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Sliva [168]
3 years ago
11

Jill Green has w-2 wages of $165,000. Her employer withheld medicare taxes at 1.45% of her W-2 amount. Her husband, Bill Green,

has w-2 wages of $97,000. His employer withheld medicare taxes at 1.45% of his W-2 wages. They file a joint tax return.
Determine what amount, if any, is the additional high wage surtax that will be computed on their tax filing.
Business
1 answer:
Xelga [282]3 years ago
3 0

Answer:

Jill Green and Bill Green

The additional high wage surtax for the joint filers is

$108.

Explanation:

Medicare tax rate = 1.45%

Surtax rate = 0.9%

Jill Green's w-2 wages =   $165,000

Bill Green's w-2 wages =      97,000

W-2 wages for couple =  $262,000

Threshold for joint filers = 250,000

Excess w-2 wages =          $12,000

Additional high wage surtax = $12,000 * 0.9% = $108

b) Jill and Bill Green, who are filing jointly, are expected to pay an additional Medicare tax of 0.9% on their W-2 income in excess of $250,000.  The Additional Medicare Tax (AMT) on Wages is imposed on employees only.  Employers match the regular Medicare tax of 1.45%.  Medicare wages are reported on Form W-2 and are usually based on an employee's total wages for the year less certain benefit deductions, such as medical and dental insurance premiums, health savings accounts, and contributions to dependent care flexible spending arrangements.

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A farmer sells a bushel of corn to the supermarket for $12. The supermarket then sells the corn to customers for $25. What is th
allsm [11]

Answer:

$ 25

Explanation:

As per the description, the exact amount that is being contributed from the corn bushel to the Gross Domestic Product would be $ 25. The price at which the farmer sold it to the supermarket would not be included in the GDP because it would be considered as an intermediary good because the good purchased for the resale purpose is not included in GDP as it leads to double-counting. Thus, <u>only the price of the final good i.e. $ 25 would be included in GDP as it will now be used for final consumption by the customers</u>.

6 0
3 years ago
As a manager for your company some of your responsibilities include measuring metrics and overseeing company strategies. You obs
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Answer:

The primary reason for the large increase in productivity would be the management factor.

Explanation

An important factor that affects the productivity in a company is the management that can have a great influence as good managers that are competent, make a good use of the resources, implement good strategies and develop good relationships with employees generating a good working environment help increase the productivity. According to the question, this is the main reason that can be inferred.

8 0
3 years ago
If the exchange rate for Canadian and U.S. dollars is 0.92777 to 1, this implies that 13 Canadian dollars will buy ____ worth of
Mazyrski [523]

Answer:

U.S. dollars = 14.012 U.S. dollars

Explanation:

Below is the exchange rate:

0.92777 Canadian dollars = 1 U.S dollars

Thus to find the amount of U.S. dollars bought from the 13 Canadian dollars, just divide the 13 Canadian dollars from 0.92777. Therefore the resulting answer will be the U.S. dollars.

U.S. dollars = 13 / 0.92777

U.S. dollars = 14.012 U.S. dollars

8 0
2 years ago
Chubbs Inc.’s manufacturing overhead budget for the first quarter of 2017 contained the following data.
r-ruslan [8.4K]

Explanation:

a. Manufacturing overhead Flexible budget report

                                Budget      Actual      Favorable (Unfavorable)

Variable cost          

Indirect material      $11,100      $14,900     $3,800  U

Indirect labor           $11,000     $9,600      $1,400   F

Utilities                     $7,700      $9,100       $1,400   U

Maintenance            $5,500     $4,800      $700     F

Total Variable cost  $35,300    $38,400    $3,100  U

Fixed expenses

Supervisory Salary    $36,700   $36,700     0

Depreciation              $6,100       $6,100      0

Property, taxes          $7,400       $8,500    $1,100    U

Maintenance              $4,900      $4,900     0            U

Total fixed expense  $55,100     $56,200  $1,100    U

Total controllable

cost                             $90,400    $94,600   $4,200 U

b.          Manufacturing overhead Responsibility report

Controllable cost     Budget      Actual      Favorable (Unfavorable)

Indirect material      $11,100      $14,900     $3,800  U

Indirect labor           $11,000     $9,600      $1,400   F

Utilities                     $7,700      $9,100       $1,400   U

Maintenance            $10,400    $9,700      $700      F

Supervisory salaries$36,700   $36,700     0

Total                          $76,900   $80,000    $3,100  U

8 0
3 years ago
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Answer:

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Explanation:

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while small firms does not pay certain kind of taxes as a result of the nature of type of business they are into, this limits or reduces their tax payments

6 0
2 years ago
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