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irinina [24]
4 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]4 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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Jacob needed money for some unexpected expenses, so he borrowed $5,890.25 from a friend and agreed to repay the loan in seven eq
Anna11 [10]

Answer:

OPTION C i.e 11%

Option A i.e 30.55 year

Explanation:

we know that capital can be calculated as

Capital = EMI \times PVIFA

capital = EMI \times \frac{(1+r))^n -1}{r (1+r)^n}

from the data given in question we can calculate the value of r

so

5890.2 = 1250 \times \frac{(1+r))^7 -1}{r (1+r)^7}

4.7122 = \frac{(1+r))^7 -1}{r (1+r)^7}

solving for r we get

r = 11%

option C

we know that

Total\ saving  =  cash flow \times FVIFA

                      = Cash\ flow \times \frac{(1+r)^n -1}{r}

from the data given we can evealueate the value of n

8,452,622 = 40,000 \times \frac{(1.11)^n -1}{0.11}

\frac{8452622}{40000}\times 0.11 = (1.11)^n -1

solving for n we get

n = 30.55 year.

Option A

4 0
3 years ago
On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $54,480. Calvin Co. has one recorded ass
Sunny_sXe [5.5K]

Answer:

Beckman noncontrolling interest in subsidiary income $10,520

Calvin Machine (net of accumulated depreciation) $71,200

Explanation:

To calculate noncontrolling interest in subsidiary's income;

Revenue    $65,550

Expenses   $39,250 (29,250 + $6,800 + $3,200)

Net Income $26,300

Noncontrolling percentage = 40%

NonControlling Income = $10,520

Depreciation of Machine = \frac{Fair value of Machine - Book value}{estimated useful life}

\frac{78,000 - 10,000}{10 years} = 6,800 per annum

Amortization of trade secrets = \frac{Fair Value Total - Machine value}{Useful life}

Amortization of trade secrets = \frac{90,800 - 78,000}{4 years}

= 3,200

3 0
3 years ago
Question 10 of 10 Which of the following is the largest student organization and focuses on developing business leaders?
siniylev [52]

Answer:

Alpha Kappa Psi is among the largest business student organizations on campus. Known for developing principled business leaders, Alpha Kappa Psi is the world's oldest business fraternity.

4 0
2 years ago
The production engineers have prepared a report detailing the types and amounts of inventory required for production. This docum
IceJOKER [234]

Answer:

C. Bill of Materials

Explanation:

The engineers make the list and then it is checked against the raw materials record to know how much existences are for each of the raw materials requested.

This is done to create some control, as the person that make the bill aren't the person who check the inventory therefore, they cannot overstate or understate the materials as they will be checked for the amount used.

5 0
4 years ago
Which part, sentence, or phrase in the passage suggests that the respective entrepreneur is a transformational leader? Four best
Juli2301 [7.4K]

Answer:

Garry

Explanation:

Brainliest please! :)

5 0
3 years ago
Read 2 more answers
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