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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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She makes $569.58 a month
Vlad [161]

Answer:

Needs - $284.79, Wants - $170.87, Savings - $113.92

Explanation:

Just divide $569.58 in half, so $284.79 for needs.

Then, $569.58 * 0.30 = $170.87 for wants.

Lastly, $569.58 * 0.20 = $113.92 for savings.

To check your answer, add up all the amounts:

$284.79 + $170.87 + $113.92 = $569.58

3 0
3 years ago
As a manager for XYZ Company. you are assigned to resolve a conflict between two departments of your organization.Both parties h
Ray Of Light [21]

Answer:

The answer is letter D.

Explanation:

Compromising

6 0
3 years ago
Gard Inc. has compiled the following information related to its five products. Costs of disposal are estimated to be 10% of sell
Ber [7]

Answer:

Item           Inventory at the lower-of-cost-or-market

 #1                                    $214.50

 #2                                  $240.00

 #3                                  $266.50

 #4                                   $315.00

 #5                                  $422.50

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question. See attached pdf file for the complete question.

Also note: See the attached excel file for the determination of the value of inventory by applying the lower-of-cost-or-market rule.

From the attached excel file, we have:

Item           Inventory at the lower-of-cost-or-market

 #1                                    $214.50

 #2                                  $240.00

 #3                                  $266.50

 #4                                   $315.00

 #5                                  $422.50

Download xlsx
<span class="sg-text sg-text--link sg-text--bold sg-text--link-disabled sg-text--blue-dark"> xlsx </span>
<span class="sg-text sg-text--link sg-text--bold sg-text--link-disabled sg-text--blue-dark"> pdf </span>
4 0
2 years ago
Caroline Perfumes is a premium, exotic women's fragrance company. The manufacturers of Caroline Perfumes
mash [69]

Answer:

c. To focus on establishing a brand name

Explanation:

Specialty products are products that people want to buy because they are unique and are from a certain brand they prefer. According to this, the answer is that in this case, the objective of the  manufacturers of Caroline Perfumes would be to focus on establishing a brand name because that would create customers' loyalty and they would be willing to make an effort to buy the product.

7 0
3 years ago
Data generalizability is the: A) degree to which the data is an accurate portrait of the target population. B) degree to which a
il63 [147K]

Answer:

The answer is: A) degree to which the data is an accurate portrait of the target population.

Explanation:

To explain data generalizability I like to use election polls as an example. There are over 200 million voters in the US, and polls only cover a few thousands of voters, it is impossible to survey the whole population. Data generalizability refers to how well does the election polls reflect the real outcome of an election. Can the data sample used in the polls serve as a true parameter to know the real outcome of the election? Some polls are accurate and others aren't, accurate polls have high data generalizability.

8 0
3 years ago
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