Calculate the total Social Security and Medicare tax burden on a sole proprietorship earning 2022 profit of $300,000, assuming a single sole proprietor with no other earned income. Note: Round your intermediate calculations to the nearest whole dollar amount
Answers
The total Social Security and Medicare tax burden on a sole proprietorship earning a 2022 profit of $300,000 would be $17,818.80.
The social security and Medicare tax burden on a sole proprietorship earning a 2022 profit of $300,000 would be calculated as follows:
For a sole proprietorship, the owner is responsible for paying both the employer and employee portions of Social Security and Medicare taxes. In 2022, the Social Security tax rate is 12.4% on the first $147,000 of income and the Medicare tax rate is 2.9% on all income.
To calculate the total Social Security tax burden, we first need to determine the portion of the $300,000 profit that is subject to the tax. Since the Social Security tax only applies to the first $147,000 of income, we need to find the minimum value of the profit and $147,000, which is $147,000.
To find the employer and employee portions of the Social Security tax, we need to multiply the taxable income by the tax rate and then divide by 2 since the owner is responsible for both portions. The calculation is as follows:
Social Security tax = ($147,000 x 12.4%) / 2 = $9,118.80
To calculate the Medicare tax burden, we need to multiply the entire $300,000 profit by the 2.9% tax rate. The calculation is as follows:
Medicare tax = $300,000 x 2.9% = $8,700.00
Therefore, the total Social Security and Medicare tax burden on a sole proprietorship earning a 2022 profit of $300,000 would be:
$9,118.80 + $8,700.00 = $17,818.80
So, the total Social Security and Medicare tax burden on a sole proprietorship earning 2022 profit of $300,000, assuming a single sole proprietor with no other earned income is $17,818.80.
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Related Questions
Issued 1,000 shares of 5 percent $100 par preferred stock for $101 per share. (The corporation has been authorized to issue
10,000 shares of preferred stock.) Record a general journal entry
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The required general journal entry to record the issuance of 1,000 shares of 5% $100 par preferred shares for $101 per share would be as follows:
Bank A/c Dr $101,000
To Preferred Stock $100,000
To Secuiry Premium $1,000
A hybrid kind of stock known as preferred shares has characteristics more typically found in debt, such as a dividend that is guaranteed. Callable, convertible, cumulative, and participatory shares are the four primary varieties of preference shares.
The following entries in the journal must be made. An accounting voucher entry is a record that details a financial transaction and is used to process payments. Learn the definition of a coupon and become acquainted with how the voucher system works.
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how does tax help to stabilise the prices of products
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Answer:
An increase in income taxes reduces disposable personal income and thus reduces consumption (but by less than the change in disposable personal income).
Hope it helps!
What talents are helpful for the Arts, AV Technology and Communication Cluster? PLEASE HELP!!
WILL GIVE BRAINLIEST ! ! ! ! !
Answers
2. Transmission Engineer.
3. Broardcast Field Supervisor.
4. Broadcast and Sound Technician.
5. Camera Operator.
6. News Analyst.
7. Reporter.
8. Correspondent.
(If you need more, please let me know) :)
Jason is an ancient history lover. He wants to share his knowledge on social media, but he does not think that video platform will work well since he cannot afford to travel to many of the places that have the ruins he wants to share information about. What would be the best social media platform to provide information show pictures of these places?
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The best social media platform where Jason can share his knowledge and provide information and show pictures of these places is where common people and his friends near and all over can connect with him and can be friends with him on that networking site.
What is social media?Social media refers to the means of interactions among people in which they create, share, and/or exchange information and ideas in virtual communities and networks. We offer an array of tools, including one-on-one consults with schools, departments and offices looking to form or maintain an existing social media presence to discuss social media goals and strategy, as well as offer insights and ideas.
Before creating any social media account, we must submit the Account Request Form.
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24. When documenting animal data, what is typically not included in the record?
pedigree
breeding plan
weight
estimated lifespan
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arkansas escrow agent norman received the earnest money deposit from his clients bud and barbara on friday, january 6, the day the contract was signed by both parties. he must deposit the earnest money by the end of what day?
Answers
The timeline for depositing earnest money can vary depending on state laws and contractual agreements.
In most cases, an escrow agent like Norman is required to deposit the earnest money within a reasonable period of time. The specific time frame may be outlined in the contract or governed by state laws. It is crucial to consult the contract or seek legal advice to ensure compliance with the applicable regulations.
In the absence of specific contractual or legal requirements, it is generally considered good practice for the escrow agent to deposit the earnest money as soon as possible after receiving it. This helps maintain transparency and demonstrates good faith between the parties involved in the transaction.
In the given scenario, if the contract was signed and the earnest money was received by Norman on Friday, January 6, the deposit should ideally be made within the next business day or within a reasonable time frame thereafter.
Typically, this means that the earnest money should be deposited by Monday, January 9, or the next business day following the receipt of the funds.
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Lucinda works for a city fire department. She is creating a podcast about first-responder safety for firefighters. Which phrase best describes the purpose of her podcast?
Answers
Answer:
(C) To discuss measures to improve safety.
Explanation:
This is the actual answer on your business English course. Happy cheating :)
Answer:
to discuss measures to improve safety
Explanation:
Jane is a team leader. Match her leadership and teamwork skills to the appropriate descriptions
making her team understand the requirements of a
project and planning an approach for meeting the
goals of the project
developing a milestone chart to review team progress
with respect to project deliverables
eliminating opportunities for misinterpretation by using
clear communication, both written and spoken
encouraging the team to work toward reaching the
project deadline
Jane is a good communicator.
Jane is motivating and empowering her team.
Jane is planning and organizing.
Jane is communicating a vision.
Answers
Jane's leadership and teamwork skills are to the appropriate descriptions to make her team understand the requirements below.
What are skills?A skill is the acquired capacity to move with deliberate intent and good execution, frequently in a pre-determined window of time or energy or both. Domain-general and domain-specific skills are two common categories of skills.
Jane is a good communicator. - eliminating opportunities for misinterpretation by using clear communication, both written and spoken
Jane is motivating and empowering her team. - encouraging the team to work toward reaching the project deadline
Jane is planning and organizing. - developing a milestone chart to review team progress with respect to project deliverables
Jane is communicating a vision - project and planning an approach for meeting the goals of the project
Therefore, The above are The skills That match jane's leadership and teamwork skills.
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What are the similarities and differences in the purchasing
functions at a for profit versus a not for profit organization?
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Explanation:
I hope this answer is helpful ):
Why do you think different college majors pay for themselves at different rates?
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I Have Some Good News And Some Bad News. The Bad News Is: No Member Of You Family Has Ever Lived Past Age 60. The Good News Is: Think Of How Much Social Security Money You Family Has Saved The Rest Of Us! Anyway You Just "Celebrated" Your 40th Birthday (Complete With All Those Lovely Black Balloons That Read, "Over The Hill"). Since You Are Certain The Grim
i have some good news and some bad news. the bad news is: no member of you family has ever lived past age 60. the good news is: think of how much social security money you family has saved the rest of us! anyway you just "celebrated" your 40th birthday (complete with all those lovely black balloons that read, "over the hill"). since you are certain the grim reaper will visit you in 20 years, you decide to purchase an investment that will pay you $4800 each year until reach room temperature that is age 60
if this investment returns 8% yo you, how mucj you be silling to pay for it?
Answers
The maximum amount you would be willing to pay for the investment is approximately $870,552.37, assuming an 8% return and living until age 60.
To calculate the maximum amount you would be willing to pay for the investment, you need to determine the present value of the future cash flows. Since the investment pays $4,800 annually until you reach age 60, which is 20 years from now, and assuming an 8% return, you can use the present value formula to calculate the present value of these cash flows. The result is approximately $870,552.37, which represents the maximum amount you would be willing to pay for the investment given your expected return and time frame.
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In her job as a pharmacy technician, Imani measures precise doses of medication for patients. What type of skill is this?
A. technical
B. soft
C. collaborative
D. academic
Answers
Based on the fact that Imani needs to precisely measure doses of medication for patients, this type of skill is a A. Technical skill.
What is a technical skill?A technical skill refers to one that a person gets from having specialized knowledge in several types of specialized tasks and projects.
The skill to be able to measure precise doses of medication that Imani has is a specialized knowledge that helps her in the pharmaceutical industry which makes it a technical skill.
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Uber’s expansion on the innovation front requires strategic planning by senior management. Once this planning has been completed, middle management would be responsible for implementing these plans through.
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Once this planning has been completed, middle management would be responsible for implementing these plans through (B) tactical planning.
What is tactical planning?Tactical planning is a method that aids in the creation of short-term and distinct plans that aid in the fulfillment of a business's, organization's, or individual's long-term plans. Strategic planning assists businesses in determining and laying out a long-term plan based on corporate objectives.There are several components to tactical planning. For example, breaking down organizational goals that are longer than two or three years, and establishing a goal-oriented calendar with short-term targets, such as a target for the next three months or six months.Therefore, once this planning has been completed, middle management would be responsible for implementing these plans through (B) tactical planning.
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The complete question is given below:
Uber’s expansion on the innovation front requires strategic planning by senior management. Once this planning has been completed, middle management would be responsible for implementing these plans through
Multiple Choice:
(A) operational planning.
(B) tactical planning.
(C) operating.
(D) strategic control.
(E) action plans.
events that do not involve exchanges between the company and someone else but affect assets, liabilities and/or stockholders' equity are called
Answers
Events that do not involve exchanges between the company and someone else but affect assets, liabilities, and/or stockholders' equity are called internal events.
These events are transactions within the company and do not involve any external parties. Examples of internal events include depreciation of assets, use of supplies, and adjustments for accrued expenses. These events still have an impact on the company's financial statements, but do not involve exchanges with other parties.
Internal events are events that are organized by companies for their employees, such as team-building exercises, training sessions, conferences, seminars, and recognition events. Internal events can be used to increase morale, build team cohesion, and promote productivity.
These events can also be used to reward employees and recognize their achievements.
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Rosa plans to give a presentation to her co-workers on how to use her company's new requisitions process, and she is using presentation software to create a visual aid. each slide uses 30-point headings, no more than six bullet points, and black text on a white background with large, dark red and blue paint splashes. she is careful to use animation only to transition to new major points, and subpoints. what has rosa done wrong?
a) her slides are inconsistent.
b) her slides contain too much information.
c) her slides are too busy.
d) her information is too small.
e) she is using too much animation
Answers
Rosa has prepared a very well presentation but the only mistake she did is that her slides contain too much information.
What are the basic points to be considered while making presentation?First and foremost point to be consider for making the presentation is that- introduction, body and conclusion must be there.
Too much information should not be added on a single slide. It must have some images as well for the attraction.
The ideas added in the presentation must have the clarity.
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Imagine that Art’s Flower Shop has blossomed into a large, sophisticated corporation, that advertises in the yellow pages and also spends thousands each year in its online advertising. Imagine also that the local government has required advertising services to buy a license, to raise money for the city.
Answers
Answer:
1)B. that the printer's conduct was gross negligence
2)D. No, because Art's is the party trying to enforce the contract
Explanation:
Imagine that Art’s Flower Shop has blossomed into a large, sophisticated corporation, that advertises in the yellow pages and also spends thousands each year in its online advertising. Imagine also that the local government has required advertising services to buy a license, to raise money for the city.
1)In order to win its case, Art's will have to prove __________
A. that its business suffered hugely when the yellow pages ad was omitted
B. that the printer's conduct was gross negligence
C. that flowers are important to the public welfare
2)If the yellow page printer does not have an advertising license, can it argue that it is not liable because it had no contract at all with Art's? ______________.
A. Yes, because it had no license
B. No, because the license is merely to raise money for the city
C. Yes, unless it had submitted an application for license and the application was pending
D. No, because Art's is the party trying to enforce the contract
D. No, because Art's is the party trying to enforce the contract
We are informed about an Art’s Flower Shop that has blossomed into a large, sophisticated corporation, that advertises in the yellow pages and also spends thousands each year in its online advertising. Imagine also that the local government has required advertising services to buy a license, to raise money for the city.
1) In order to win its case, Art's will have to prove that the printer's conduct was gross negligence.
gross negligence is when something, legal obligation, someone, lack maintainance, care. Or there is voluntary disregard. Therefore, if he want to win the case he has to prove that the printer's conduct was gross negligence.
2)If the yellow page printer does not have an advertising license, can it argue that it is not liable because it had no contract at all with Art's?
There is no argument that can be won here because, the enforcement of the contract is from the Art itself.
how can u prove that the traditional technology is the foundation of modern technology short answer
Answers
1.the balance of an account is calculated as
A the total of the debit side
B the total of the credit side
C the difference between the totals of the debit and credit side
D.the sum of all entries
2.the total on the debit of an account is greater than the credit side.what does this mean?
A the account has a debit balance
B the account has a credit balance
C the account cannot be balanced
D the account has no balance
3.a credit balance occurs in a ledger account when
A the total on its debit side is greater than the credit side
B the total on its debit side is less than the total on its credit side
C the total on its debit side is equal to the total on its credit side
D the total is zero in the ledger account
Answers
Answer:
1.A
2.C
3.D
Explanation:
hope its help
ECONOMICS!HELP!!!!!!!
Answers
State two advantages of advertising in a newspaper compared to radio advertising.
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Answer:
Radio advertising is come and gone once it plays so people can miss it.
Newspaper advertising is cheaper.
Explanation:
where u going for a vacation
Answers
i would go to the first picture it seems like a good day for a swim and have fun with famliy there but the seconed one looks very pretty ^^
Mr. Darden is selling his business for $165,000. He started it with $55,000 nine years ago. What is the annual return on his investment from capital gains
Answers
The annual return on Mr. Darden's investment from capital gains is approximately 20%.
To calculate the annual return on investment from capital gains, we need to determine the profit gained over the investment period. Mr. Darden started his business with $55,000 and is now selling it for $165,000, indicating a capital gain of $110,000 ($165,000 - $55,000).
Next, we divide the capital gain by the initial investment and multiply it by 100 to express the return as a percentage. In this case, the calculation would be: ($110,000 / $55,000) * 100 = 200%.
However, since the investment spanned over nine years, we need to find the average annual return. Dividing the total return by the number of years gives us the annualized return. Therefore, the annual return on Mr. Darden's investment from capital gains is approximately 20% (200% / 9 years).
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Destiny earned $1600.00 last month. She put $200 in savings. Is Destiny following the 70-20-10 Rule?
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ch 2: which of the following terms is the most encompassing? a. value chain b. transformation process c. general management process d. operating system
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B: "Transformation process" is the most encompassing term.
The transformation process refers to the entire set of activities that organizations undertake to transform inputs into finished goods or services. This process includes all the stages of a value chain, such as procurement of raw materials, manufacturing, marketing and sales, and delivery to customers.
It also encompasses the general management processes that oversee the entire transformation process, including planning, organizing, staffing, leading, and controlling. The operating system refers to the specific systems and processes that support the day-to-day operations of an organization. The transformation process is therefore more encompassing as it encompasses all of these other terms.
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microeconomics is the study of the economic interactions betweenproducers and their suppliers.consumers and the governmentconsumers and producersproducers and the government
Answers
Microeconomics is the study of the economic interactions between consumers and producers.
What are the key areas of study in microeconomics?Microeconomics focuses on analyzing behavior of individual consumers and producers and interactions between them. It examines how consumers make decisions on allocation of their limited resources to maximize their utility or satisfaction.
And also while producers make decisions on how to allocate their scarce resources to maximize their profits. Microeconomics also investigates the role of prices and markets in coordinating these economic interactions.
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Answer:
Consumers and producers
Explanation:
I got you
How does the price of oil impact the price of food?
Answers
Answer:
The price of Oil effect the price of food because it all works together in the economy/system
Explanation:
Question 27 pts OSHA, the Occupational Safety and Health Administration, has notified you that your company is legally required to install safety rails around the large vats of chemicals in your factory. You need to follow their order so that you are: Group of answer choices in compliance. licensed. insured. contracted.
Answers
what happen if a person dies and they wanted someone to have there car. They died and everyone knows that the car was suppose to go to that person, but the person that died didn't have I will or anything saying it was suppose to go to that person, can they still get the car?
Answers
Answer:
it all depends on if the family is the giving type as some people would try to hold on to things from listed onesand others would try to Give them away ....in shot people grieve differently so it's a 50/50 chance
Answer:
probably not because it's just like if this family met an old person about to die and pretended to be nice and do things for him until he died then went to the police and said that he would give them his house so now a days u can't just go off of 'they said ___ before I died' SO like I said again probably not
Calculate the break-even point for a new toy that costs $12 to make and market and that will be sold for $15. The total quantity that will be sold at that price is 200,000.
Answers
The break-even point for new toy that costs $12 to make and the market and that will be sold for $15 is 2%.
What is break-even point?The break-even point is a critical concept in business that indicates the level of sales or revenue necessary to cover all the costs associated with a product or service. It is the point at which the total revenue earned equals the total cost of producing and delivering the product or service. At this point, there is no profit or loss, and the business is said to be "breaking even." The break-even point is calculated by dividing the total fixed costs by the contribution margin per unit. The contribution margin is the difference between the price of the product and the variable cost of producing it. Understanding the break-even point helps businesses make informed decisions about pricing, production, and marketing strategies to achieve profitability.
Variable costs = Price - Fixed costs = $15 - $12 = $3 (per unit)
Break-even point = $12 / ($15 - $12) = $12 / $3 = 4,000 units
Break-even point will be reached when= 4,000 units / 200,000 units = 0.02 or 2%
Therefore, break-even point for new toy is 2% of total quantity sold, which is equivalent to 4,000 units.
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When researching a specific employer, what information should you be looking for?
Answers
The person above me is correct just put the answer on the wrong question. The question they answer was "When researching a specific job, what information should you be looking for?" The answer to this question however is:
"-Company history
-Company culture
-Company mission
-Reputation
-Products
-Location
-Predicted growth
-Number of employees
-Competitors
-Customers"
and if you need to shorten the other question
"-Job description
-Required education and experience
-Working conditions
-Salary
-Fringe benefits"
When researching a specific employer, information should you be looking for such as:
Key players of the organization.when the key players within an organization are those employees who hold important positions in the company they get a good reputation.
The person interviewing you.After checking the all detail about the company go formal and give your best in the interview be confident.
knowledge about the employer update news and eventsWhen you go into a job interview, it’s always a good idea to be knowledgeable about the companies for the latest news and updates.
The main feature of the company’s culture, mission, and values, etc.who find the job should be able to confidently speak and say they're a good fit for the company’s culture during any job interview.
Clients, products, and services.you have to innovate new ideas and need as a potential employee and always pay attention.
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