Which of the following statements about Social Security and Medicare taxes is NOT true?
A) The Social Security tax rate of 6.2% is applied to a maximum wage of $102,000.
B) The taxes are used to provide disability, retirement, and survivors' benefits.
C) The taxes are used to provide hospital insurance for some disabled people and for people over 65.
D) none of the above
D
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On June 1, Aaron Company purchased equipment at a cost of $120,000 that has a depreciable cost of $90,000 andan estimated useful life of 3 years and 30,000 hours. Using straight-line depreciation, calculate depreciation expense for the final (partial) year of service
a. $12,500 b. $17,500 c. $40,000 d. $30,000
A marketer is interested in segmenting a business market on ________ if the marketer intends to eventually segment the market based on loyalty and attitudes toward risk
A) situational factors B) purchasing approaches C) personal characteristics D) operating variables E) demographic variables
The internal audit department at Monument Company receives electronic exceptions reports for all sales transactions entered over $10,000 in total. This process is performed for which purpose?
a. Drafting financial statements. b. Monitoring revenue transactions. c. Providing management reports to the controller. d. Providing suggestions for operational improvement.
Current liabilities are
A) due, but not receivable for more than one year B) due, but not payable for more than one year C) due and receivable within one year D) due and payable within one year