Kyle, a single taxpayer, worked as a free-lance software engineer for the first three months of 2018. During that time, he earned $44,000 of self-employment income. On April 1, 2018, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Inc. From April through the end of the year, Kyle earned $178,000 in salary.

What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? (Round your intermediate calculations to the nearest whole dollar amount.)

Self Employement/FICA tax

THIS IS FOR 2018

Kyle, a single taxpayer, worked as a free-lance software engineer for the first three months of 2019. During that time, he earned $84,000 of self-employment income. On April 1, 2019, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Inc. From April through the end of the year, Kyle earned $174,000 in salary.

What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? (Round your intermediate calculations to the nearest whole dollar amount.)

Self-employment/FICA tax:

Consider that you are 45 years old and have just changed to a new job. You have $159,000 in the retirement plan from your former employer. You can roll that money into the retirement plan of the new employer. You will also contribute $8,100 each year into your new employer’s plan. If the rolled-over money and the new contributions both earn an 8 percent return, how much should you expect to have when you retire in 20 years? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Future value = ?

3. (a) People tend to overfish—that is, they seem to care little about future fish population while fishing. Is this a moral problem or is there an incentive issue behind it? Explain. (b) Danial Arab Moi (former president of Kenya) was well-known for his sentiment with regards to the African Elephant which is becoming extinct. At one point, he personally burned thousands of elephant tusks in protest of the trading of tusks. (i) As a result of this tusk-burning spree, what happens to prices of tusk in the market? Does this help save the elephants? Explain. (ii) What would help save the elephants? Explain.

Question One
Much debate exists within the literature about leadership and management. Kotter (1990:103)
argues that management and leadership are “two distinctive and complementary systems of
action” and that the former involves coping with complexity, while the latter involves coping
with change.
1.1 Discuss in detail, with the use of examples, the fundamental differences between the
concept of leadership versus management.
1.2 Evaluate in detail, with the use of practical examples, the advantages and disadvantages
of a transformational leader.
1.3 Discuss in detail, with the use of practical examples, FOUR (4) management styles and
the potential impact each style may have on a business.

Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $34,000. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of ten years and an estimated residual value of $660. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 2 for $7,860, determine the gain or loss on the sale of the equipment.

Equipment was acquired at the beginning of the year at a cost of $38,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of ten years and an estimated residual value of $750.

a. What was the depreciation for the first year?
$

b. Assuming the equipment was sold at the end of year 2 for $8,900, determine the gain or loss on the sale of the equipment.
$  Loss

Feedback

Book value is the asset cost minus accumulated depreciation. In the first year, the balance in the accumulated depreciation account is zero.

Compare the book value to the sale price. If the book value is more than the sale price, the equipment was sold for a loss. If the book value is less than the sale price, the equipment was sold for a gain.

c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

*A PPE is acquired for 10.000 $ at the beginning of 2016. It had a useful life of 5 years. On January 1, 2018 the asset was revalued to 12.000 $. What would be the comprehensive income in year 2018?

a) 6.000

b) 4.000

c) 2.000

d) 3.000

*Suppose that a company has 2 buildings, one for investment (A) and one for administrative (B) purposes. Both properties have an initial cost of 1.000.000 $. The company does not use the cost model and both properties have 10 years of useful lives. A is revalued one year later and the revalued amount is 900.000 $. B is also revalued one year later and the revalued amount is 1.200.000 $. After the revaluation the company immediately sells A at 950.000 $ and sells B at 800.000 $. What is the profit/loss amount in the income statement for all of the transactions above?

a) 50.000 loss

b) 250.000 loss

c) 100.000 profit

d) 150.000 profit

*What does PIRATE stand for intangible assets?

a) Criteria for capitalizing research costs

b) Criteria for capitalizing development costs

c) Criteria for capitalizing directly attributable costs

d) Criteria for capitalizing amortization costs