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dalvyx [7]
3 years ago
15

Demarco and janine jackson have been married for 20 years and have four children who qualify as their dependents (damarcus, jani

ne, michael, and candice). the couple received salary income of $100,000, and they sold their home this year. they initially purchased the home three years ago for $200,000 and they sold it for $250,000. the gain on the sale qualified for the exclusion from the sale of a principal residence. the jacksons incurred $16,500 of itemized deductions, and they had $6,250 withheld from their paychecks for federal taxes. they are also allowed to claim a child tax credit for each of their children. (use the tax rate schedules.)
Business
1 answer:
nasty-shy [4]3 years ago
3 0

Answer:

Using the 2019 tax schedules, the Jacksons should receive a refund of $5,573.

Explanation:

UI used the 2019 tax brackets  since no year was given and 2019 is the last one due.

The $50,000 gain resulting from the sale of their house qualifies for exclusion, then it will not be included in their tax liabilities.

AGI = $100,000 (only salary income, no other income reported)

itemized deductions = $16,500

standard deduction for married filing jointly = $24,400 (this is larger, so we will select the standard deduction)

total taxable income = $100,000 - $24,400 = $75,600

total tax liability = $1,975 + [12% x ($75,600 - $19,750)] = $8,677

withheld taxes = $6,250

taxes owed = $2,427

child credits = 4 x $2,000 = $8,000

net tax liability = $2,427 - $8,000 = ($5,573) which are refundable

This means that the Jacksons should receive a refund of $5,573.

(Up to $1,400 of the child tax credit is refundable per child, so up to $1,400 x 4 = $5,600 are refundable)

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The equilibrium price is the only price where the desires of consumers and the desires of producers agree—that is, where the amount of the product that consumers want to buy (quantity demanded) is equal to the amount producers want to sell (quantity supplied).

When two lines on a diagram cross, this intersection usually means something. On a graph, the point where the supply curve (S) and the demand curve (D) intersect is the equilibrium.

What Is a Demand Schedule?
In economics, a demand schedule is a table that shows the quantity demanded of a good or service at different price levels. A demand schedule can be graphed as a continuous demand curve on a chart where the Y-axis represents price and the X-axis represents quantity.

An example from the market for gasoline can be shown in the form of a table or a graph. A table that shows the quantity demanded at each price, such as Table 1, is called a demand schedule.

Price (per gallon) Quantity Demanded (millions of gallons)
$1.00 800
$1.20 700
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$1.60 550
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$2.00 460
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Supply schedule

again using the market for gasoline as an example. Like demand, supply can be illustrated using a table or a graph. A supply schedule is a table, like Table 2, that shows the quantity supplied at a range of different prices. Again, price is measured in dollars per gallon of gasoline and quantity supplied is measured in millions of gallons.

Price (per gallon) Quantity Supplied (millions of gallons)
$1.00 500
$1.20 550
$1.40 600
$1.60 640
$1.80 680
$2.00 700
$2.20 720
Table 2. Price and Supply of Gasoline

Equilibrium price

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$1.00 800 500
$1.20 700 550
$1.40 600 600
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Because the graphs for demand and supply curves both have price on the vertical axis and quantity on the horizontal axis, the demand curve and supply curve for a particular good or service can appear on the same graph. Together, demand and supply determine the price and the quantity that will be bought and sold in a market.

The equilibrium price is the only price where the plans of consumers and the plans of producers agree—that is, where the amount of the product consumers want to buy (quantity demanded) is equal to the amount producers want to sell (quantity supplied). This common quantity is called the equilibrium quantity. At any other price, the quantity demanded does not equal the quantity supplied, so the market is not in equilibrium at that price.
In Figure 3, the equilibrium price is $1.40 per gallon of gasoline and the equilibrium quantity is 600 million gallons. If you had only the demand and supply schedules, and not the graph, you could find the equilibrium by looking for the price level on the tables where the quantity demanded and the quantity supplied are equal.
The word “equilibrium” means “balance.” If a market is at its equilibrium price and quantity, then it has no reason to move away from that point. However, if a market is not at equilibrium, then economic pressures arise to move the market toward the equilibrium price and the equilibrium quantity.
Imagine, for example, that the price of a gallon of gasoline was above the equilibrium price—that is, instead of $1.40 per gallon, the price is $1.80 per gallon. This above-equilibrium price is illustrated by the dashed horizontal line at the price of $1.80 in Figure 3. At this higher price, the quantity demanded drops from 600 to 500. This decline in quantity reflects how consumers react to the higher price by finding ways to use less gasoline.
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