the corbit corp. sold merchandise for $10,000 cash. the cost of the merchandise sold was $7,590. the journal entries to record this transaction under the perpetual inventory system would be group of answer choices

Answers

Answer 1

The journal entries to record this transaction under the perpetual inventory system would be  

Debit : Cash 10,000

Credit : Sales 10,000

Debit : Cost of Goods Sold 7,590

Credit : Inventory 7,590

What is transaction ?

A financial transaction is an agreement or communication between a buyer and a seller to exchange goods, services or property for payment. Every transaction involves a change in the financial position of two or more companies or individuals. A financial transaction always involves one or more financial assets, usually money or some other valuable item such as gold or silver.

There are several types of financial transactions. The most common type, purchase, occurs when a good, service or other good is sold to a consumer  for money. Most purchases are made with cash payments, including physical currency, debit cards, or checks. Another important form of payment is credit, which provides immediate access to funds in return for repayment at a later date.

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the pricing method that considers what consumers may be willing to pay for a particular product based on the value received over the product's entire lifetime is the ___________ pricing method. group of answer choices cost-based reference-based market-based cost of ownership improvement value

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The complete statement is  "the pricing method that considers what consumers may be willing to pay for a particular product based on the value received over the product's entire lifetime is the Value-based pricing method. group of answer choices cost-based reference-based market-based cost of ownership improvement value"

What is Value-based pricing?

Generally, Pricing a product or service in a manner that is mostly determined by the consumer's estimation of its worth is an example of the value-based pricing technique.

In conclusion, Value pricing is customer-focused, which means that businesses choose prices based on how much they feel a product is a worth based on feedback from customers.

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which information must be documented in the individualized family service plan for children who meet eligibility criteria for ot services? g

Answers

Information about the developmental status or current developmental stages of your child.Family details (with family consent)

What needs to be on the IFSP document?

The IFSP must contain a description of the infant's or toddler's current levels of physical development (including vision, hearing, and health status), cognitive development, communicative development, social or emotional development, and adaptive development based on the data from that child's assessment.

What exactly does the IFSP cover? 

The following items are required for your child's IFSP -The degree to which your child is now developing physically, mentally, socially, emotionally, and adaptively, as well as any needs that he or she may have in these areas.

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when consumers explicitly agree to share personal information, the agreement is referred to as .

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opt-out policy. Opt in: Consumers own their personal information, and outlets should get shoppers to explicitly agree to share this non-public information (EU) Opt out:

Consumers need to explicitly inform shops no longer to use their non-public statistics (US) market basket analysis.

What is intended by means of customer loyalty in business?

Customer loyalty describes an ongoing emotional relationship between you and your customer, manifesting itself by way of how willing a consumer is to have interaction with and again and again purchase from you versus your competitors. Loyalty is the byproduct of a customer's positive journey with you and works to create trust.

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colonial company has sales revenue of $300,000 resulting in net operating income of $36,000. average invested assets are $200,000, and residual income is $20,000. what is the hurdle rate?

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The hurdle rate is 20%.

What is hurdle rate?
The lowest rate of return on the an investment or project that a supervisor or investor will accept. It enables businesses to decide to choose whether or not pursue a particular project. Projects with higher levels of risk typically have higher hurdle rates than projects with lower levels of risk; the hurdle rate explains the appropriate compensation again for level of risk present. The associated risks, the cost of capital, as well as the returns of other potential investments or projects are some of the factors that must be taken into account in order to determine the rate.

The formula for calculating the hurdle rate is: (Residual Income / Average Invested Assets) x 100. In this case, (20,000 / 200,000) x 100 = 20%.

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a firm that operates in a perfectly competitive market is similar to a monopoly firm that is able to perfectly price discriminate in which of the following ways? correct answer(s) total surplus is maximized. press space to open deadweight loss is eliminated. press space to open quantity sold would be the same. press space to open price charged

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In the following ways Total surplus is maximized, deadweight loss is eliminated, and quantity sold would be the same.

In terms of market share, price regulation, and entrance obstacles, monopolistic and perfectly competitive markets differ significantly from one another.

In a monopolistic market, one business controls all aspects of the market, including pricing and supply levels for goods and services. A perfectly competitive market has many firms, as opposed to a monopolistic market, which only has one firm.

Supply, demand and prices vary in monopolistic and fully competitive markets depending on a variety of circumstances. In the real world, no market is either monopolistic or completely competitive.

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most interbank trades are group of answer choices speculative or arbitrage transactions. simple order processing for the retail client. overnight loans from one bank to another. brokered by dealers.

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Most interbank trades are overnight loans from one bank to another. Hence, option c) is correct.

What is Interbank Market?

Financial institutions use the interbank market, a global network, to transact directly in currencies and other currency derivatives. While banks occasionally conduct interbank trading on behalf of significant clients, the majority of such trading is proprietary, meaning that it is conducted for the benefit of the banks' own accounts. The interbank market is used by banks to manage their own interest rate and exchange rate risk as well as to take research-based speculative bets. The interbank market is used by banks to manage their own interest rate and exchange rate risk as well as to take research-based speculative positions.

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A public good is a good that is FILL IN THE BLANK, and thus is difficult for market producers to sell to individual consumers.A. excludable or rivalrousB. nonexcludable and nonrivalrousC. excludable and rivalrousD. unexcludable or unrivaled

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A public good is a good that is nonexcludable and nonrivalrous , and thus is difficult for market producers to sell to individual consumers.

There are two main characteristics of a public good: It cannot be excluded or competed with. Market producers find it difficult to sell the product to individual consumers due to these characteristics. A good is non-excludable if it is expensive or impossible for one user to prevent others from using it.

What is a public good that cannot be excluded?

Public goods that cannot be used by a specific person or group of people are known as non-excludable goods. Because of this, it is nearly impossible to limit access to the consumption of goods that cannot be excluded. A good that cannot be excluded is, for instance, a public road.

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true or false? television advertisements recruiting patients for liver transplants is an example of a niche marketing tactic.

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The statement is True. Television advertisements recruiting patients for liver transplants are an example of a niche marketing tactic.

Marketing is a type of paid advertising that brings interest to your key message, and it's the critical subsequent step for making your digital advertising techniques paintings. It increases your logo exposure so you can speedily acquire your enterprise goals, from building your patron base to growing your income quantity.

Via the medium of advertising humans get information concerning new merchandise. As humans use these new and modern-day goods, their standard of residing receives a lift. Advertising is helpful in providing employment and growing earnings of the humans.

Advertising and marketing performs a strong role in the economy: It gives useful facts to clients that tell them approximately product and service alternatives, as well as evaluate capabilities, blessings, and charges. With more whole records, consumers and groups regularly pick to buy additional services and products.

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suppose that you are asked to conduct a cost-benefit study of a proposed coal-fired power plant. the plant will be built on the outskirts of a residential area and will emit a certain volume of pollutants. it will require a substantial amount of water for its cooling system. industries in the region argue that the additional power is urgently needed, but local residents oppose construction. how would you evaluate social and environmental costs and weigh them against economic benefits? make sure to mention potential costs, potential benefits, and techniques used in your answer.

Answers

Industries in the region argue that the additional power is urgently needed, but local residents oppose construction. The social and environmental costs can be computed by the following:

Cost of relocation of people to new placeWater cost for cooling systemImpact of water level reduction and increased cost for local residentsCO2 and other pollutants removal in air/Carbon emission costCost of planting additional trees for natural purification

Economic benefits:

Industrial growth and revenue for area in form of taxationEmployment generation and income tax for local government as revenuePotential of industrial growth and new industries in area

An industry is a group of organizations which are related based on their primary business sports. In cutting-edge economies, there are dozens of industry classifications. enterprise classifications are commonly grouped into large classes referred to as sectors.

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You are planning a store on a large lot. Your budget only allows for 800 linear feet of walls. What is the maximum square footage of your store?.

Answers

Budget only allows for 800 linear feet of walls and the maximum square footage is 40000 sq/ft

What is the maximum square footage?

budget only allows for 800 linear feet of walls, the maximum square footage of  store is:

It is indicated that:

As stated, inches of walls equal 800 feet of sides, and four.

inches of walls

= 800 ft

Sides,

= 4

Now,

The square store's name is:

800/4

=400ft

the maximum square footage is :

400*100=

40000 sq/ft

The maximum square footage is 40000 sq/ft

A McMansion-style home can come in a variety of sizes. In general, these residences are bigger than the U.S. Census Bureau's estimate of the median size of a newly constructed single-family home.

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when is the best time to start looking for an internship? as soon as you have the skills, knowledge, and experience for your career. during the spring, autumn, or winter of your junior senior year. during the summer of your junior senior year. as soon as you feel ready to explore potential careers.

Answers

Almost always, it's a good idea to expand your personal and professional network, look at several career paths, get some work experience, and polish your resume. Hence Option A is Correct.

When internship is suitable for career ?

Thus, the question of when to complete a college internship rather than whether to do one does not exist. Additionally, when to begin college internships depends on your chronology, past, and future.

The beginning of the year, in January or February, is the ideal time to submit an application for a summer internship. Students should apply for fall internships in April or May because the majority of them start in late August or early October.

College sophomore year is a fantastic time for students to discover their interests and make any minor changes or major changes in their course of study.

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a project manager receives the following information for a new project: assumptions preliminary scope restrictions after receiving this information, what is the first step the project manager should take?

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Discerning the project goals as well as the business case is the first step the project manager should take.

A project manager is a person who specializes in project management. Regardless of the sector, project managers are in charge of organizing, acquiring, and carrying out any activity with a clear scope, beginning, and end.

Whether they are in charge of a marketing campaign, a building project, a computer system development, or the introduction of a new product, or any other thing, the project manager is responsible for the accomplishment or failure of the project. There is a demand for project managers across almost all industries.

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caused by a single stimulus, a quick cycle of contraction and relaxation is called? a . the short delay between the stimulus and the onset of the twitch is called the period. this is the time required for excitation, excitation-contraction coupling, and of the elastic components of the muscle. the force generated during this time is called tension. once elastic components are taut, the muscle produces external . when the external tension moves a load, this is called the phase.

Answers

The answers to the questions are given below

- Caused by a single stimulus, a quick cycle of contraction and relaxation is called a twitch.- The short delay between the stimulus and the onset of the twitch is called the latent period.- This is the time required for excitation, excitation-contraction coupling, and tensing of the elastic components of the muscle.- The force generated during this time is called internal tension.- Once elastic components are taut, the muscle produces external tension.- When the external tension moves a load, this is called the contraction phase.

What transpires during the latent phase?

The latent period is when labor first begins. Your cervix becomes thin and supple at this time as it prepares to dilate and open up to allow the birth of your child. You'll begin to experience contractions, which may be erratic and vary in length, force, and frequency.

Therefore, The latent period is the span of time between a person or host becoming infected by a pathogen and becoming infectious, i.e. capable of spreading the infection to other susceptible people, in epidemiology, notably in the study of infectious disease dynamics.

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If a country increases its money supply rapidly under a fixed exchange rate regime, then.

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If a country increases its money supply rapidly under a fixed exchange rate regime then the country will face high levels of price inflation.

Inflation is the rate of increase in expenses over a given period of time. Inflation is usually a vast measure, consisting of the overall boom in prices or the increase in the fee of residing in a country.

whilst high inflation can be dangerous, too little inflation can also weaken the financial system. while the economy is suffering and inflation is too low, the Fed will take the other technique through reducing hobby quotes or shopping for belongings to boom coins move.

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ccc stock paid a dividend this year of $3, and this dividend is expected to grow at a rate of 10% for the next two years and at a rate of 5% thereafter. assuming jackie expects to sell the stock in three years, and her required rate of return is 12%, what is the price she should be willing to pay for ccc stock? a) $49.25 b) $37.57 c) $43.41 d) $71.43

Answers

The price that she should be willing to pay for ccc stock is a) $49.25.

The market price can be described as the most recent price at which a security was traded. The market price also says the output of the interaction of traders, investors, and dealers in the stock market.

The Current stock price of CCC stock will be determined by the formula that is shown below;

P = [D (1 + g) ] / (r - g)

Where, P = Current price

D = Current dividend

r = Rate of return

g = growth of dividend

From the scenario we know that

D = $3

r = 12% = 0.12

g = 10% = 0.1

D1 = $3 x  1.1 = $3.3

D2 = $3.3 x 1.1 = $3.63

D3 = $3.63 x 1.05 = $3.8115

After year 3 value =(Dividend for year 3 × Growth rate) ÷ (Required rate-growth rate)

=($3.8115 × 1.05) ÷ (0.12 - 0.05)

= $4.0021 : 0.07

= $57.17

Current price = Future dividends × Present value of discount factor (12%,time period

Current price = $3.3 : 1.12 + $3.63 : 1.12² + $3.8115 : 1.12³ + $57.17 : 1.12³

Current price = $2.94 + $2.90 + 2.72 + 40.69

Current price =  $49.25

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a certain stock costs 50 today and will pay annual dividends of 4, 5, 6, and 7 for the next 4 years. an investor wishes to purchase a 4-year prepaid forward contract for this stock. the first dividend of 4 will be paid one year from today and the last dividend of 7 will be paid just prior to delivery of the stock. assume an annual effective interest rate of 10%. calculate the price of the prepaid forward contract.

Answers

The correct answer is 22.49, thus the price of the prepaid forward contract is 32.49.

To calculate the price of the prepaid forward contract

The stock cost today is 50

Dividends: 4,5,6,7

Expiry limit: 4 years

The interest rate is 10%

= 50 – 4/1.10 – 5/(1.10) – 6/(1.10) – 7/(1.10)

= 50 - 3.63 - 4.13 - 4.5 - 5.25

= 32.49

Here the price of the prepaid forward contract is 32.49.

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which of the following is true of strategic leadership? a. it is defined as the ability to inspire support and acceptance through charisma. b. it leads change to achieve a superior alignment between a firm and the environment. c. it explicitly relates leadership to the role of lower-level management. d. you cannot be a leader if you do not have high ethical standards. e. it is limited to understanding complexities within the organization.

Answers

The correct option is B : It leads change to achieve a superior alignment between a firm and the environment. Leading change in a strategic way to better match a company with its surroundings.

Executives that practice strategic leadership create a vision for their company that will allow it to adapt to or remain competitive in a changing economic and technical environment utilizing a variety of management methods.

Strategic Management. - The capacity for foresight, adaptability, and the ability to empower others to effect strategic change when called for. - Executive conduct and personality traits that help others carry out the organization's vision and goal. Creating chances for cross-departmental cooperation is crucial for a strategic leader. For instance, you may make it mandatory for teams from different departments to occasionally meet, like the sales and product development teams.

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on january 1, 2021, eagle company borrows $100,000 cash by signing a four-year, 7% installment note. the note requires four equal payments of $29,523, consisting of accrued interest and principal on december 31 of each year from 2021 through 2024. prepare the journal entries for eagle to record the note's issuance and each of the four payments

Answers

It should be remembered that the balance of notes payable is multiplied by 7% to determine the interest expenses.

What is interest?

The cost a company pays a lender (creditor) for a loan is called interest. Although many other arrangements are available, interest payments are typically based on the remaining balance of a loan and paid on a monthly basis. At a predetermined interest rate, interest is often computed as a percentage of the loan balance.

In a market economy, interest fulfills a number of important roles. The coordination between borrowers and savers is the most obvious example; borrowers are required to pay interest in order to borrow more money in order to spend more in the present.

For instance, if you place money in a high-yield savings account, a bank will give you interest. The bank pays you to keep your money on deposit and utilize it to make investments in other deals. On the other hand, if you borrow money to cover a significant bill, the lender will also charge you interest.

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Answer:

Explanation:

I’m struggling myself but I hope this helps

identify the disadvantages of using wholly owned subsidiaries as an entry strategy by multinational corporations

Answers

Wholly owned subsidiaries are not particularly effective when entering many markets or nations. Fully owned subsidiaries contribute to modest levels of multinational involvement or international integration.

In the business sector, a subsidiary is a business that is a part of another business, sometimes known as the parent company or holding company. With a controlling interest in a subsidiary business, the parent owns or manages more than 50% of the stock. The term "wholly owned subsidiary" refers to a subsidiary that is 100% owned by another company. When considering a reverse triangle mortgage, subsidiaries take on a significant role.

A multinational corporation is a corporate entity that owns and manages the manufacturing of goods or services in at least one nation other than its own. A multinational corporation may also be referred to as a transnational business, a multinational enterprise, or an MNE (TNE)

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A new company wants to offer a line queuing service where customers book someone to wait in line on their behalf through a smart phone app. What concept is represented by the possibility that no one wants to pay someone else to wait in line ?.

Answers

The concept of offer a line queuing service where customers book someone to wait in line on their behalf through a smart phone app is A Waiting Line System.

What Is a Waiting-Line System?A queuing system, commonly referred to as a waiting line system, is what it sounds like. It occurs when a person or thing waits patiently in a line for an event to occur or a transaction to be completed.A consumer may be in line to pay for a movie ticket or deposit a check, or a shipment can be in a warehouse waiting to be dispatched.There are two types of waiting line service: a low level that is initially affordable to the business and a high level that is first expensive. The cost could, however, be justified given that returning customers are more probable the greater the level of customer satisfaction.

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per gasb no. 42. accounting and financial reporting for impairment of capital assets and for insurance recoveries, governments should test a capital asset for impairment whenever a prominent change in circumstances indicates that its service utility has declined. the amount of the impairment may be measured by one of three methods (restoration cost approach, service unit approach or deflated depreciated replacement cost approach). true false

Answers

A capital asset is viewed impaired when its provider utility has declined notably and unexpectedly.

How do you account for impairment of monetary assets?

The usually frequent accounting ideas (GAAP) outline an asset as impaired when its fair fee is decrease than its book value. To test an asset for impairment, the whole profit, money flow, or other gain anticipated to be generated by the asset is compared with its cutting-edge e book value.

What property are examined for impairment?

Asset debts that are likely to grow to be impaired are the company's bills receivable, goodwill, and fixed assets. Long-term assets, such as intangibles and constant assets, are specifically at chance of impairment due to the fact the carrying price has a longer span of time to emerge as impaired.

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What is significant about the absolut vodka company in the context of advertising?.

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Absolut Vodka has been regarded for its print advertisements showing its unique bottle in unusual and obscure contexts.

These classified ads bring that the vodka makes the context wherein it's far positioned 'Absolut'.

Absolut Vodka is made solely from natural components, and in contrast to different vodkas, it doesn't contain any added sugar. In fact, Absolut is as natural as vodka can be.

Absolut became an iconic bottle when it piqued the interest of Andy Warhol, who created Absolut's well-known print campaign in 1986. consistent with the Absolut ebook: “Over dinner one night time, Warhol tells Michel that he's enthralled by the artfulness of the Absolut bottle.

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Why might your creditors rather work out a payment plan with you than just send your debt to collections?.

Answers

The creditors rather work out a payment plan with you than just send your debt to collections It's better than paying collections from your own account because it won't hurt your credit score as much and will likely give you better repayment terms than any collection agency or collection agency offers.

What is credit?

Credit is a trust that allows one party to provide money or resources to another party, where the second party does not repay the first party immediately, but promises to either  repay or return the funds later.

A credit bureau keeps a monthly record of your past years bills and monthly loan repayments (EMI). Typically, a credit bureau calculates your credit score by collecting data from past years of payment history. Credit creation is the process by which commercial banks can create credit in the form of new deposits.

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you need to purchase supplies for building a backyard deck. your boss gives you the supply list and asks that you get the best deal by buying from either true builder or quality supplies. you call both stores, and they provide the price information that you put into the table below. which store provides the lowest total cost, and what is the cost without sales tax?

Answers

a) True Builders is the retailer with the most affordable total prices.

b) The price is $407.48 without sales tax.

What is sales tax?

When certain products and services are sold, the government is charged a fee known as a sales tax. Normally, laws allow the seller to add the tax to the customer's bill at the moment of purchase.

When customers pay taxes on commodities and services directly to a governing body, they are generally referred to them as usage taxes. For various products and services, such as food, education, and healthcare, the sale and use tax is routinely waived. A value-added tax (VAT), which is assessed on goods and services, is comparable to a sales tax.

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would you want to work at a place like zappos before the transition to holacracy? how about after? why or why not? use person-organization fit as a framework for your answer

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No, I wouldn't want to work for Zappos before the company adopted Holacracy.

This is because, prior to switching to holacracy, Zappos required its employees to navigate a bureaucratic structure in order to complete tasks.In the holacracy system of self-management, the traditional chain of command is not used to assign leadership roles.In a holacracy, people take on multiple roles rather than one fixed position with a set purpose, domain, and responsibilities.Holacracy gives its members broad discretion to act as they see fit within the confines of their roles, provided that they do not contravene any established norms.At the organization's regular governance meetings, any issues that crop up can be discussed.

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The andersen family operates a bakery that sells donuts. Last year, most production was done by hand. This year, the family was able to move into a larger facility with specialized and automated production equipment. What is most likely the result? the firm experienced _______ and average costs _______.

Answers

The Firm experienced economies of scale and average costs increased.

Option(b) is correct.

What is economies of scale?

Economies of scale occur when a company's production becomes more efficient, allowing costs to be spread across a greater amount of products.

Economies of scale can be achieved by large companies, which are able to save more and produce more. There can be both internal and external economies of scale. Economies within a single company are caused by internal factors, whereas economies within an entire industry are caused by external factors.

Answer Choices:

a. economies of scale, decreased.

b. economies of scale, increased.

c. constant returns of sale, remained the same.

d. diseconomies of scale, increased.

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9.54 what products are expected, including their stereochemistry, when (2s,3r)-2-bromo-3-methylpentane is subjected to each of the following conditions? explain. methanol containing an excess of sodium methoxide hot methanol containing no sodium methoxide

Answers

Two elimination groups must be anti to each other for E2 elimination.

Methylpentane is used as a raw material a rubber solvent and a solvent for vegetable oil extraction. It is also used as a solvent for adhesives. In addition, it is used as an intermediate in organic synthesis and has applications in foods preservatives cosmetics pharmaceuticals beverages, and flavor enhancers.

Pentane is used in the manufacture of blowing agents which are used in the manufacture of the foam known as polystyrene. The insulation of refrigerators and heating pipes is made of polystyrene. Pentane is also used as a binary fluid in geothermal power plants. Because the boiling point is too low. One of the characteristics of the recrystallization solvent is that it should not dissolve the compound at room temperature but it can at elevated temperatures.

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Shopping on thanksgiving has gained popularity though many people speak out against it. How much money was spent online in 2021 on t-day?.

Answers

Shopping on thanksgiving has gained popularity though many people speak out against it. $5.29 billion was spent online in 2021 on t-day

According to Adobe, online buyers spent a record $5.29 billion on Thanksgiving, up 2.9% over the previous year. An average day's internet sales range from $2 billion to $3 billion.

A record $5.29 billion was spent online on Thanksgiving Day, up 2.9% from the previous year, according to Adobe, which monitors sales on store websites. Online purchases often range from $2 billion to $3 billion every day. The three major U.S. shopping days saw similar or slightly decreased sales from the previous year. The fact that businesses urged customers to purchase early owing to anticipated product shortages and shipping delays doesn't come as a surprise.

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last year altman corp. had $205,000 of assets, $303,500 of sales, $18,250 of net income, and a total liabilities-to-total-assets ratio of 41%. the new cfo believes the firm has excessive fixed assets and inventory that could be sold, enabling it to reduce its total assets to $152,500. sales, costs, and net income would not be affected, and the firm would maintain the total liabilities-to-total assets ratio. by how much would the reduction in assets improve the roe? group of answer choices 6.22% 5.73% 7.48% 5.19% 5.45%

Answers

By lowering Total Assets, the ROE is impacted by 5,19%.

Describe ROE.

A metric of financial performance known as return on equity (ROE) is obtained by dividing net income by shareholders' equity. ROE is referred to as the return on net assets since shareholders' equity is determined by subtracting a company's debt from its assets.

ROE is regarded as a barometer of a company's profitability and how effectively it produces profits. The management of a company is more effective at generating income and growth from its equity financing the higher the ROE.

Calculation:

The calculation of how a decrease in assets increases ROE is displayed below:

However, we must first perform the following calculations.

Equity ratio: (100 - 41)/59%

$205,000 total equity divided by 59% equals $120,950.

ROE equals net income times total equity or $18,250 divided by $120,950, or 15.08%.

Once more, total equity = $152,500 minus 59% equals $89,975.

ROE is calculated as Net Income x Total Equity ($18,250 x $89,975 = 20.28%).

Now, ROE increased by 5.19% (20.28% - 15.08%).

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self-employed taxpayers are allowed to deduct the full amount of the self-employment taxes they pay.group startstrue or false

Answers

"Self-employed taxpayers are allowed to deduct the full amount of the self-employment taxes they pay." This statement is True.

The main difference between income tax and the payroll tax is who pays what and what the tax covers. Payroll taxes are paid by employees and employers to fund Social Security, Medicare, and Social Security programs.

Local income taxes are paid by employees to fund public services such as transportation, education, and defense. Payroll taxes fund Social Security, Medicare, and unemployment insurance. The two major federal payroll taxes on wages are known as the Federal Insurance Contribution Act (BVGer) taxes. An income tax credit is a reduction in income tax and/or social security contributions. The components of this tax credit depending on the form of wages and the age of the employee. An income tax reduction can only be applied if the employee requests it in writing.

Learn more about income tax here: https://brainly.com/question/25791968

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