c. Suppose government imposes a tax equal to the marginal external cost. What is the equilibrium price paid by consumers and the equilibrium quantity after implementation of the tax? d. At the output level in part (c), how much is the tax? e. How much tax revenue does government collect? f. What is the deadweight loss borne by society if the externality is left uncorrected?
When does a taxpayer receive the W-2? Who will provide this form to the taxpayer? The IRS requires your employer to send you a W-2 no later than January 31 following the close of the tax year, which is usually December 31. 10. What items on the W-2 make up Federal Insurance Contributions Act or FICA?
H&R Block will charge a convenience fee to take the tax preparation fee out of the person’s tax refund. You don’t get your refund any sooner like you do with the RALS but you don’t have to pay for the fees that day. They are accused of targeting the working poor and minorities with these services as they promote a quicker way of getting tax refunds at the expense of the borrower. These services are charging annual interest rates of more than 100% when you add in all the fees including finance charges, administrative fees, and check processing fees. The named plaintiffs Anthony Johnson and Phyllis Robinson say H&R Block "aggressively" marketed its loans at "exorbitant triple-digit interest rates to working poor and minorities" with "finance charges, that when properly calculated in accordance with the Truth in Lending Act, often exceeded 100 percent
Week 1 Assignment (2-6) Statement of Retained Earnings In its most recent financial statements, Newhouse Inc. reported $50 million of net income and $810 million of retained earnings. The previous retained earnings were $780 million. How much in dividends was paid to shareholders during the year? 780million+50million=830million-50million=20million (2-7) Corporate Tax Liability The Talley Corporation had a taxable income of $365,000 from operations after all operating costs but before (1) interest charges of $50,000, (2) dividends received of $15,000, (3) dividends paid of $25,000, and (4) income taxes. What are the firm’s income tax liability and its after-tax income?
Look at the composition of the economy by end users. How does the spending in the economy indicate the Economic System of that country? 9. Do the budget expenditures of the government give clues to the Economic System of that nation? Why or why not?
Calculate the amount of employee taxes withheld and prepare the company's journal entry to accrue the January salaries expense and withholding of January taxes. Answer: Salaries Expense | 8,000 | | FICA–Social Security Taxes Payable ($8,000 x .062) | | 496 | FICA–Medicare Taxes Payable ($8,000 x .0145) | | 116 | Employees' Federal Income Taxes Payable ($8,000 x .15) | | 1,200 | Accrued Payroll Payable | | 6,188 | 11. On December 1, 2007 Gates Company borrowed $45,000 cash from FirstBank on a 90-day, 9% note payable. a. Prepare Gate's general journal entry to record the issuance of the note payable.
B. the commercial banking industry. C. the U.S. Treasury Department. D. the Federal Reserve. E. the New York Stock Exchange. Suppose a constitutional amendment is adopted which requires the federal government to balance its budget annually.
BUSN 5260 Current Economic Analysis Week 5: Personal Assignment There are Internet questions with this assignment at the end. Problems Problem 1 What is the difference between Gross Domestic Product and Gross National Product? Gross Domestic Product the estimated value of the total worth of a country’s production and services, within its boundary, by its nationals and foreigners, calculated over the course on one year. Gross National Product is the estimated value of the total worth of production and services, by citizens of a country, on its land or on foreign land, calculated over the course on one year. Problem 2 The book details four types of unemployment.
The reason why my client failed to report income was because we disagree on disagree about the amount of tax revenue owed. Please find the enclosed copy of proof of all the statements above that supports my client and all of the documents that was provided from you all that states all of my clients owed and showed several different errors. Please accept my petition for abatement of penalties owed for reasonable cause. If you have any questions or need any more information, you can reach me at 840-555-3636 during business hours. Also, I have enclosed a payment that covers the amount of taxes that my client owes, less the penalty portion.
This ratio determines the rate and ability in which the company is able to pay its debts off. For Huffman Trucking the calculation would look like this for 2011: $94,520/$466 = 202.83 (Huffman Trucking, 2013). Liabilities and Shareholders' Equity Current Liabilities Accounts Payable $40,843 $45,381 Salaries & Wages 37,299