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
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

You might be interested in
Most Americans avoid the use of credit when it comes to buying big ticket items like a car or furniture for their home
Veseljchak [2.6K]
True........it is true because........
4 0
3 years ago
Which of the following management orientations holds that each country in a global marketplace is unique?
iogann1982 [59]

Answer:

Polycentric orientation.

Explanation:

The polycentric orientation, referring to the management of the global marketplace, is a market vision (and in a great sense also political) that establishes that there is no single central point in a globalized market, but that each country has a strategic importance in the different sectors market that most concern you. Thus, the idea of market leaders is rejected, but rather the idea of a fragmented market in different sectors, with varied leaders, is defended.

7 0
3 years ago
Lomani Ltd acquired two new machines for cash on 1 January 2017. The cost of machine A was $400 000, plus GST, and of machine B,
cricket20 [7]

Answer:

2017

Machine A (Dr.) $400,000

Machine B (Dr.) $600,000

Cash (Cr.) $1,000,000

2018

Depreciation Expense (Dr.) $93,000

Accumulated Depreciation (Cr.) $93,000

2019

Depreciation Expense (Dr.) $93,000

Accumulated Depreciation (Cr.) $186,000

2020

Depreciation Expense (Dr.) $93,000

Accumulated Depreciation (Cr.) $279,000

2021

Machine C  (Dr.) $420,000

Machine A (Cr.) $200,000

Cash (Cr.) $220,000

(To record trade in of machine A)

Repairs expense Machine B (Dr.) $66,000

Cash (Cr.) $66,000

(To record repairs of machine B)

2022

Depreciation Expense (Dr.) $79,450

Accumulated Depreciation (Cr.) $358,450

2023

Cash (Dr.) $300,000

Machine B (Cr.) $284,550

Gain on selling (Cr.) $15,450

Explanation:

Straight line depreciation recognize an assets carrying amount evenly over its useful life.

Straight line Depreciation = (Cost - Estimated Residual Value) / useful life

Depreciation expense for Machine A:

($400,000 - $20,000) / 10 years

= $38,000

Depreciation expense for Machine B:

($600,000 - $50,000) / 10 years

= $55,000

Depreciation expense for Machine C:

($420,000 - $20,000) / 8 years

= $50,000

Revised Depreciation of Machine B:

($314,000 -  $19,500) / 10 years

= $29,450

6 0
3 years ago
On January 1, 2021, Gundy Enterprises purchases an office building for $151,000, paying $41,000 down and borrowing the remaining
Nataly_w [17]

Answer:Gundy Enterprise journal $

Date

Jan 31 2021

Income statementl Dr 641.67

Mortage Interest. Cr. 641.67

Recognition of interest payable on mortgage loan for December 2021

Jan 31 2021

Mortgage principal Dr 635.52

Mortgage interest Dr. 641.67

Bank Cr. 1277.19

Narration.payment of principal and interest Interest due on mortgage loan as at January 31 2021.

Explanation:

The monthly installment payments of $1277.19 consist of both the principal sum and accompanying monthly interest.

The interest needs to be first recognized as an expenses into the income statement and increase in the mortgage loan. This will prevent an over deduction on the mortgage loan.

4 0
3 years ago
Skysong Industries had one patent recorded on its books as of January 1, 2020. This patent had a book value of $432,000 and a re
skelet666 [1.2K]

Answer:

487200

Explanation:

3 0
3 years ago
Other questions:
  • Describe a real or made up example of the tort of interference
    14·1 answer
  • When rainforest land, such as in the lower amazon, is suitable for agriculture, a single cash crop is often planted. such crops
    15·1 answer
  • Sanders Corporation has the following shares outstanding: 7,000 shares of $50 par value, six percent preferred stock and 45,000
    5·1 answer
  • An investor purchases one municipal bond and one corporate bond that pay rates of return of 7% and 8.4%, respectively. If the in
    15·1 answer
  • You are planning to hire a full-time electrician who will work 40 hours per week. If you plan on giving this new hire three week
    5·2 answers
  • George failed to pay $5,000 of income tax due with the filing of his return, which was timely filed on April 15th. He waits unti
    10·1 answer
  • Freehan Company’s accounting records has the following information about its inventory:
    13·1 answer
  • What are the disadvantages of journal entry​
    12·1 answer
  • In what generation of computers was the<br> supercomputer first introduced?
    14·1 answer
  • The most important tax rate for determining an individual's incentive to work is the _____ tax rate.
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!