1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
During a pandemic, an economy goes into a recession due to a decrease in aggregate demand. Assume the government creates a progr
den301095 [7]

The spending that would occur during the third round of spending if the marginal propensity to consume (MPC) was 0.6 will be $420 billion.

  • Increase in expenditure = $700 billion.
  • Marginal propensity to consume = 0.6

The amount of spending based on the information given will be:

= 0.6 × $700 billion

= $420 billion.

Therefore, the correct option is $420 billion.

Read related link on:

brainly.com/question/17012549

7 0
2 years ago
Suppose the central bank in the nation of Zook attempts to pay off its national debt by printing large amounts of currency. The
stiks02 [169]

Answer:

it would become worthless

Explanation:

if they keep printing loads of money then the individual Zook dollar would decrease in worth

8 0
2 years ago
Arrange the steps to show the effects of contractionary fiscal policy. Tiles Inflationary pressure decreases. Government increas
lana [24]
<span>Government increases the tax rate.
Consumers have less money to spend.
</span>Producers manufacture fewer goods.
Inflationary pressure decreases.<span>

</span>
7 0
3 years ago
Read 2 more answers
There is no important area of human activity than management since its task is that of getting things done through people". Disc
AysviL [449]

Answer:

Yes, it is very much true that management is one of the important human activity and it takes getting work done through other people. We can define management as working with and though other people to get the work done in an effective and efficient way. Working with other people is not that much easy as it looks because every person has its own goals and objective so an effective manager has to keep people motivated for the organizational vision, goals and objectives. Management involves planing, organizing, leading and controlling, where in the first step we have to actually draft a plan where we need to go and where we have to reach. In the next step, manager assigns work to different people that who will be doing what and then manager leads them and keep them motivated all the times. Last step involves keeping track of the progress that whether we are moving in the right direction or not. Therefore, management is very important human activity because we have deal with different people in it.

8 0
3 years ago
Roman owns shares in a company called Copnay Telecom Inc.The company's financial performance has been declining over the past fe
docker41 [41]

Answer: D. Transferability of investor ownership.

Explanation:

From the question, we are informed that Roman owns shares in a company called Copnay Telecom Inc. and that the company's financial performance has been declining over the past few months, and the value of its stock has been decreasing.

We are further told that Roman wants to proactively cut his losses and therefore sells his shares and that Jeremy, a trading enthusiast, buys shares in Copnay Telecom because he believes that the share prices cannot go anywhere but up.

The characteristics of a public stock company that this scenario best exemplify is transferability of investor ownership. This was illustrated when Roman transferred his ownership to Jeremy.

3 0
3 years ago
Other questions:
  • _____ determine what sales volume must be reached before the company's total revenue equals total costs and no profits are earne
    7·1 answer
  • A person borrows $200 to be repaid in 8 years with 14% annually compounded interest. The loan may be repaid at the end of any ea
    6·2 answers
  • Linaweaver Inc. has $2.80 per unit in variable costs and $5.50 per unit in fixed costs and a production volume of 100,000 units
    12·1 answer
  • Which of the following is not true about a loan discount point? a. A point is purchased at the time of closing. b. A point is pu
    8·2 answers
  • Suppose that a city has 90,000 dwelling units, of which 35,000 are houses, 45,000 are apartments, and 10,000 are condominiums.
    9·1 answer
  • Why do people hold bonds rather than larger savings or checking accounts
    14·1 answer
  • Assume that the economy has three types of people. 20% are fad followers, 75% are passive investors, and 5% are informed traders
    7·1 answer
  • Firms that pursue cost advantage will implement different structures and systems distinguishable from those pursuing differentia
    14·1 answer
  • Suppose that you have been given a summer job as an intern at Issac Aircams, a company that manufactures sophisticated spy camer
    9·1 answer
  • What is the primary role of individuals as participants in the money market?
    8·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!