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Sav [38]
3 years ago
9

1 points Time Remaining 1 hour 14 minutes 35 seconds01:14:35 eBookPrintReferencesCheck my workCheck My Work button is now enable

dItem 13 Time Remaining 1 hour 14 minutes 35 seconds01:14:35 Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is $196,000. What is her self-employment tax liability and additional Medicare tax liability for 2020
Business
1 answer:
AnnZ [28]3 years ago
4 0

Answer:

  • Self employment tax liability = $‭22,323.97
  • Additional Medicare tax liability = $0

Explanation:

According to the IRS, the amount subject to self-employment tax is 92.35% of net income from self-employment for the year.

Alice's taxable income is:

= 92.35% * 196,000

= $181,006

Self employment tax-liability:

Social security tax for 2020 is 12.4% for the first $137,700 of income.

= 12.4% * 137,700

= $17,074.80

Medicare tax:

= 2.9% on taxable income

= 2.9% * 181,006

= $‭5,249.17

Self-employment tax is:

= 17,074.80 + 5,249.17

= $‭22,323.97

<em>Additional Medicare tax applies on only amounts above $200,000 so it is $0 in this case. </em>

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4 0
2 years ago
Customer retention rate customer satisfaction and market share are all example of?
Zina [86]

Customer retention rate, customer satisfaction, and market share are all the examples of marketing performance.

What is meant by marketing performance?

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3 0
2 years ago
Paid transport expenses of RM 120 for goods bought from Nelly Ltd...Which one is debit and which one credit?​
rosijanka [135]

Answer:

Inventory account will debit

Cash account will credit

or

Purchase account will debit

Cash account will credit

Explanation:

It is consider that transportation expense paid on the purchase of goods will consider as the expense of the business. The transportation expense usually increase the inventory will cash paid on inventory consider decrease in assets of business. The use of purchase or inventory depends on accounting policy of organization. The method they use for recording the inventory hence given situation has two possible answer depends of method of recording for Inventory.

4 0
3 years ago
Strategic trade policy has two components to raise national income helping firms to capture first-mover advantages and interveni
icang [17]

Answer:

The correct answer is: A) True.

Explanation:

Strategic commercial policy is defined as that commercial policy that a government implements through intervention and regulation and that is intended to modify the strategic interaction that occurs in certain sectors between national and foreign companies in the international arena. These actions, which are usually implemented through industrial policy, try

favor national companies over their foreign rivals. Those who support these practices argue that, given the imperfections of the markets, there are good reasons that justify an active industrial policy.

The strategic trade policy argument consists of two explanations: first, it states that with appropriate actions; A government increases national income if it somehow ensures that the companies that appropriate the advantages of acting first are national and not foreign.

Secondly; it is convenient for a government to intervene in an industry if it helps national companies to overcome the entry barriers created by foreign companies; who have already reaped the advantages of the one who acts first.

In conclusion, if these arguments are correct, the government has many reasons to intervene in international trade.

3 0
3 years ago
5. Consider the following semiannual bonds: Bond C%(per year) Maturity(years) A 0% 15 B 0% 9 C 5% 15 D 11% 9 a. What is the perc
liubo4ka [24]

Answer:

The percentage changes in the price of the bonds are as follows:

Bond A 16%

Bond B 9%

Bond C 11%

Bond D 7%

Explanation:

Find detailed calculation in the attached.

Please note the line color-coded blue.

Download xlsx
7 0
4 years ago
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