Baxter,at Age 45,was Hired as the General Manager of the CountrySide

question 110

True/False

Baxter,at age 45,was hired as the general manager of the CountrySide Shipping Company by Carrothers,the company president.The initial contract of employment was for a three-year term,and was embodied in an exchange of letters between Baxter and Carrothers in 1982.At the end of the three-year term,Baxter continued on as general manager,receiving annual increases in salary,executive profit sharing,pension contributions,and discretionary bonuses,if business was exceptionally good in a given year.In January,1994,for no apparent reason,Carrothers called Baxter into his office,and told him his services were no longer required.Carrothers offered Baxter a week's salary as "severance pay." At the time of termination,Baxter was earning a salary of $70,000 per year,received company paid pension contributions of $5,000 annually,and,in 1993,had received $3,000 from profits shared,and a $5,000 bonus.In a wrongful dismissal case,to determine reasonable notice,the judge would take into consideration Baxter's position in the firm,his age,years of service,and the opportunities for him to find other employment.

Identify the major sources of federal and state revenue.

Calculate personal income tax and understand the concept of marginal tax rate.

Differentiate between the financial burden of different types of taxes on various income groups.

Recognize the significance and impact of sales taxes.

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