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Q. Why don't people understand the nature of social security and medicare? social security and medicare are ponzi schemes which every american (with a handful of exceptions) must participate in. while americans are working, they pay a percentage of their income (which is "matched" by the employer, so the actual social security tax each worker pays is twice what he thinks he's paying) in social security taxes into the program. when he reaches retirement age, he then begins to receive money from the program. the money paid in social security taxes is paid out in benefits. the remainder of the money is spent by the federal government so that the deficit is less than it would have otherwise been.
the key to keeping a ponzi scheme viable is to continually find new "investors" into the scheme. in the case of social security and medicare, the way to keep them viable is to keep the birth rate high. if there are far more people working than receiving social security and medicare, those receiving benefits will receive good benefits. if there are more people receiving benefits than working (or even if the numbers are about the same), those receiving benefits will receive very little.
as a result of the environmental and feminist movements, the birth rate has collapsed in the western world today. in most countries, it is well below replacement (that is, under 2). in our country, the birth rate is around 2, thanks to the increased prevalence of religious conservatism in our society. however, this is still far too low, which is why the collapse of these programs is imminent.
had the american people understood the importance of high birth rates in order to maintain social security and medicare, the collapse of these programs could have been prevented. it is now too late to save social security or medicare. thanks to bush's expansion of medicare, medicare is likely to collapse first, although once that happens, it won't be long until the same happens to social security.
whether or not social security and medicare are a good idea is now a moot point. both programs will go bankrupt in the near future and there is nothing anybody can do to stop it.
From my experience, most educated adults understand the basic idea and principles behind Medicare and Social Security. Most do not share your unorthodox interpretation, but that doesn't mean they're wrong, or that Momma liked you better..
Q. I've been a nurse for 30 years, but i have had two hip surgeries for hip replacement.? i am having trouble getting a job where i can sit down if i need to which is what my doctor recommends. i have been denied disability benefits, because i can still walk, just can't stay on my feet for long periods or lift/transfer patients. i only have an associate rn degree. i would like to go back to school and get a bachelors degree in either nursing or education, but i can't afford it right now. i am my only source of income. any suggestions.
School Nurse!
That is what I do and we do a lot of desk-work.
I used to work at a nursing home and our RN supervisors did a lot of desk-work too (associates).
I don't know where you live but I live in South Alabama.
Q. How about this for a stimulus package? i hear a lot about stimulus packages being considered by the government to jumpstart the economy, usually it entails sending a check to those who qualify in various amounts, then waiting to see how the windfall will be spent. if the stimulus money does not circulate in the proper growth areas the economy continues to languish. i believe the economy can be jump started, if done in the correct manner. getting an american populace already strapped to spend money is no easy task. the reluctance to spend and or invest continues to erode away not only the economy but also what we have already developed in our communities.
in the past the government has tried to entice property owners into investing in home improvements such as insulation, energy conserving improvements, replacement windows and such by offering tax credits for these investments by the owner. this was a win/win situation but it did not have eligibility for all as some of these were for improvements on rental property only.
i see an opportunity to conserve our energy resources, improve our communities, increase our local tax base, stimulate our local economy as well as create jobs.
i feel that based on a pre-qualification of any individual property owner based on their income that program could be created where we could promote investment in our personal property and land which would yield all that i have already mentioned and more.
the program would consist of a dollar for dollar match from funds supported by local, state and federal entities, the total available amount to an individual would be based on their own economic qualifications. upon approval of application the homeowner would contact at least three local contractors to estimate and bid on the improvement work to be performed a percentage which could be for improvements that would raise property value regardless of energy conservation concerns. as long as the estimates were all within a certain percentage say five to ten percent of the total cost, the homeowner could choose the bidder desired to do the work. the homeowner would have to prove they have their share of the investment either cash or approved finance before work started and the government would process their portion of payment on satisfactory completion of the work in a timely manner. local contractors participating would need to be approved based on insurance, licenses, permits etc. property improved under this program if sold within a certain time frame would be subject to a penalty to preclude abuses by house flippers.
the local small business and labor would benefit as well as local material supply houses, the property values would increase based on improvements and our community would look maintained. the homeowner could realize cost savings from energy conservation that over time could equal his or her investment as well as enjoy the increased property value.
total improvement packages could be approved as high as thirty thousand dollars based on the property owner’s ability to invest up to fifteen thousand dollars of their own funding.
now, that’s what i call a stimulus package with a win/win situation.
hookem, i don't know how this would equate to sending the money straight to mexico? the contractors would be approved using legal labor who pay taxes. my feeling is that they won't lower our taxes so lets find away to get some money rebated to us that have paid the taxes, worked hard and deserve a stimulus package and not give it to someone who will spend it on booze, drugs or who knows what else that has no positive impact.
justgeti: the idea is that no one gets money to just pocket. the funds are earmarked for the approved home improvment on the house of someone who has worked hard, paid taxes, is willing to invest matching funds and is foremost qualified to do so.
christian 1: it is sad that the large corporations have gotten away with paying such low taxes, but at this time raising their taxes will fuel a war that will only subject the middle class to abusively high product and service costs. also remember that much of the middle class worked for these corporations at some point and their retirement funds are tied to investments in these companies to ensure the expected amount of their pensions. so its a catch 22 one that i don't like either.
typo: i'm sure if you read my other details you see we are not far apart....i busted my ass also all my life.
"If you own a house you benefit but if you own rental property..."
I would not call this a stimulus package, at least not in these times.
Housing prices are falling and gasoline costs to much, with the cost of gas it increase the transportation costs of food so that is higher as well.
No one that is not in foreclosure wants to risk available cash or debt that may lead to foreclosure during the uncertainty of the housing market.
The other problem that you have is that rental prices would increase because home owners will increase rents to help pay for these upgrades.
You could say that money for rental properties would be in the form of a grant but then the people with several rental units get the benefit of property value increases at the expense of the taxpayers, if you make it a loan that is paid at the time of resale, these same people may elect not to use this money as they would be getting less of a profit when they sell out.
Stimulus packages have to be very well planned, dumping money into the economy is only part of the answer because only those that do not have a lot will spend, others will just pocket the money or put it in the bank.
Edit: Note to asker.
So, if I upgrade my own rental property and invest my own funds as well as the stimulus package, why wouldn't I raise the rent to cover my costs? That is the real point that I am trying to make, if you own a house you benefit but if you own rental property you benefit greatly. Your proposal is not a win/win for a renter.
Q. Question about medicare a & b and aarp??? okay, let me explain the situation. my grandmother needs a hip replacement surgery. she currently has medicare a & b, but not the supplemental! i am so confused about all of these plans! she is 69 years old and is in outstanding health other than her hip. i am just wondering, she is on a very limited income, what plan would be the best for her? how long do you have to pay monthly premiums before you can access your benefits? i thank you for any info that you may be able to give! god bless!
Since she doesn't have a policy in place she would be subject to a waiting period for pre-existing conditions of 6 months. However, she is past the guaranteed issue time so the insurance company doesn't have to take her. None of the companies that I write with will take her with impending surgery. So it doesn't matter what plan you try for you probably won't get it.
She does qualify for a Medicare Advantage plan. These plans have a lower premium than a Medicare Supplement; in my state they average $26 per month, and many have a $0 premium. She will have co-pays for the surgery. These co-pays in my state will range from $100 to nearly $1000, depending upon the plan. Many of these plans also have Part D prescription drug coverage included. If she gets this type of plan she may have a penalty to pay if she does not currently have Part D.
You'll want to visit a local independent agent that deals with senior policies. There is too much information to give you all you need to know here. The agent will compare the different plans available and find the best plan for her surgery. You do want to do this before December 31 because if you don't she will not be able to get on a plan until next year.
Q. Accounting, please help need to double check? 1. a capital expenditure would appear on the
income statement under operating expenses.
balance sheet under fixed assets.
balance sheet under current assets.
income statement under other expenses.
2. which of the following expenditures would not be included in the cost of an asset?
freight cost
vandalism
sales tax
surveying fees
3. all amounts paid to get an asset in place and ready for use are referred to as
capital expenditures.
revenue expenditures.
residual value.
cost of an asset.
4. expenditures that add to the utility of fixed assets for more than one accounting period are
committed expenditures.
revenue expenditures.
current expenditures.
capital expenditures.
5. salvage value has a similar meaning as
residual value.
scrap value.
book value.
both residual value and scrap value.
6. the accounting term depreciation measures
an asset�s market value decline.
the amount of cash a company sets aside for asset replacement.
the amount of asset cost allocated to expense over periods benefited.
anticipated losses if sold in the used market.
7. machine was purchased for $66,000. it has a useful life of 5 years and a residual value of $6,000. under the straight-line method, what is annual depreciation expense?
$13,200
$12,000
$11,000
$10,000
8. if a fixed asset is sold and the book value is less than cash received, the company must
recognize a loss on the income statement under other expenses.
recognize a loss on the income statement under operating expenses.
recognize a gain on the income statement under other revenues.
gains and losses are not to be recognized upon the sell of fixed assets
9. company purchased an oil well for $25 million with a residual value of $500,000. it is estimated that 10 million barrels can be extracted from the well. determine depletion expense assuming 3 million barrels are extracted and sold.
$7,350,000
$7,500,000
$5,000,000
$7,650,000
10. which of the following is not an intangible asset?
goodwill
trademark
copyrights
long-term receivable
"The company must recognize a gain on the income statement under other revenues..."
1. A capital expenditure would appear on the
balance sheet under fixed assets.
2. Which of the following expenditures would NOT be included in the cost of an asset?
Vandalism
3. All amounts paid to get an asset in place and ready for use are referred to as
cost of an asset.
4. Expenditures that add to the utility of fixed assets for more than one accounting period are
capital expenditures.
5. Salvage value has a similar meaning as
both residual value and scrap value.
6. The accounting term depreciation measures
the amount of asset cost allocated to expense over periods benefited.
7. machine was purchased for $66,000. It has a useful life of 5 years and a residual value of $6,000. Under the straight-line method, what is annual depreciation expense?
$12,000
8. If a fixed asset is sold and the book value is less than cash received, the company must
recognize a gain on the income statement under other revenues.
9. company purchased an oil well for $25 million with a residual value of $500,000. It is estimated that 10 million barrels can be extracted from the well. Determine depletion expense assuming 3 million barrels are extracted and sold.
$7,350,000
10. Which of the following is NOT an intangible asset?
Long-term receivable
Q. Accounting questions? 1)assuming a fica tax rate of 8% on the first $90,000 in wages, and a federal income tax rate of 20% on all wages, what would be an employee's net pay for the year if he earned $100,000 for the year?
a-$92,800
b-$72,000
c-$80,000
d-$72,800
2) disclosure of acontingent liability is usually made
a-parenthetically in the body of the balance sheet
b- parenthetically in the body of the income statment
c- in a note to the financial statments
d- in the management discussion section of the financial statement
3) which one of the following payroll taxes is not withheld from an employees wages because it is not levied on the employee?
a-federal income tax
b-federal unemployment tax
c-state income tax
d-fica tax
4) an employers estimated cost for post retirement benefits for its employees should be
a-recognized as an expense when paid
b-recognized as an expense during the employees work years
c-recognized as an expense during the employees retirement years
d-charged to the goodwill account because providing employees with benefits generates employee goodwill
5) a truck costing $110,000 was destroyed when its engine caught fire. at the date of the fire, the accumulated depreciation on the truck was $50,000. an insurance check for $125,000 was received based on the replacement cost of the truck. the entry to record the insurance proceeds and the disposition of the truck will include a
a- gain on disposal of $15,000
b-credit to the truck account of $60,000
c-credit to the accumulated depreciation account for $50,000
d-gain on disposal of $65,000
6) natural resources are
a-depreciated using the units of activity method
b-physically extracted in operations and are replaceable only by an act of nature
c-reported at their market value
d-amortized over a period no longer than 40 years
7) a computer company has $2,000,000 in research and development costs. before accounting for these costs, the net income of the company is $1,600,000. what is the amount of net income or loss after these r&d costs are accounted for?
a-$400,000 loss
b-$1,600,000 net income
c-$0
d-cannot be determined from the information provided
8)during 2008 tyler corporation reported net sales of $3,000,000 and net income of $1,800,000. tyler also reported beginning total assets of $1,000,000 and ending total assets of $1,500,000. tylers asset turnover ratio is
a-3.0 times
b-2.4 times
c-2.0 times
d-1.4 times
9) gains on an exchange of plant assets that has commercial substance are
a-deducted from the cost of the new asset acquired
b-deferred
c-not possible
d-recognized immediately
10)enriques salon has total receipts for the month of $16,430 including sales taxes. if the sales tax rate is 6%, what are enriques sales for the month?
a-$15,444.20
b-$17,415.80
c-$15,500.00
d- it cannot be determined
1) d. 90,000*0.08 = 7,200 and 100,000*0.20 = 20,000, so 100,000-7,200-20,000=72,800
2) c. in a footnote
3) b-federal unemployment tax
4) b-recognized as an expense during the employees work years (matching principle)
5) d-gain on disposal of $65,000
Book Value of truck = 110,000-50,000 = 60,000; Gain = 125,000-60,000=65,000
6) I don't like this question: Natural resources are DEPLETED using what could be called the 'units of activity method,' but they are not depreciated. The best answer is probably: b-physically extracted in operations and are replaceable only by an act of nature
7) Under U.S. GAAP, all R & D expenditures are charged to expense, so the answer is:
a-$400,000 loss
8) The Asset T/O Ratio is Revenues/Total Assets = 3M/1.5M = 2.0 or c-2.0 times
9) d-recognized immediately
10) 16,430 = Sales + (Sales*0.06) = Sales * (1.0 + 0.06)
So, Sales = 16,430/1.06 = 15,500 ANSWER c
I hope this helps
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