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Maurinko [17]
3 years ago
13

This year Luke has calculated his gross tax liability at $1,800. Luke is entitled to a $2,400 nonrefundable personal tax credit,

a $1,500 business tax credit, and a $600 refundable personal tax credit. In addition, Luke has had $2,300 of income taxes withheld from his salary.
Required:
What is Luke's net tax due or refund?
Business
1 answer:
Fantom [35]3 years ago
6 0

Answer:

Luke's net tax due or refund is $2,900

Explanation:

In order to calculate Luke's net tax due or refund we would have to make the following calculation:

Luke's net tax due or refund=Luke's non refundable credit+income taxes withheld from his salary

Luke's non refundable credit=non refundable personal tax credit-gross tax liability

Luke's non refundable credit=$2,400-$1,800

Luke's non refundable credit=$600

Therefore, Luke's net tax due or refund=$600+$2,300

Luke's net tax due or refund=$2,900

Luke's net tax due or refund is $2,900

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First of all, an ordered list is another phrase for numbered list.

In Microsoft PowerPoint, there are two ways to organize a list: using the Bullets option to create a bulleted list, where the order of items does not matter or using the Numbering option to create a numbered list, <u>where the order of items matter</u>.

Thus, to create an ordered list in Microsoft PowerPoint, you should use the Numbering option.

3 0
3 years ago
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2. A pizzeria raises its price from $3.00
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Answer:

Explanation:

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5 0
3 years ago
ABC sells 28 units for $50 each on December 15. Of the units sold, 14 are from the December 7 purchase and 14 are from the Decem
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Answer:

Closing inventory based on Specific IDENTIFICATION

7 Dec purchase ( 20-16) = 4 * $16 = $64

14 Dec purchase ( 35 -14) = 21*$24 = $504

21 Dec purchase            30*$29 = $870

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Explanation:

The question is incomplete but here is a complete one

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $40 each.

 

Purchases on December 7 20 units @ $16.00 cost  

Purchases on December 14 35 units @ $24.00 cost

Purchases on December 21 30 units @ $29.00 cost

Required:

Monson sells 30 units for $40 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification.

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3 years ago
The consistency between test items or problems and the kinds of situations or problems that occur in a job is known as _____.
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3 years ago
What term refers to the process used to produce a good or service, such as using a robotic device to assemble cars? open opportu
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Hence, the term that refers to the process used to produce a good or service, such as using a robotic device to assemble cars is <u>Technology</u>.









6 0
4 years ago
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