An individual who owes the NIIT cannot also be subject to the additional Medicare tax
a. True
b. False
a. True
b. False
Indicate whether the statement is true or false
False
RATIONALE: The NIIT and additional Medicare tax are different taxes applied to different bases. An individual above the threshold amounts can easily owe both taxes.
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Which of the following is not an error that would require a company to record a prior period adjustment? Assume all are material
A) A mathematical mistake is made in the calculation of bad debt expense. B) Facts of a bond retirement transaction are misconstrued. C) Accounting principles are misapplied in the valuation of inventory. D) A correction is made to the estimated useful life of a building.
Angelique is paid a flat rate of $2 per pair of pants that she sews at work. Angelique is being paid on a:
A. bonus rate basis B. merit pay basis C. differential piece-rate system D. level piece system E. straight piece-rate system
The shareholders normally determine the price for which shares will be issued unless the charter permits the board of directors to set the price
a. True b. False Indicate whether the statement is true or false
Which of the following statements about SimQuick is TRUE?
A) SimQuick requires some knowledge of programming languages, such as VISUAL BASIC or C++. B) SimQuick can be used to simulate the flow of materials, but cannot be used to study the process flows that involve people or information. C) SimQuick is an easy-to-use package that is simply an Excel spreadsheet with some macros. D) The primary disadvantage of SimQuick is that it is more costly and more difficult to set up when compared to other models, such as SIMPROCESS and ProModel.