In 2015, self-employed individuals paid FICA taxes at a rate of
A) 1.45 percent.
B) 7.65 percent.
C) 13.3 percent.
D) 15.3 percent.
Answer: D
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The omission of the adjusting entry to record depreciation expense will result in an:
a. overstatement of assets and an overstatement of owners' equity. b. understatement of assets and an understatement of owner's equity. c. overstatement of assets and an overstatement of liabilities. d. overstatement of liabilities and an understatement of owners' equity.
Branch Managers from two competing firms get together for lunch and agree that they could save an advertising cost if one business closed on high-end properties in the area and the other business focus on more affordable housing. This is:
a. price-fixing. b. a tie-in Arrangement. c. Legal since it lowers costs and may benefit Consumers. d. Market allocation