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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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Greenleaf Manufacturers, Inc. projected sales of 86,000 machines for 2022. The estimated January 1, 2022, inventory is 7,500 uni
Burka [1]

the budgeted production (in units) for 2022 will be 98,100

Production + opening stock= sales+ closing stock

Production + 7,500= 86000 + 19600

Production = 98,100

What do you mean by production budget?

The sales forecast and the anticipated amount of finished goods inventory to be on hand are combined to create the production budget, which determines the number of products that must be made (usually as safety stock to cover for unexpected increases in demand).

How important budgeting is in production process?

A production budget aids the business in planning output levels for varying demand times. A corporation can use the downtime to make an extra products to have on hand for a future period when demand increases if it anticipates that demand and production levels will be low in a month.

Learn more about production budget: brainly.com/question/18803390

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3 0
1 year ago
A physical item that can be touched is called
Anestetic [448]

Answer:

Persom

Explanation:

5 0
3 years ago
The following information relates to the manufacturing operations of the JNR Printing Company for the year: Beginning Ending Raw
grin007 [14]

Answer: $117,000

Explanation:

So we are to calculate the Raw Materials purchased during the year.

Logically speaking the following should hold,

Raw materials purchased during the year + beginning raw materials = ending Raw materials + Raw materials used

Agreeing on that and rearranging the formula we will have,

Raw Material purchased during the year = Raw Material used during the year + Ending Raw Material Inventory - Opening Raw Material Inventory

Slotting in the figures we will then have,

Raw Material purchased during the year = 114,000 + 56,000 - 53,000

= $117,000

Raw materials purchased during the year amount to $117,000.

8 0
3 years ago
Madole Corporation has two production departments,Forming and Customizing.The company uses a job-order costing system and comput
Ludmilka [50]

Complete Question:

Madole Corporation has two production departments,Forming and Customizing.The company uses a job-order costing system and computes a predetermined overhead rate in each production department.The Forming Department's predetermined overhead rate is based on machine-hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours.At the beginning of the current year,the company had made the following estimates:

Machining Customizing Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour 20,000 2,000 $90,000 $88,000 18,000 1,000 $ 2.00 $ 4.00 During the current month the company started and finished Job K973. The following data were recorded for this job: Job K973 Machine-hours Direct labor-hours Machining Customizing 70 40 40 60.

a. Calculate the estimated total manufacturing overhead for the Forming Department.

b. Calculate the predetermined overhead rate for the Customizing Department.

c. Calculate the total overhead applied to Job K973 in both departments.

Answer:

Madole Corporation

a. Calculation of the Estimated total manufacturing overhead:

                                                                    Machining  Customizing Total

Total fixed manufacturing overhead cost   $90,000    $88,000  $178,000

Variable manufacturing overhead cost         36,000      80,000     116,000

Total overhead cost                                    $126,000  $168,000 $294,000

Estimated total manufacturing overhead cost for the Forming Department = $126,000

b. Calculation of the predetermined overate rate for the Customizing Department = Overhead cost/Direct labor hours

= $168,000/2,000

= $84 per direct labor hour

For Forming department = $126,000/18,000 = $7 per machine hour

c. Total overhead applied to Job K973:

Machining = 70 * $7 =           $490

Customizing = 60 * $84 = $5,040

Total overhead applied = $5,530

Explanation:

a) Data and Calculations:

                                                                            Machining     Customizing

Machine-hours                                                       18,000        20,000

Direct labor-hours                                                   1,000           2,000

Total fixed manufacturing overhead cost           $90,000     $88,000

Variable manufacturing overhead per machine-hour $2.00

Variable manufacturing overhead per direct labor-hour        $ 4.00

Data for Job K973

                                           Machining     Customizing

Machine-hours                     70                     40

Direct labor-hours               40                     60

4 0
3 years ago
whole number. a. Before the tax is imposed, the equilibrium price is $ 1.5 per bottle and the equilibrium quantity is 4 billion
Sonbull [250]

Answer: hello your question is poorly structured attached below is the missing graph and missing part of the question

Assume the government imposes a $1.00 excise tax on the sale of every 2 liter bottle of soda. The tax is to be paid by the producers of soda. The figure below shows the annual market for 2 liter bottles of soda before and after the tax is imposed.

answer :

a) $2 , 4 billion

b) $2.5

c) $1.5

d) 3 billion

e) $3 billion

Explanation:

a) equilibrium price = $2 per bottle

   equilibrium quantity = 4 billion bottles

<u>b) After imposition of excise tax </u>

consumers will pay = $2.5

<u>c) The amount producers keep after the imposition of taxes </u>

= $2.5 - tax

= 2.5 - 1 = $1.5

<u>d) New equilibrium quantity ( after tax is imposed ) </u>

= 3 billion bottles ( from graph attached ) i.e. intersection of S2 and D

e)<u> Amount of tax revenue collected by the government from the imposition of tax </u>

= quantity  of bottles sold  * $1

= 3 billion * $1 =  $3 billion

   

6 0
3 years ago
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