The closing statement should reflect the seller receiving $2,100 in unearned rent.
What is seller?Seller is a person or company who sells goods or services to a customer. A seller is typically involved in the process of marketing, negotiations and closing a sale. The seller may be a manufacturer, wholesaler, retailer or service provider. The seller’s objectives are to sell their products at the highest possible price, satisfy the customer and generate a profit.
This amount would be credited to the seller on the statement and would represent the difference between the total amount of rent received ($3,000) and the amount of rent that has been earned at the time of closing ($900). The amount of $2,100 should also be noted in the closing statement as an adjustment to the net proceeds due to the seller.
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What kind of ethical framework it is that focuses on the results whether it would benefit the majority?
According to utilitarianism, a results-oriented philosophy, the moral course of conduct is the one that results in the greatest balance of good over bad for the greatest number of stakeholders.
Consequences of any action are the only yardstick of what is right and bad, according to utilitarianism, a kind of consequentialism. Utilitarianism takes into account all sentient beings' interests equally, in contrast to other consequentialist ideologies like egoism and altruism. On a variety of topics, utilitarian'sJeremy Bentham started the modern utilitarianism tradition, which was carried on by thinkers like John Stuart Mill, Henry Sidgwick, R. M. Hare, and Peter Singer. The theory's roots can be found in the writings of the ancient Indian philosopher ntideva and the hedonists Aristippus and Epicurus, who believed that happiness was the only good. The idea has been used to address issues including social welfare economics, the crisis of global poverty, the morality of raising animals for food, and the significance of preventing existential hazards to humans. have disputed, including whether decisions should be made based on the anticipated outcomes of acts (act utilitarianism) and whether agents should follow guidelines that maximize utility (rule utilitarianism). There is also debate over whether the utility of those who are least fortunate should be prioritized over average utility, overall utility (total utilitarianism), or average utility (average utilitarianism).
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The stockholders' equity accounts of Miley Corporation on January 1, 2014, were as follows.
Preferred Stock (7%, $100 par noncumulative, 4,900 shares authorized) $294,000
Common Stock ($3 stated value, 310,400 shares authorized) 744,960
Paid-in Capital in Excess of Par Value - Preferred Stock 14,700
Paid-in Capital in Excess of Stated Value - Common Stock 496,640
Retained Earnings 679,600
Treasury Stock 39,200
During 2014, the corporation had the following transactions and events pertaining to its stockholders' equity.
Feb 1 Issued 4,500 shares of common stock for $27,000
Mar 20 Purchased 1,820 additional shares of common treasury stock at $8 per share
Oct 1 Declared a 7% cash dividend on preferred stock, payable November 1
Nov 1 Paid the dividend declared on October 1
Dec 1 Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014
Dec 31 Determined that net income for the year was $275,800. Paid the dividend declared on December 1.
1. Journalize the transactions
2. Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts
3. Prepare the stockholders' equity section of the balance sheet at December 31, 2014
4. Calculate the payout ratio, earnings per share, and return on common stockholders' equity.
The company's ability to generate returns on the investments it has received from its owners is measured by its return on equity.
What function do stockholders serve?As part of their ownership of a firm, stockholders are entitled to a number of privileges, including voting rights over who sits on the boards of directors, dividend payments, and even a claim to a piece of any remaining assets in the event of a company liquidation.
What distinguishes a shareholder from a stockholder?Additional Courses. Both the phrases stockholder and shareholder relate to the holders of shares in a firm, making them co-owners of the enterprise. Therefore, you can refer to firm ownership using either phrase since they both refer to the same thing.
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Capacity in excess of expected demand that is intended to offset uncertainty is a
a. line balance. b. margin protect c. timing bubble. d. capacity cushion. e. positioning hedge.
A capacity cushion is available capacity that is greater than anticipated demand and is meant to account for unpredictability. Bottleneck operations are a sign of unbalanced systems.
What does at capacity mean?
Capacity refers to your ability to do an action or the volume that something can hold. If your bird cage is already full, you cannot cram another feathery companion within without risking the claustrophobia of the bird. Capacity is a noun that simply implies "ability" or "capability"; it comes from the Latin word capacitatem, which means "breadth, capacity." Examples of this include a room's capacity to contain a specific number of people, a law's ability to reduce crime rates, and your capacity to learn new languages. It's possible to hear about factories operating at "full capacity," which refers to operating at maximum efficiency.
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Supply chain inefficiencies can waste as much as 25 percent of a company's operating costs.
True
False
Supply chain inefficiencies cannot waste as much as 25 per cent of a company's operating costs. Hence the given statement is false.
Systems for supply chain planning let a company create demand projections for a product, create sourcing and manufacturing plans for that product, modify production and distribution plans, and share information with pertinent supply chain participants.
For the following metric, the impact of poor coordination on supply chain operations decreases the degree of product accessibility. frequently cause peaks in client orders. how much was distributed to distributors or retailers (sell-in)? Many inefficiencies in the supply chain are related to how orders are actually delivered, managed, and tracked, as well as driver locations. Even in the best-case scenario, shipping and logistics may quickly add up to hours of wasted time without automated services and a modern digital platform.
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A high customer-contact service process typically indicates all of the following EXCEPT:
a) front office process structure
b) more resource flexibility
c) low complexity
d) diverse work flows
A high customer-contact service process typically indicates all of them except low complexity.
What is complexity?The interactions of the components of a system or model with local laws lead to nonlinearity, unpredictability, collective dynamics, hierarchy, and emergence. This conduct is described as being complex. The expression is frequently used to describe something that has more emergent properties than the sum of its parts because of the complexity of its elements and the variety of interactions they might have with one another. A system would be more complex if there were more identifiable components and connections between them. This is how the intuitive complexity criterion is presented. According to Neil Johnson, there is "no general definition of complexity, even among scientists, and the scientific notion has typically been presented via specific examples."
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In a new margin account, a customer sells short 1,000 shares of XYZ at $30 per share and deposits the required margin. If the stock subsequently falls to $25 per share, the equity in the account is A) $20,000. B) $15,000. C) $10,000. D) $25,000.
11000, Investors should treat the transactions inside a mixed-margin account as separate. For both purchase and short sell, the investor will require $6,000 and $5,000, respectively.
Which one of the foregoing will fulfil a $1,000 Reg T margin call?the $1,000 cash deposit or a $2,000 deposit of fully paid securities for margin. A customer may deposit $1,000 in cash or $2,000 in completely funded into among stocks that have a loan amount of $1,000) to satisfy a $1,000 initial margin call.
How is margin account calculated?If the stock subsequently falls to $25 per share, the customer can buy back the borrowed shares for a total cost of $25,000 (1,000 shares x $25 per share). The customer then returns the shares to the broker and keeps the difference between the sale price and the buy-back price as profit.
In this case, the difference between the sale price and the buy-back price is $5,000 ($30,000 - $25,000). So the equity in the account would be $5,000.
So the answer would be C) $10,000.
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Which of the following is a governmental challenge of operating in the digital world?
differences in power distance and uncertainty avoidance
import and export regulations
aging population in the United States
videoconferences across different time zones
availability of labor force and salary differences
Option (b) Import and export regulations is a governmental challenge of operating in the digital world.
With the rise of e-commerce and digital trade, companies may face a variety of regulations governing the import and export of goods and services across different countries. These regulations can include tariffs, quotas, and other trade barriers that can make it difficult for companies to operate in certain markets. Additionally, different countries may have different laws and regulations regarding data privacy, intellectual property, and other digital issues, which can further complicate international trade in the digital world. In the digital world, it is easy for digital content and products to be copied, shared, and distributed without proper authorization. This makes it harder for creators and owners of intellectual property to protect and monetize their work.
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In credit terms of 3/15, n/45, the "3" represents the a. number of days in the discount period b. full amount of the invoice c. number of days when the entire amount is due d. percent of the cash discount
In credit terms of 3/15, n/45, the "3" represents the percent of the cash discount.
What does Credit terms mean?
Credit terms refer to the conditions that must be met in order for credit to be extended to a customer. These terms may include the amount of credit given, payment due dates, interest rates, and other factors.For example, a credit card company may offer a customer a 0% introductory interest rate for the first 6 months, after which the rate increases to a certain percentage. This is an example of credit terms.
What does Cash discount means?
Cash discount is a reduction in the price of a product or service that is offered when the customer pays for the goods or services with cash rather than using credit or a payment method such as a debit card. It is usually expressed as a percentage of the original price. For example, a store might offer a 10% cash discount for customers who pay in cash.
Therefore the correct option is d. percent of the cash discount
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Ryan i building a treehoue. He ha 18 ft of wood to ue. He ue 3/4 of a foot of wood to make each tep for the ladder. If he ha 15 ft of wood left how many letter doe did he make?
He uses three-fourths of a foot of wood to make each step for the ladder. If he has 15 feet of wood left, He used 18 - 15 ft = 3 ft, 3ft/ 3/4 ft = 4 x 3ft/ 3 = 4 steps.
A ladder is a vertical or slanted arrangement of rungs or steps used for ascending or descending. There are two types: rigid ladders that are self-supporting or may be leaned against a vertical surface like a wall, and rollable ladders that can be suspended from the top, such as those made of rope or aluminium.
Stringers, rails, or stiles are the vertical elements of a rigid ladder (UK). Rigid ladders are often movable, however some are permanently attached to a structure, building, or piece of equipment. They are often composed of metal, wood, or fibreglass, but durable plastic has also been used.
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Assume an investor sells short 100 shares of ABC and while the investor has the short stock position, ABC pays a dividend. The investor:
(A)Owes the dividend to the lender of the stock.(B)Will Receive the dividend from the lender of the stock.(C)Will not be involved in the dividend situation in any way.(D)Will receive the dividend from the company and also from the lender of the stock.
The investor Will receive the dividend from the company and also from the lender of the stock. The market participant that the general public most frequently associates with the stock market is an investor.
Investors are those who buy stock in a company with the intention of holding it for a long time because they think it will do well in the future. You have invested in ownership if you purchase stock in a corporation. The initial investment market sum will continue to be correlated to the overall worth of the business. For those with the correct skill set, jobs in investing are an excellent alternative due to the positive employment forecast and high earnings.
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in one such delievery center parcels are placed in a sequence where the ith parcel has a weight of weight[i]
The center wants to know the heaviest parcel and its weight. In one such delievery center parcels are placed in a sequence where the ith parcel has a weight of weight
One approach to solve this problem is to use a linear search algorithm. We can loop through the weight array and compare each element with a variable that stores the maximum weight encountered so far. If the current element is greater than the maximum weight encountered so far, the variable is updated with the current element. At the end of the loop, the variable will contain the heaviest parcel weight.
Time complexity: O(n)
Space complexity: O(1)
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Can you have a credit score of 900?
It's impossible to have a credit score of 900. A credit score of 850 is only feasible for 1% of people, therefore, attempting to achieve the maximum credit score possible is completely unrealistic after a certain point.
What is a Credit Score?A number based on a person's credit history is attributed to their level of creditworthiness.Lenders evaluate the risk of lending money to an individual using the individual's credit score.The range of a credit score is commonly 300 to 850, with a higher number denoting a reduced risk.The availability of loans, credit cards, and other types of credit as well as the interest rate and credit limit can all be determined by a person's credit score.It's a record of your credit history, including whether you pay your payments on time, how many credit cards you have, what kinds of credit you use, and how much debt you have.If you apply for a loan or a credit card, the lender will look at your credit history before approving you.To learn more about credit score from the given link :-
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What are the 3 things that help you get started in setting a budget?
If budget is something you want to do, prepare a plan for how you'll make it happen. For instance, you must set aside time and implement procedures that will make the budget-making process easier.
Just what is a budget?An essential stage in creating a budget is estimating the overall income and expenses for the new fiscal year. For further analysis, this value may then be split up into several intervals, such as quarter and months.
What does a budget category include?Each budget is modified to accommodate the current financial state of the company. Below are some examples of simple budgets: Red flag budget is another name for this spending plan. The business has developed a fundamental budget.
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What are the 3 economics systems?
Command, market, and hybrid are the 3 economics systems.
Which fundamental economic systems exist?Capitalism and socialism are the two main economic systems in contemporary civilizations. In reality, the majority of civilizations have economies that have aspects of both structures but tend toward one of the poles of the capitalism-socialism spectrum.Economic systems may be divided into three categories: command, market, and hybrid. We'll give a quick overview of each of these three categories.The four different sorts of economic systems are traditional, command, market, and hybrid. Traditional systems, which emphasise the essentials of goods, services, and labour, are influenced by traditions and ideals.To learn more about economics systems refer to:
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Multiple Choice
European philosophies regarding regulatory environment and competition for business are only shaped by the fact that Europe is
smaller and has more people and limited resources.
True
False
It is true that European philosophies regarding regulatory environment and competition for business are only shaped by the fact that Europe is smaller and has more people and limited resources.
What are European philosophies?In Europe, especially on the continent, philosophy has long been significant. Philosophy used to be a major component of education in continental Europe.
Since Roman times, future aristocrats and technocrats have chosen to receive their education in Greek-Latin at the Lycee.
The fact that Europe is more populous, smaller, and has fewer resources has only served to mould European views on the regulatory environment and corporate rivalry.
Thus, the given statement is true.
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Ethics for the workplace are often defined by Group of answer choices professional organizations. religious groups. team meetings. other employees.
Workplace ethics is defined as a moral code that guides employee behavior in terms of right and wrong in behavior and decision-making.
Workplace ethics, also known as workplace ethics, are moral principles that companies use to determine appropriate or inappropriate behavior in the workplace. Workplace ethics affects everything from how a company operates to how employees behave in the workplace to protect the company's image.
Characteristics are:
Appearance, presence, demeanor, character, communication, cooperation, organization, productivity, respect and teamwork have been defined as critical to academic success and are listed below.
The Cambridge Dictionary defines business ethics as "the rules, principles, and standards that determine what is morally right and wrong in the workplace." Business ethics therefore refers to the implementation of good business practices and policies in the workplace.
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Susan is an investor with the disposition effect. Suppose Susan buys the stock now and plans to sell the stock within four years. Calculate the rate of return over the life of Susan's investment in the stock.
Since the fair market value of each share of stock is the same, its basis per share must be determined by dividing the total basis by the entire number of shares.
How do the predicted future payments made by bonds and stocks differ from one another?Holders of stocks receive ownership rights, and depending on the company's profits and losses, the shareholder may suffer losses. Bonds, on the other hand, are described as both a debt arrangement where the owner is aware of the future payment's due date until there is a default.
How may an investor acquire a stake in a business?When you purchase stock in a firm, you acquire an ownership stake in it. Your ownership stake in the company will be determined by the amount of share you purchase in relation to the total of shares outstanding.
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Which of the following is an assumption made in the money-creation process? • Banks only lend to borrowers who they know will pay them back. Banks lend out all deposits and hold no reserves. Banks hold all deposits as vault cash. All currency is deposited in a bank. Individuals do not deposit any currency in a bank.
Answer: All the options except the third one are assumptions made in money-creation process.
Explanation:
The following statements are assumptions made in the money-creation process:
Banks only lend to borrowers who they know will pay them back.
Banks lend out all deposits and hold no reserves.
All currency is deposited in a bank.
Individuals do not deposit any currency in a bank.
The statement "Banks hold all deposits as vault cash" is not an assumption made in the money-creation process. In fact, it is generally not true that banks hold all deposits as vault cash. Most banks hold only a small fraction of deposits as cash, and the rest is invested in various assets such as loans, securities, and other investments. This is known as fractional reserve banking, and it allows banks to create new money through the lending process.
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A firm's total output times the price at which it sells that output is:
A. net revenue.
B. total revenue.
C. average revenue.
D. marginal revenue.
A firm's total output times the price at which it sells that output is total revenue. Hence option B is correct here.
What is total revenue?Total revenue is the total amount of money a company receives from selling its goods or services. It is calculated by multiplying the quantity of goods or services sold by the price at which they were sold. In other words, it is the product of a firm's total output and the price at which it sells that output. Total revenue is an important metric for a company, as it is used to measure the overall performance of a business and can be used to make important decisions such as setting prices, determining production levels, and evaluating the effectiveness of sales and marketing efforts.
The calculation of total revenue is relatively simple. It is the product of the quantity of goods or services sold and the price at which they were sold. For example, if a company sells 100 units of a product for $10 each, the total revenue would be 100 x $10 = $1,000.
Alternatively, if a firm is selling more than one product, then it will have to sum up the revenue generated from each product.
For example, if the firm sells product A for $20 and product B for $30, and it sold 100 units of product A and 50 units of product B, then the total revenue would be (10020)+(5030) = 2000 + 1500 = $3500.
It's important to note that total revenue is not the same as profit. Total revenue only takes into account the money a company brings in, while profit takes into account the money a company spends, such as on cost of goods sold, operating expenses, and taxes.
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Which one of the following is not a defensive option for protecting a company's market share and competitive position? O Trying to convince dealers/distributors to handle the company's product line exclusively (which, if successful, forces competitors to use other distribution outlets) O Granting volume discounts or better financing terms to dealers and distributors to discourage them from experimenting with other suppliers O Thwarting the efforts of rivals to attack with a lower price by maintaining a lineup of product selections that includes economy-priced options for price-sensitive buyers
O Introducing new features, adding new models, and/or broadening the product line to close off gaps and vacant niches to opportunity-seeking challengers
O Pursuing continuous product innovation to draw sales and market share away from rivals with comparatively weak product innovation capabilities
Pursuing continuous product innovation to draw sales and market share away from rivals with comparatively weak product innovation capabilities for protecting a company's market share and competitive position.
What Is Market Share?
Market share is the percent of total sales in an industry generated by a particular company. Market share is calculated by taking the company's sales over the period and dividing it by the total sales of the industry over the same period.
Product innovation strategies:
1. Determine your company objectives
2. Understand your market at all times
3. Ensure you have a clear value proposition
4. strategy is realistic and that you have enough time, budget, and team power available to achieve
5. Execution
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the size of the underground economy would tend to decrease if the government of a country ___
The size of the underground economy would tend to decrease if the government of a country decreased government regulations on businesses.
What is the underground economy?The term "underground economy" refers to economic activities that are thought to be illegal, either because they include the exchange of illegal products or services or because they don't follow the rules for government reporting. The shadow economy, black market, or informal economy are terms used to describe the underground economy.
It is challenging to determine the size of underground economies because, by their very nature, they are not subject to governmental control; as a result, the economic activity neither generates tax returns nor appears in official statistical reports. However, even though the transactions are hidden, keeping track of outgoing expenses can provide a sense of statistics. In other words, spending that is not reflected in documented transactions presumably reflects the scope of black market activities.
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If an earthquake destroys some of the factories in Poorland, what happens to Poorland’s potential GDP? What happens to Poorland’s potential GDP if it acquires some new advanced technology from Richland and starts using it?
There will be a significant reduction in the potential GDP of Poorland if it is destroyed by an earthquake. Moreover, there will be a desirable increase in the potential GDP when the Poorland is able to acquire advancements in new technologies from Richland, and also use them to good effect.
The potential GDP of any country or an economy may be subject to a change when there is a change in any of the factors that affects the production of goods and services within such economy. These effects may either be positive or negative, but are directly related to the change in factors.
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All of the following are Trade Reporting and Compliance Engine (TRACE)-eligible and require reporting, except A) corporate bonds. B) new issue primary market securities. C) asset-backed securities (ABS). D) collateralized mortgage securities (CMOs).
The correct answer is C) asset-backed securities (ABS). are Trade Reporting and Compliance Engine (TRACE)-eligible and require reporting, except.
The term "TRACE-eligible security" refers to any debt securities issued by domestic and international private issuers that are depository eligible under NASD Rule 11310(d); investment grade or non-investment grade; and, if a "restricted security" as defined in Securities In compliance with FINRA laws and regulations, companies are obligated to record trades. The trades of Treasury securities, securitized goods, agency bonds, and corporate debt that a member company reported to the Trade Reporting and Compliance Engine are covered in these monthly reports (TRACE).
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Why is buying in bulk not always a good idea?
The fact that buying produce in bulk would probably result in it going bad before you can consume it all is a glaring reason why doing so is a terrible idea.
What are the disadvantages of buying in bulk?Purchasing produce in large quantities is unwise because it will presumably spoil before you have a chance to consume it all. Additionally, you don't always receive a discount for making larger purchases.
Shopping for food in quantity requires caution because prices can change.If you don't have much space, it can be challenging to locate a place to store the food.It's possible that you won't be able to finish all the food before the best before date.Although purchasing in bulk results in per-unit cost savings, buyers must be aware of the additional goods' usefulness. Although the cost per unit may be modest, the total cost of ownership is more expensive than simply purchasing what you require for the coming week or month.
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What happens in a market economy?
In a market economy, individuals and businesses make decisions about production, distribution, and consumption of goods and services.
Prices are determined by supply and demand, and goods and services are exchanged through marketplaces. Competition is an important factor in a market economy, as it encourages companies to innovate, produce high-quality products, and keep prices low.
Consumers benefit from a market economy, as they have access to a wide variety of products and services at competitive prices.
This system is based on demand and supply, meaning that the prices of goods and services are determined by the amount of people wanting to buy them and the amount of people able to provide them.
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The one-to-one function g and h are defined a follow. G={(-6, 1), (-4, -6), (1, 4), (6, 7)}
h(x)= -x-9 \5
A one-to-one function is a function in which each element in the range of the function corresponds to one and only one element in the domain of the function.
Given:
g(x) = {(-6, 1), (-4, -6), (1, 4), (6, 7)} is a set of ordered pairs that represents the function g. Each ordered pair represents a mapping between an input value (x) and an output value (y). For example, g(-6) = 1, g(-4) = -6, g(1) = 4, and g(6) = 7.h(x) = -x-9 is a function that takes an input value x and applies the operation -x-9 to it. The output value is the result of this operation.For example:
h(5) = -5 - 9 = -14h(-3) = 3 - 9 = -6The function h(x) is a one-to-one function, meaning that it assigns a unique output value to each input value. It is possible to check this by observing that the function h(x) does not assign multiple outputs to the same input.
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Changes in real GDP reflect Question 12 options: a) both changes in prices and changes in the amounts being produced. B) neither changes in prices nor changes in the amounts being produced. C) only changes in the amounts being produced. D) only changes in prices
Changes in real GDP reflect both changes in prices and changes in the amounts being produced. While an increase in real GDP unquestionably indicates increased output, an increase in nominal GDP may only indicate an increase in prices.
The GDP deflator tracks the average prices of goods and services generated across all sectors of an economy over time because it is a produced index. Adjustments for changes in inflation are included in real GDP. This implies that real GDP will be lower than nominal GDP in an inflationary environment and vice versa. Positive inflation leads to a significant nominal GDP inflation without a real GDP correction. Real GDP growth is frequently used as a gauge of the economy's overall health.
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Because of specialization and comparative advantage, most people Group of answer choices consume the products of many other specialists consume only what they produce themselves share whatever they produce consume the products produced by their family and friends do not use money as a medium of exchange
According to the question of comparative advantage, most people consume the products of many other specialists.
What is comparative advantage?Comparative advantage is an economic concept which states that a country or individual has the ability to produce a certain good or service at a lower cost than any other country or individual. This is due to the fact that a country or individual may have an advantage in the production of certain goods or services due to its resources, technology, or labour force. Comparative advantage is important because it allows countries to specialize in producing certain goods or services to maximize efficiency and economic growth. It also allows countries to trade with one another and create a mutually beneficial relationship that increases global wealth. By specializing and trading, countries can produce a greater quantity of goods or services than if they were to produce everything on their own.
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What is President Roosevelt's stated purpose for issuing this executive order?
Franklin D. Roosevelt signed this order on February 19, 1942, allowing the transfer of all individuals deemed to pose a threat to the nation's security from the West Coast to locations further inland.
The 32nd president of the United States, Franklin Delano Roosevelt, also referred by his initials FDR, was an American politician and attorney who presided over the country from 1933 until his passing in 1945. He became a key player in world affairs throughout the first half of the 20th century while serving as the head of the Democratic Party and winning a career high four presidential elections. The bulk of the Great Depression was under Roosevelt's guidance as he pursued his New Deal domestic agenda in response to the worst economic catastrophe in American history. He established the New Deal Coalition, which for the middle third of the 20th century in the US characterized modern liberalism. The World War 2, which came to a close just after he past away in office, dominated his third and fourth tenure. He was raised in Hyde Park, New York, where he was a member of the well-known Roosevelt family. He graduated from the Groton School, Harvard College, and Columbia Law School, which he left after passing the bar test to begin his legal career in New York City. He wed Eleanor Roosevelt, his fifth cousin once removed, in 1905. Five of the six children they had and brought to adulthood.
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Manju is a full-time exempt employee living in Illinois who earns $46,280 annually and is paid biweekly. She is married filing jointly and has indicated checkbox withholding on her 2020 Form W-4. What is the total of her Federal and state income tax deductions for the most recent pay period
For the most recent pay period, she deducted $162 in federal and state income taxes.
What is income tax deduction?A tax deduction is a sum of money that lowers the amount of your taxable income and lowers your tax obligation. You can deduct some adjustments to income, such as: interest on student loans payments, after determining your total total pay for the year.
Biweekly payment to Manju = Annualy payment / 26 weeks
= $43680 / 26 = $ 1680
She has three withholding allowances and is married.
We must now determine the federal tax, which is shown in a chart and ranges from $1680 to $1700 with three allowances.
Federal Tax = $99 (Given)
State Income Tax = biweekly Payment * Rate
= 1680 * 3.75 %
= $63
Total Tax = Federal Tax + State Income Tax
= $99 + $63
=$162
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