Use the Information Below to Answer the Following Questions

question 35

Multiple Choice

Use the information below to answer the following questions.
Brown Ltd purchased a machine on the first day of the financial period, 1 July 2010, for $100,000. The machine was depreciated using the reducing balance method and a rate of 20%. It was sold on 1 July 2011.
-If the machine was sold for $70 000 on 1 July 2012,what was the gain or loss on disposal?

• A) gain of $6000
• B) loss of $10 000
• C) gain of $10 000
• D) loss 0f $6000.

Recognize the role and impact of allowances on federal income tax withholdings.

Comprehend the tax implications of different payroll periods and overtime earnings.

Understand the purposes and components of the Federal Insurance Contributions Act (FICA).

Explain the concept of cumulative gross earnings and its relevance in payroll.

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Definitions:

Cultural Differences

Variations in the beliefs, values, habits, and practices of different groups based on their ethnic, geographic, religious, or societal norms.

Causality

The relationship between cause and effect, where one event leads to the outcome of another.

Vulnerability

The quality or state of being exposed to the possibility of being attacked or harmed, either physically or emotionally.

Suicide

Voluntarily causing one's own demise.