Jurisdiction M imposes an individual income tax based on the following schedule. RateIncome bracket5%$-0- to $50,000+ 8%$50,001 to $200,000+ 12%$200,001 and above Ms. Owen has $314,000 taxable income. Compute the tax on this income.
A. $37,680
B. $28,180
C. $29,680
D. None of the choices are correct.
Answer: B
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Your business has just taken out a 1-year installment loan for $72,500 at a nominal rate of 11.0% but with equal end-of-month payments. What percentage of the 2nd monthly payment will go toward the repayment of principal?
A. 73.67% B. 77.55% C. 81.63% D. 85.93% E. 90.45%
The adjustments arising from the audit that were considered to be material should be communicated by the auditor to which of the following?
a. Audit staff. b. Management. c. Audit committee. d. Internal auditors.
Cash flows from financing activities would be reduced by which of the following?
a. Purchase of inventory b. Repayment of long-term debt c. Purchase of machinery d. Payment of interest
As a general rule, employers have a legal obligation to disclose information about former employees to potential future employers
a. True b. False Indicate whether the statement is true or false