Well...if he earns $75 an hour....and he worked for 20 hours...that's
75 * 20 which = 1500
Now it says he also earns a flat fee....since the question states he billed the client 1800...and he only earned 1500 of it...that must mean that his flat fee would be
1800 - 1500 = 300
So his flat fee is 300...and his variable charge...is 75x (75 dollars per hour)
in an equation...this would look like
C(x) = 75x + 300
Answer:
a. Profit; $520
b. Firms will enter; Left
c. Zero profits or normal profits
Explanation:
A restaurant is operating in a monopolistic competitive market.
The restaurant is producing 260 meals per day.
This is the profit maximizing level of output where the marginal cost is equal to marginal revenue.
The average total cost at this point is $10.
The price level is $12.
The profit or loss to the restaurant will be equal to the difference between total revenue and total cost.
a. Profit
= Total Revenue - Total cost
= $12
260 - $10 260
= $3,120 - $2,600
= $520
b. This supernormal profit will attract other firms to enter the market, as a result the market share of existing firms will decline. The demand curve of the restaurant will move to the left.
c. In the long run, the firms in a perfectly competitive market earn only zero economic profits as positive profits attract new firms and negative profits cause the firms to leave.
So the restaurant will have zero or normal profits in the long run.
Do you have anything that’s unique? Have you operated in
Customer Service before? That means you have x years of Customer Service
experience. That is the experience that they would look at to hire you over another
person who can’t put anything in there. Have you operated in food service
before? Then you have x years of experience in that, too.
Answer:
$2,46500
Explanation:
Self-employment Earnings are profits made from carrying on a "trade or business" as a sole proprietor, an independent contractor, or some form of partnership. For a trade or business, to be considered self employment, does not have to be profitable, and it shouldn't be a full time thing but profit must be your motive.
To calculate your self employment income Subtract ordinary and necessary trade or business expenses from the gross income you derived from your trade or business.
Note that, the amount subject to self-employment tax is 92.35% of your net earnings.
Remember you pay income tax on your profits only, not your total income. Subtract your business expenses from your total income. This is the amount you will pay income tax on.
For Karlie
HI taxable Self employment earnings = $85,000
HI Self employment tax = ($85,000 × 0.29)
= $24650
Hence the portion of her earnings subjected to two parts of security tax is #2,46500.
