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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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Joseph is reviewing secondary data his company collected about seasonal variations in consumer spending because he is thinking a
Yanka [14]

Answer:

The advantages of using secondary data are several, but its main advantage is that it is the cheapest way to gather large sets of information. A lot of secondary data is available on the internet, so it is time saving. Using secondary data saves work, efforts and money.

We can also use secondary data to determine more specifically which primary data we need to gather, again saving resources.

7 0
3 years ago
Four hundred and eighty minutes of production time are available per day. The schedule calls for the production of 80 units per
BabaBlast [244]

Answer:

<em>The theoretical minimum number of workstations are five workstations</em>

Explanation:

Given the total time available per day = 480 minutes

the cycle time which is the time required or spent to produce a unit can be obtained as;

Cycle time = Total time / Demand per day

Cycle time = 480 / 80 = 6 minutes

hence 6 minutes is the cycle time  for one unit.

The theoretical number of stations can be calculated thus;

Theoretical number of stations = Time for one unit / Cycle time

= 30/6 = 5 workstations

<em>Therefore the theoretical minimum number of workstations are five workstations</em>

4 0
3 years ago
Navajo Corporation traded a used truck (cost $20,000, accumulated depreciation $18,000) for a small computer with a fair value o
UNO [17]

Answer:

Dr Computer                                       $3,300

Dr Accumulated depreciation-Truck $18,000

Cr Truck - Fixed Asset                                              $20,000

Cr Gain on disposal of truck (Balancing Figure)    $800

Cr Cash  Account                                                       $500

Explanation:

The disposal of a Fixed asset is a three step procedure and is given as under:

  1. Remove the Accumulated depreciation and the cost of the fixed asset
  2. Record the receipt of the consideration at Fair Value
  3. Record the payment or receipt of the cash

Always remember that the balancing figure will go to Profit and loss statement.

<u>Step1: Remove the Accumulated depreciation and the cost of the fixed asset</u>

The asset value and the accumulated depreciation would be removed from the books of accounts and the balance figure would be transfered to profit and loss account.

Dr Accumulated Depreciation $18,000

Dr Profit & Loss Account          $2,000

Cr Truck - Fixed Asset                            $20,000

<u></u>

<u>Step2: Record the receipt of the consideration at Fair Value</u>

Dr Computer - Fixed Asset $3,300

Cr Profit and Loss Account           $3,300

<u>Step3: Record the payment or receipt of the cash</u>

The receipt of the payment will treated as:

Dr Profit and loss Account $500

Cr Cash Account                        $500

The aggregate Effect if I summarizee would be:

Dr Computer                                       $3,300

Dr Accumulated depreciation-Truck $18,000

Cr Truck - Fixed Asset                                              $20,000

Cr Gain on disposal of truck (Balancing Figure)    $800  

Cr Cash  Account                                                       $500

8 0
3 years ago
The Spokes Bikes makes 18 bicycle models in more than 2 million combinations, with each combination designed to fit the needs of
creativ13 [48]
C.) mass customization
7 0
3 years ago
Read 2 more answers
A sporting goods manufacturer budgets production of 48,000 pairs of ski boots in the first quarter and 39,000 pairs in the secon
professor190 [17]

Answer:

$831,600

Explanation:

The budget must account for all of the production of the first quarter and 20% of the production of the second quarter, the number of boots considered in the budget is:

b= 48,000 +0.20*39,000\\b=55,800\ boots

Assuming that each boot uses exactly 2kg of raw material and that the company has 19,200 kg on hand, the amount of raw material still required is:

m = 2*55,800-19,200\\m=92,400\ kg

If the cost per kg is $9, then the budgeted materials purchases cost for the first quarter is:

C=92,400*\$9\\C=\$831,600

The budgeted materials purchases cost is $831,600.

5 0
3 years ago
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