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sasho [114]
3 years ago
9

Jim (49) and Linda (50) are married and will file a joint return. They have two children, Todd (20) and Traci (15), who both liv

ed with their parents all year. Todd has a part-time job, and Traci is still in high school. Jim and Linda provide more than 50% of the support for both children. Jim's wages were $26,500; Linda's wages were $16,805; Todd's gross income was $3,100; Traci's was $0. Jim and Linda have no other income. Jim, Linda, Todd, and Traci had health care coverage all year through Jim's employer. Jim and Linda are not claiming any education or retirement savings contribution credits. What is the amount of Jim and Linda's earned income credit?
Business
1 answer:
bogdanovich [222]3 years ago
4 0

Answer: The answer is $5,828

Explanation:

Jim wages = $26,500, Linda wages = $16,805, Todd gross income was $3,100

Since Todd gross income is below the level in which he his expected to file a tax return, his parents cannot claim his income on their tax return. Their adjustment gross income AGI = $26,500 + $16805 = $43,305

Since the tax credit given is bases on the number of children, and for two children the maximum earned income tax credit is $5,828 for income below $52,493 Since their AGI is $43,305 below $52,493 for married filling jointly The amount of their earned income tax credit is $5,828

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3 years ago
24) To ensure that respect and mutual cooperation exists among all parties, and to leverage cooperation in order to meet operati
ira [324]

Answer:

CMOCs.

Explanation:

CMOCs, short for Civil-Military Operations Centers, are centers that are temporarily established in a particular country where a military operation is taking place in order to maintain a relationship between military and non-military entities. In some cases, it may serve as a replacement for a government after some kind of a disaster, which can have natural or man-made causes.

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3 0
3 years ago
Which assumption or principle requires that all information significant enough to affect decisions of reasonably informed users
sladkih [1.3K]

Answer:

The answer is: full disclosure principle

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Full disclosure principle in accounting refers to the requirement that businesses are supposed to provide all material information pertaining to their operations to the stakeholders of the business so as to facilitate better decision-making frameworks when evaluating the business.

The going concern principle is based on the assumption that the business will not cease operating in the foreseeable future. The matching principle requires that the expenses incurred in carrying out an economic activity are recorded in the same period as the revenues earned from that activity. The historical cost principle requires assets or liabilities to be recorded at their acquisition value.

7 0
3 years ago
Which is most true of an annual rate of 4% compounded quarterly? A) It is equivalent to 4.4% paid annually. B) It is equivalent
Artemon [7]

Answer:

D) It is equivalent to 4.06% paid annually

Explanation:

Since it is not talking about annuity and simple compound interest, therefore assuming investment value = $100 then interest will be as follows:

Interest for each quarter = \frac{4}{100} \times \frac{3}{12} = 1%

But this 1% will be paid on the compounded value

Interest at end of Quarter 1 = $100 X 1% = $1

Compounded value at end of Quarter 1 = $100 + $1 = $101

Interest at end of Quarter 2 = $101 X 1% = $1.01

Compounded value at end of Quarter 2 = $101 + $1.01 = $102.01

Interest at end of Quarter 3 = $102.01 X 1% = $1.0201

Compounded value at end of Quarter 3 = $102.01 + $1.0201 = $103.0301

Interest at end of Quarter 4 = $103.0301 X 1% = $1.030301

Compounded value at end of Quarter 4 = $103.0301 + $1.030301 = $104.060401

Now net return annually = $4.060401/$100 = 4.06%

Final Answer

D) It is equivalent to 4.06% paid annually

6 0
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You are considering purchasing stock in Canyon Echo. You feel the company will increase its dividend at 4.6 percent indefinitely
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price per share of the company's stock is $53.28

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Under dividend growth model a stock is overvalued or undervalued assuming that the firm’s expected dividends grow at a value g forever, which is subtracted from the required rate of return or k.

Therefore, the stable dividend growth model formula calculates the fair value of the stock as P =D1 / ( k – g ).

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P= $3.41 ÷ (0.11  - 0.046 ) =( 3.41 ÷ 0.064 )=  $53.28

6 0
3 years ago
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