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barxatty [35]
3 years ago
12

Diego, age 28, married Dolores, age 27, in 2017. Their salaries for the year amounted to $88,750 and they had interest income of

$2,660. Diego and Dolores' deductions for adjusted gross income amounted to $5,170; their itemized deductions were $8,425; they claimed two exemptions on their return; and, they filed a joint return.
Table for the standard deduction

Filing Status 2017 Standard Deduction
Single $ 6,350
Married, filing jointly 12,700
Married, filing separately 6,350
Head of household 9,350
Qualifying widow(er) 12,700
a. What is the amount of their adjusted gross income?

b. In order to minimize taxable income, Diego and Dolores will in the amount of___ $.

c. What is the amount of their taxable income?

d. What is their tax liability for 2017?
Business
1 answer:
viva [34]3 years ago
4 0

Answer and Explanation:

a. What is the amount of their adjusted gross income?

Adjusted Gross Income ( AGI ) = $88,750 + $2,660 - $5,170

= $86,240

Adjusted Gross Income ( AGI ) = $86,240

b. In order to minimize taxable income, Diego and Dolores will in the amount of

From the above box, Here Diego, Dolores both are married so,  Standard Deduction in 2017 is $12,700

In order to minimize taxable income, Diego and Dolores will in the amount of $12,700

c. What is the amount of their taxable income?

Taxable income = AGI - Standard deduction - exemptions

= $86,240 - 12,700 - [ 2 * $4,050 ]

= 73,540 - 8,100

= $65,440

Taxable income = $65,440

d. What is their tax liability for 2017?

from Tax bracket for married filling jointly in 2017 table.

Tax liability = [ 18,650 * 10% ] + [ 15% [ 65,440 - 18,650 ] ]

= 1,865 + [ 15% * 46,790 ]

= 1,865 + 7,018.5

= $8,883.5

Tax liability = $8,883.5

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Halt company employee material handling employees who move materials between production divisions at a labor cost of $160,000 a
Ivenika [448]

Answer:

The $12,000 is the material handling cost should be assigned to products made in March.

Thus, the correct option is a. $12,000

Explanation:

For computing how much of the material handling cost should be assigned, first we have to calculate the per pound of material. The formula is shown below:

Per pound of material = Labor cost ÷ Number of pounds

                                    = $160,000 ÷ 800,000

                                    = $0.2 per pound of material

Now, multiply this per pound of material with moving pounds.

In mathematically,

Material Handling cost = Per unit of pound × Moving material

                                      = $0.2 × 60,000

                                      =$12,000

Hence, the $12,000 is the material handling cost should be assigned to products made in March.

Thus, the correct option is a. $12,000

4 0
3 years ago
A company paid $0.85 in cash dividends per share. Its earnings per share is $3.50, and its market price per share is $35.50. Its
natali 33 [55]

Answer: 2.4%

Explanation:

Cash dividend = $0.85

Earnings per share = $3.50

Market price per share = $35.50

The dividend yield will be calculated as:

= Cash dividends / Market price per share

= $0.85 / $35.50

= 0.024

= 2.4%

The dividend yield is 2.4%.

3 0
2 years ago
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B- interior designer !!! Being able to design is an import part in showing off your creative side :) hope this helps
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3 years ago
Terry took out a mortgage loan for $100,000 at an interest rate of 11.5% for 30 years. if terry had not had a bankruptcy on her
Mrrafil [7]

Because Terry had a bankruptcy on her credit report, the additional amount of interest that Terry is paying over the life of the loan is <u>$167,839.720</u>.

<h3>What is interest?</h3>

Interest is the finance charge for a loan or mortgage.

It is calculated on the principal amount based on the agreed rate and maturity period of the loan.

We can compute the interest using an online finance calculator as below.

<h3>Data and Calculations:</h3>

Home Price= $100,000

Down Payment = 0%

Loan Term = 30 years

Interest Rate = 11.5%

Monthly Payment:   $990.29

Normal monthly payment (without a bankruptcy) = $524.07

Total of 360 Mortgage Payments = $356,504.92 ($990.29 x 30 x 12)

Total of 360 Mortgage Payaments without bankruptcy = $188,665.20 ($524.07 x 30 x 12)

Additional payment in interest = $167,839.720 ($356,504.92 - $188,665.20)

Thus, the additional amount of interest that Terry is paying over the life of the loan is $167,839.720.

Learn more about interest calculations at brainly.com/question/25545513

#SPJ4

4 0
2 years ago
An easy-to-use decision support system that specifically supports strategic decision making is a(n) ________ system
kondaur [170]

An easy-to-use decision support system that specifically supports strategic decision making is called executive support system.

A decision support system is one software that helps to make effective decisions with providing various alternatives of the solution to the problems addressed.

Strategic decision making is a process that provide an overall decision over the edge gaining an extra advantage for the firm analysing the decisions taken and the impact over the organisation. Wrong decisions taken at the wrong time may result in specifically driven decisions.

To learn more about decision support system here,

brainly.com/question/14279526

#SPJ4

4 0
1 year ago
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