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irinina [24]
3 years ago
6

Andrew and Eunice are married filing jointly with AGI of $48,000. They contributed $1,800 to a qualified retirement plan. How mu

ch is their retirement savings contributions credit?
Business
1 answer:
joja [24]3 years ago
5 0

Answer:

retirement savings contributions credit = $180

Explanation:

given data

AGI =  $48,000

contributed amount = $1,800

solution

we know Married taxpayer will file separate returns and they still qualify for the credit

so here retirement savings contributions credit will be 10 % of contributed amount so it will be

retirement savings contributions credit = 10% of $1,800

retirement savings contributions credit = 0.10 × $1,800

retirement savings contributions credit = $180

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Bailee works approximately 60 hours each week as an account executive with an advertising agency and rarely has time to shop. Sh
Papessa [141]

Answer:

Correct option is (a)

Explanation:

Convenience is one the most important benefit offered by online shopping websites. Not every fashion store offers services round the clock. The biggest advantage of online shopping is that it is one stop destination to purchase all types of products. It offers anytime anywhere shopping experience with no extra efforts in terms of time and waiting in queues. Products are delivered to the customer's doorsteps.

Bailee works 60 hours a week and has no time for going out for shopping. She loves the convenience of shopping online as she can shop sitting at home even at midnight and the product is delivered to her within 24 hours.

6 0
3 years ago
You have the following information on Olivia's Bridle Shop: total liabilities and equity = $65 million, current liabilities = $1
Pepsi [2]

Answer:

Total Fixed Assets = 20 million

Explanation:

Total liabilities and equity = $65 million

Current liabilities = $10 million

Inventory = $15 million

Quick ratio = 3 times.

As we know

Total liabilities and equity = Total Assets

65 Million = Total Fixed Assets + Total Current Assets

65 Million = Total Fixed Assets + 45 million

Total Fixed Assets = 65 million - 45 million

Total Fixed Assets = 20 million

Quick Ratio = ( Total Current Assets - Inventory ) / Total Current Liabilities

3 = ( Total Current Assets - 15 million ) / $10 Million

3 x $10 Million = Total Current Assets - 15 million

30 million = Total Current Assets - 15 million

30 million + 15 million = Total Current Assets

Total Current Assets = 45 Million

8 0
3 years ago
TopChop sells hairstyling franchises. TopChop receives $56,000 from a new franchisee for providing initial training, equipment a
valentina_108 [34]

Answer:

$73,500  is the revenue TopChop will recognize for the arrangement with Carlos.

Explanation:

Revenue is calculated as follows.

= amount received + Use of name

= $56,000 + $35,000 × (1÷2)

= $73,500

New franchise fee can be immediately recognised as income.

5 0
3 years ago
Determine if the statement is true or false.
o-na [289]

That statement is true

In united states, there are only two things that considered as a primary source of criminal law.

The first one is the court ruling that is made by both state and supreme courts.  The second one is the legislation that are passed by the representatives in state and federal government.

4 0
3 years ago
Novak Hardware reported cost of goods sold as follows. 2022 2021 Beginning inventory $ 34,500 $ 21,000 Cost of goods purchased 1
hram777 [196]

Answer: See explanation

Explanation:

The correct cost of goods sold for 2021 will be:

= Beginning inventory + Cost of goods bought - Correct ending inventory

= 34500 + 177000 - 32550

= 178950

The correct cost of goods sold for 2022 will be:

= Beginning inventory + Cost of goods bought - Correct ending inventory

= 32550 + 155000 - 40850

= 146700

Note:

Correct ending inventory for 2021 will be: = Ending inventory - Overstated value

= 36000 - 3450

= 32550

Correct ending inventory for 2021 will be: = Ending inventory + Understated value

= 34500 + 6350

= 40850

5 0
3 years ago
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