Answer:
Store A = $9
Store B = $8
Store C = $10
Explanation:
Finance charges calculated by average daily balance finance charges basis, adjusted balance method finance charges basis and Previous Balance Method Finance Charge basis is calculated as follows
Store A:
Average Daily Balance Finance Charge basis = ($500 + $400) /2
Average Daily Balance Finance Charge basis = $450
Finance Charges = $450 x (24% / 12)
Finance Charges = $9
Store B:
Adjusted Balance Method Finance Charge basis = $500 - $100
Adjusted Balance Method Finance Charge basis = $400
Finance Charges = $400 x (24% / 12)
Finance Charges = $8
Store C:
Previous Balance Method Finance Charge basis = $500 - $0
Previous Balance Method Finance Charge basis = $800
Finance Charges = $500 x (24% / 12)
Finance Charges = $10
Answer:
Th answer is: Marginal tax rate for Family A is 20%, average tax rate is 12%. There is no Family B in the question.
Explanation:
Family A's tax rate are as follows:
Income Tax rate
up to $10,000 0%
$10,000 to $30,000 10%
$30,000 to $50,000 20%
$50,000 to $80,000 30%
over $80,000 40%
Since Family A's income is $50,000, their marginal tax rate is 20%, and its average tax rate is = [($20,000 x 10%) + ($20,000 x 20%) / $50,000] = ($2,000 + $4,000) / $50,000 = $6,000 / $50,000 = 12%
Answer:
<u>True</u>
Explanation:
According to the IRS tax guidelines in such a case the unreimbursed amount is deductible as an itemized deduction from tax returns.
What this implies for Mr. and Mrs. Jones is that the $12,000 unreimbursed amount would be deducted from their tax return. <u>Thus, reducing the amount of taxes to be paid by them.</u>
The answer is 15.989 (15.99 rounded up).
456.85*3.5=1598.975
1598.975/100=15.98975
