Historically, coins and paper money complicated the exchange process. <br> a. True <br> b. False

Alice is single and self-employed in 2019. Her net business profit on her Schedule C for the year is $150,000. What is her self-

JulijaS [17]

Answer:

$19,790

Explanation:

A taxpayer’s tax base for computing a self-employed taxpayer’s self-employment tax (i.e., net earnings from self-employment) is the taxpayer’s net business profit from Schedule C multiplied by 92.35%.

So, Alice’s net earnings from self-employment is her net profit from Schedule C of $150,000 x 92.35% = $138,525.

Alice will owe $15,773 ($127,200 maximum amount x 12.4%) in Social Security taxes and $4,017 ($138,525 x 2.9%) for the Medicare component of FICA taxes.

Alice owes total self-employment tax of $19,790 ($15,773 + $4,017).

She is not subject to additional Medicare tax because her net earnings from self-employment do not exceed $200,000.

4 0

3 years ago

Read 2 more answers

MC Qu. 97 The standard materials cost to produce... The standard materials cost to produce 1 unit of Product R is 7 pounds of ma

OleMash [197]

Answer:

total direct materials cost variance is $6,000 Favourable

Explanation:

first we get here Standard cost to manufacture

Standard cost to manufacture 6,000 units is = 7 × $47 × 6,000

Standard cost = $1,974,000

and

now we get here Actual cost to manufacturing

Actual cost to manufacturing 6,000 units is = 41,000 × $48

Actual cost = $1,968,000

and

now we get here Direct material cost variance that is express as

Direct material cost variance = Standard cost - Actual cost ..........1

put here value

Direct material cost variance = $1,974,000 - $1,968,000

Direct material cost variance = $6,000 Favourable

4 0

3 years ago

Classify each property according to whether it is displayed by metals or by nonmetals

ElenaW [278]

<span>The following properties can be classified as those associated with metal elements: having a high density, malleable, and having low melting points. The following properties can be classified as those associated with non-metal elements: dull and nonreactive to acids.</span>

3 0

3 years ago

Mr. James purchased a vacation house in Los Angeles on July 1, 2017. The purchase price was $1,000,000, and Mr. James spent $10,

dedylja [7]

Answer:

= $210,000

Explanation:

The question is to determine the income realized by Mr. James in 2019

The income is calculated as follows:

First, the basic information for calculation:

The Purchase price for the vacation house = $1,000,000

Spent Capital additions = $10,000

2019 worth of the house = $1,200,000

Secondly, based on the extracted figures, the income is calculated as follows

Income realised in 2019 = 2019 worth of the house - (Purchase Price - capital addition)

= $1,200,000 - ($1,000,000 - $10,000)

= $1,200,000 - $990,000

= $210,000

4 0

3 years ago

A salesperson finds out the home he has listed was once used as a meth lab. In this circumstance, he should

lara31 [8.8K]

Answer: (B) Disclose

Explanation:

According to the question, the salesperson should disclose about the home that he has listed that the home was only used as the meth lab at once in the specific period of time.

Disclose is the process that helps in revealing the data or information about the specific things or the different types of financial statements.

The main advantage of the disclosure is that it helps in understanding the things more clearly without any interruption and makes the thinks more crystal clear.

Therefore, Option (B) is correct.

5 0

3 years ago

Historically, coins and paper money complicated the exchange process. a. True b. False