% * 1989.6 = $119.38

c) Medicare

1.45% * 1989.6 = $28.85

6 0
3 years ago
Megan McCoy has a bachelor's degree in business management and human resources. She has 5 years of HR experience as an HR assist
mote1985 [20]

Answer:

The correct option of this question is (B). Explanation of this answer is given below in the explanation section

Explanation:

(B) is Correct Option:

Human resource manager in an organization is responsible for planning, directing and coordinating human resource management activities such as employee compensation, employee recruitment, promotions offer to an employee, etc. The major duties of the HR manager is to manage the human resource in an organization.

Why other options are not correct

(A). Interaction with customers to provide information in response to inquiries about products and services, and to handle and resolve complaints is not the responsibility of the HRM manager. It is the responsibility of the Marketing department and customer service department. In short, the customer service and marketing department are mainly responsible to perform such activities in an organization.

(C). Analyze financial information and prepare financial reports to determine or maintain record of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization is the responsibility of the accounting department. And, accounting manager is responsible for such types of activities to perform in an organization.

(D) Supervise and coordinate the activities of clerical and administrative support workers is the responsibility of Admin (a managerial post) working in the administrative unit of an organization. Usually, at this post, first-line manager, team lead, assistant manager are working under the supervision of the administrative department.

(C) Compile and keep personnel records. Record data for each employee, such as address, weekly earnings, absences, amount of sales or production, supervisory reports on ability, and date of and a reason for termination is also a responsibility of the HRM and sales department. However, it is noted some responsibility such as employee record management is the sole responsibility of the HRM department and HRM manager. But termination of an employee, absence recording, amount of sales or production are the responsibility of other departments such as the administrative department, sales department, and marketing department, etc. However, this option is also correct in a sense only if employee management involved, otherwise, this option is not correct.

3 0
4 years ago
You purchase a bond with an invoice price of $1,080. The bond has a coupon rate of 9.6 percent, semiannual coupons, and a par va
zhuklara [117]

Answer:

$1059.98

Explanation:

To determine the clean price, we have to first find the accrued interest.

Accrued interest = (coupon rate × par value/2) × period (months to next coupon date/12)

accrued interest = $96/2 x 5/12

accrued interest = $48 × 0.417

= $20.016

Our  dirty price = $1080

clean price = dirty price - accrued interest

clean price = $ (1080 - 20.016)

Clean price = $1059.98

6 0
3 years ago
Many people believe that pure monopolies charge any price they want to without affecting sales. Instead, the output level for a
Virty [35]

Many people believe that pure monopolies charge any price they want to without affecting sales. Instead, the output level for a profit-maximizing pure monopoly occurs where

D. marginal revenue equals marginal cost

Explanation:

  • Many people believe that pure monopolies charge any price they want to without affecting sales. Instead, the output level for a profit-maximizing pure monopoly occurs where
  • D. marginal revenue equals marginal cost
  • In business, the production is done at the level where marginal revenue is equals to marginal cost to maximize the output.
  • When the marginal revenue is greater than the marginal cost, it pays you more.
  • Each unit added which is sold will add more to revenue than to costs.
  • Marginal cost is the cost which occurs due to the increase in cost a company incurs by producing one extra unit of goods or services.

3 0
3 years ago
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