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2 years ago

If tom were married and his spouse was not working for pay, what would his 2021 taxable income be?

1 answer:

6 0

If Tom were married and his spouse was not working for pay, his 2021 taxable income would be a maximum 15% rate (20% in the case of high income taxpayers. Read below about who an income tax payer.

<h3>Who is an income taxpayer?</h3>

A taxpayer is an individual or corporation who pay taxes annually on their earning as per the provisions of the Income Tax Act. Once you file income tax returns and disclose your earnings, it becomes legal.

Therefore, the correct answer is as given above

learn more about a taxpayer: brainly.com/question/14582132

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You might be interested in

Carrington Corp. uses a periodic system and the LIFO method. Carrington had beginning inventory of 30 units purchased at $120 ea

dimulka [17.4K]

Answer:

the cost of ending inventory is $1,680

Explanation:

The computation of the cost of ending inventory is shown below:

But first determine the ending units

Ending inventory units is

= 30 units + 34 units + 61 units + 160 units -271 units

= 14 units

Now

The Cost of ending inventory is

= 14 units × $120

= $1,680

hence, the cost of ending inventory is $1,680

And, the same is to be considered

5 0

3 years ago

on January 1, 2017, anodel, Inc. acquired a machine for 1,010,000. the estimated useful life of the asset is five years. residua

Licemer1 [7]

Answer:

Annual depreciation= $189,600

Explanation:

Giving the following information:

On January 1, 2017, anodel, Inc. acquired a machine for 1,010,000. the estimated useful life of the asset is five years. residual value at the end of five years is estimated to be 62000.

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (1,010,000 - 62,000)/5= $189,600

6 0

3 years ago

Fortune, Inc., is preparing its master budget for the first quarter. The company sells a single product at a price of S25 per un

alukav5142 [94]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Selling price= $25 per unit.

Sales (in units):

January= 45,000

February= 55,000

March= 50,000

The cost of goods sold is $14 per unit.

The gross profit is calculated using the following formula:

Gross profit= selling price - cost of goods sold

January:

Sales= 45,000*25= 1,125,000

COGS= 45,000*14= (630,000)

Gross profit= 525,000

February:

Sales= 55,000*25= 1,375,000

COGS= 55,000*14= (770,000)

Gross profit= 605,000

March:

Sales= 50,000*25= 1,250,000

COGS= 50,000*14= (700,000)

Gross profit= 550,000

5 0

3 years ago

An inventory error not only affects the current year's cost of goods sold, gross profit, net income, current assets and equity,

pychu [463]

The correct answer is "ending inventory of one period is the beginning inventory of the next period."

An inventory error not only affects the current year's cost of goods sold, gross profit, net income, current assets, and equity, but also the next period's statements because ending inventory of one period is the beginning inventory of the next period.

That is why the manager has to be strict regarding the inventory of a company. Inventory has a cost that can be translated into money. So accountants have to be perfect regarding the inventory. So yes, ann error in keeping the inventory affects the company in that the ending inventory of one period is the beginning inventory of the next period. An internal audit can reveal the mistakes in accurately keeping the inventory. So it is better to put extra attention in the process so nothing wrong would be revealed after the audit.

7 0

3 years ago

Suppose you have the following information about a fictitious economy. Assume there are no taxes in this economy. Disposable Inc

djyliett [7]

The equilibrium level of consumption is $28500.

The equilibrium level of consumption is at the point where the disposable income is equal to the consumption.

If this was properly placed in a tabular form, we would clearly see that when the disposable income was at $28500, the consumption in dollars was also at the same price level.

Given this condition, we can conclude in economics that consumption is at its level of equilibrium.

4 0

2 years ago