Answer:
Payable tax 9.154, equal to the tax deduction 9,154
Explanation:
Net earnings from self-employment is $135.000
Multiply earnings by 92.3%
= 135.000 * 0.9235
= 124.672,5
If the amount after multiplication is in excess of $118.500, in such case the excess of amount over 118.500 should be multiplied by 2.9%
= 124.672,5 > 118.500
The difference between both amounts is 179.
Add: to the above amount tax on social security portion and medicare portion 15.3%$ on 118.500 which is the ceiling limit.
118.500 * 15.3%
=18.130.5 + 179
=18309.5
Therefore, the tax is 18309.5
Deduction of 50% on the tax can be claimed
Therefore, deduction is 9.154.
Thus, the tax payer can be benefited from the self-assessment tax deduction.
Answer: D. Departmental accounting system.
Explanation:
As the term implies, Departmental accounting system engages in accounting for individual departments. The financial information of the department of interest will be recorded as well as other activities.
Management will then use this information to analyze and understand how well the department is doing. The information will also tell them if the department is being cost efficient and profitable.
Explanation:
the formulary for calculating simple interest is
simple interest= principal×rate×time/100
Answer:
-$62,000
Explanation:
The computation of the net cash flow provided or used by investing activities is shown below:
Cash flow from investing activities
Purchase of an equipment -$70,000
Sale value of the equipment $8,000
Net cash flow used by investing activities -$62,000
The purchase represents the cash outflow therefore it is presented in a negative sign while the sale represents the cash inflow therefore it is presented in a positive sign
Answer:
C.
Explanation:
Before you propose a position you have to identify the problem and reasoning