Answer:
Explanation:
The computation is shown below:
Corporate tax = (Taxable income - bonus expenses) × corporate tax rate
= (925,000 - $153,000) × 21%
= $162,120
The corporate tax rate is 21% and we take the same for computation
Shareholder tax = Bonus expenses × marginal tax rate
= $153,000 × 35%
= $53,550
So, the total income tax would be equal to
= $162,120 + $53,550
= $215,670
Answer:
The correct option is (C)
Explanation:
To be able to claim somebody as a dependent, the person has to qualify 4 tests. They are:
- Lineal descendant
- Must live with the taxpayer for more than a year
- Should be below 19 years or under 24 if a full time student
- Cannot file return on their own.
If a person who is not a lineal descendant to be claimed as a dependent needs to be a part of taxpayer's household for 365 days (whole year).
In this case, taxpayer's cousin is not a lineal descendant. Rest of them (sister, father and son-in-law) are lineal descendants. So, cousin has to stay with the taxpayer for the entire year.
<u>How can a company limit bad debts?</u>
<h2>• Answer •</h2>
- <u>Filter your customers. Not all customers are good for your business.</u>
- <u>Require up-front payments.</u>
- <u>Set reasonable credit limits.</u>
- <u>Provide clear payment terms and penalties.</u>
- <u>l</u><u>mprove your accounting.Implement strict collection procedures.</u>
- <u>Use cloud-based software for debt collection.</u>
Answer:
B. shift the demand curve leftward for tanning
Explanation:
According to the Food and Drug Administration, "...the ultraviolet (UV) radiation from these devices [sunlamps and tanning beds] poses serious health risks." As a result of reading this, the local mayor decides to introduce legislation that will put a 10% excise tax on tanning consumers. From an economic point of view, this will________
A. shift the demand curve rightward for tanning.
B. shift the demand curve leftward for tanning.
C. shift the supply curve rightward for tanning.
D. move down along the demand curve for tanning.
The excise tax is a legislated form of tax on specific goods and services at purchase; an indirect type of indirection taxation imposed on the manufacture, sale or the use of certain type of good and products. They are often levied upon goods services such as cigarettes, gasoline,alcohol, tobacco and gambling. They are considered unnecessary goods and services, Taxes are levied on them to raise their price and in order to reduce the amount they are been used.
The local mayor decides to introduce legislation that will put a 10% excise tax on tanning consumers in order to lower the demand for these devices
Consumer will now need to pay higher tax in addition to the price they will pay for the device, this is make people to tan less because of the extra cost. this will lead to a shift in the demand curve
National labor relations act
