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zmey [24]
2 years ago
15

Greg earned $25,500 in 2021 and had $1,500 of federal income taxes withheld from his salary. Assuming that Greg is single, 25 ye

ars old, and will have a total tax liability of $1,355 (and thus will receive a $145 refund), he:
Business
1 answer:
Setler79 [48]2 years ago
7 0

Assuming that Greg is single, 25 years old, and will have a total tax liability of $1,355 (and thus will receive a $145 refund), he: is required to file a tax return.

<h3>What is total tax liability?</h3>
  • The total amount of tax debt owing by an individual, corporation, or other entity to a taxation authority such as the Internal Revenue Service is referred to as tax liability (IRS).
  • Tax responsibilities include income taxes, sales taxes, and capital gains taxes.
  • Your gross tax liability is equal to your taxable income minus your tax deductions.
  • Your total income tax burden equals your gross tax liability less any tax credits you are qualified for.
  • The key to lowering your tax liability is to reduce the percentage of your gross income that is subject to taxation.
  • Consider raising your retirement savings.
  • Investing pre-tax cash in an employer-sponsored retirement plan, such as a 401(k), is a simple way to lower your taxable income for the year.

Therefore, assuming that Greg is single, 25 years old, and will have a total tax liability of $1,355 (and thus will receive a $145 refund), he: is required to file a tax return.

Know more about total tax liability here:

brainly.com/question/5186741

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If you have 1-year rate is 8%, 2-year rate is 9%, and 3-year rate is 10%. Assume that the pure expectations theory for the term
e-lub [12.9K]

Answer:

1 year rate 2 year from now = 12%  (Approx)

Explanation:

Given:

1-year rate = 8%

2-year rate = 9%

3-year rate = 10%

Computation:

According to Pure Expectations Hypothesis,

(1 + 3-year rate)³ = (1 + 2-year rate)² (1 + 1 year rate 2 year from now)

(1.10)³ = (1 + 1.09)²(1 + 1 year rate 2 year from now)

1.331 = 1.1881 (1 + 1 year rate 2 year from now)

(1 + 1 year rate 2 year from now)  = 1.12

1 year rate 2 year from now = 0.12

1 year rate 2 year from now = 12%  (Approx)

3 0
3 years ago
Angus Company agreed to sell goods for Longhorn Company on consignment, but wasn't willing to take ownership of the goods in cas
vladimir2022 [97]

Answer: D. Longhorn owns the inventory and should report it on its balance sheet.

Explanation:

Goods to be sold on consignment for a company means a company is selling goods for another company and will be paid for their services.

In that case, the company being sold for will retain the ownership of the goods because the company that is selling it for them is simply providing a service.

Angus in this scenario are simply holding the goods to sell it and so do not own the goods. Longhorn should therefore record it in their own books as inventory.

3 0
3 years ago
DailyFinance.com reported one $40 share of Coca-Cola’s stock bought in 1919, with dividends reinvested, would be worth $9.8 mill
Natasha_Volkova [10]

Answer:

28.42

Explanation:

js add the money up

7 0
2 years ago
For 2015, Bakers Manufacturing uses machine-hours as the only overhead cost-allocation base. The direct cost rate is $3.00 per u
Vlad1618 [11]

Answer:

The profit margin earned if each unit requires two machine-hours is 25%

Explanation:

For computing the profit margin, first, we have to compute the estimated overhead rate per unit which is shown below:

Estimated Overhead rate = (Estimated manufacturing overhead costs) ÷ (estimated machine hours)

= ($240,000) ÷ (40,000 machine hours)

= $6

Now the profit per margin would equal to

= Selling price per unit - direct cost per unit - overhead cost per unit × number of required machine hours

= $20 - $3 - $6 × 2

= $5

Now the profit margin would equal to

= (Profit per unit) ÷ (selling price per unit) × 00

= ($5 ÷ $20) × 100

= 25%

4 0
3 years ago
Traditionally, department stores almost exclusively offered soft goods. But now, most department stores focus on selling both ha
Studentka2010 [4]

Answer:

False

Explanation:

Traditionally, department stores sold both soft goods and hard goods. But now, most department stores focus almost exclusively on soft goods.

Soft goods refers generally to clothing and other textiles like bedding and fabrics.

Hard goods refers to a broad range of products like appliances, furniture, tools, electronics, etc.

5 0
2 years ago
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