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Nesterboy [21]
1 year ago
7

An individual with $32.000 in taxable income pays $970 for the 10% tax bracket, and $2,676 for the 12% bracket. What is the over

all federal income tax payment for this individual?
Business
1 answer:
trapecia [35]1 year ago
5 0

The overall federal income tax payment of this individual is $970+$2676= $3646.

<h3>What is federal Income tax?</h3>

The federal government and the majority of states in the US impose income taxes. Applying a tax rate to taxable income, which is the entire income less permissible deductions, yields the income taxes, which may arise as income rises.

So the taxable income of the individual will be $3646.

Learn more about federal income tax:

brainly.com/question/25325875

#SPJ1

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Revenue and Cash Receipts Journals Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month
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Answer and Explanation:

The Preparation of revenue Journal and cash receipts Journal is shown below:-

                                        Revenue Journal

Date         Invoice     Debited accounts    Accounts received Dr,

<u>                  number                                      Fees earned Cr,</u>

<u>March 2       512          Santorini Co.                   $905</u>

<u>March 8       513           Gabriel Co.                      $220</u>

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<u>March 20     515          Electronic Central Inc.     $195</u>

<u>March 31                            Total                           $2,165</u>

                        Cash Receipts Journal

Date      Accounts    Post ref.   Fees          Accounts          Cash Dr,

<u>               credited                    earned Cr,  receivable Cr,                   </u>

March 4   CMI Inc.                                        $205                  $205

<u>March 19  Yarnell Inc                                   $555                   $555</u>

March 28 Marshall Inc.

<u>               (Fees earned)             $160                                        $160</u>

<u>March 29 Santorini Co.                                $905                   $905</u>

March 31 McCleary Co.

<u>               (Fees earned)            $85                                           $85</u>

<u>                            Total              $245         $1,655                    $1,910</u>

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Answer:

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In this case, Fitch supply services shall

Decrease the accounts receivable account in assets section of balance sheet by $1,000

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