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Deffense [45]
3 years ago
13

Sandy is a single taxpayer who collected Social Security benefits of $22,000. The Social Security benefits were her only income

for the tax year. What is the amount of taxes she will owe when she files her income tax return
Business
1 answer:
butalik [34]3 years ago
8 0

Answer: $0

Explanation:

A tax is a levy that's being paid to the government which is basically used to improve the economy and provide necessary infrastructural facilities.

Once an individual has an income that's less than $25,000, social security won't be taxed. In this scenario, Sandy has an income of $22000, therefore she won't be taxed.

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Freedom Company had 450,000 shares of common stock issued as of December 31, 2020. 350,000 had been issued and outstanding as of
Stels [109]

Answer:

$3.03

Explanation:

Calculation for What should be Freedom Company's 2020 earnings per common share,

Earnings per common share =$1,160,000/ [$350,000 + ($100,000 × 4/12 )]

Earnings per common share=$1,160,000/($350,000+$33,333)

Earnings per common share=$1,160,000/$383,333

Earnings per common share= $3.03

Therefore What should be Freedom Company's 2020 earnings per common share is $3.03

5 0
3 years ago
Due to strict environmental standards in its home nation, Neptune Inc. has shifted its operations to developing nations. The fir
Sveta_85 [38]

Answer:

Immoral

Explanation:

This is because instead of the company to follow environmental standards which are of course very important to health and safety, disregarded that and moved to a country where the environmental laws aren't as strict. It is not illegal because it is within their rights to set up business any where and also they aren't breaking the laws of the developing country. But the strategic move as earlier pointed is immoral because they aren't conforming to the standards of morality.

8 0
4 years ago
Suppose that you are hired by a producer of wooden pallets to determine what sort of competition the firm faces. Due to a accide
gulaghasi [49]

During this week of low production, the price for pallets does not change at all. Given this observation this firm likely faces Oligopoly. Below is further explanation on Oligopoly.

<h3>What is Oligopoly?</h3>

An oligopoly is a market featured by a small number of firms who realize they are interdependent in their pricing and output policies. The number of firms is small enough to give each firm some market power.

Therefore, the correct answer is Oligopoly.

learn more about Oligopoly: brainly.com/question/13658628

#SPJ1

4 0
3 years ago
On January 2, 20Y4, Whitworth Company acquired 40% of the
Gelneren [198K]

Answer:

Journal entries needed for:

a. Purchase of stock

b. Share of Aloof income

c. Dividend

d. Sale of Aloof company stock

a. Purchase of stock

Date                  Account Title                                   Debit                      Credit

Jan 2, 20Y4      Investment in Aloof company       $340,000

                          stock

                         Cash                                                                          $340,000

b. Share of Aloof income

Date                  Account Title                                   Debit                      Credit

Dec 31, 2024     Investment in Aloof company       $72,000

                          stock

                         Income of Aloof Company                                        $72,000

<u>Working:</u>

= 40% * 180,000 income

= $72,000

c. Dividend

Date                  Account Title                                   Debit                   Credit

Dec 31, 2024     Cash                                             $4,000

                         Investment in Aloof company                                  $4,000

                         stock

<u>Working:</u>

= 40% * 10,000 dividend

= $4,000

d. Sale of stock  

Date                  Account Title                                   Debit                      Credit

Dec 31, 2024    Cash                                             $405,000

                          Loss on sales of Aloof                 $3,000

                         company stock

                         Investment in Aloof company                                  $408,000

                         stock

<u>Working:</u>

Value of stock = Purchase price + share of Aloof income - Share of dividend

= 340,000 + 72,000 - 4,000

= $408,000

6 0
3 years ago
A group of six investors wants to open a new bank. In their application to the Comptroller of the Currency, they discuss that th
Ronch [10]

Answer: The level of economic activity in the community

Explanation:

The decision factor for seeking a new charter that the investors discussing is the level of economic activity in the community. Economic activity refers to the activity regarding the provision, purchase and sale of goods or services in an economy.

Since the investors discuss that the community has a median income of $55,000, has 75,000 homes and that there is approximately $5.6 million in sales generated in the community on any given day, then they're discussing about the level of economic activity in the community.

3 0
3 years ago
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