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Kryger [21]
3 years ago
13

Robert is a single taxpayer who has AGI of $145,000 in 2019; his taxable income is $122,000. What is his federal tax liability f

or 2019? a. $18,719.00 b. $9,480.00 c. $23,569.50 d. $23,454.50 e. $29,280.00
Business
1 answer:
PolarNik [594]3 years ago
7 0

Answer:

His tax liability for 2019 (due April 2020) is $23,359.50

Explanation:

Since Robert s a single filer, he falls under the fourth tax bracket: income between $84,201 to $160,725. His marginal tax rate is 24%, and his total taxes due are as following:

<u>tax rate</u>         <u>earnings</u>                          <u>taxes due</u>

10%            $0 – $9,875                        $987,50

12%         $9,875 – $40,125                  $3,630

22%        $40,126 – $85,525                $9,988

24%        $85,526 – $122,000              $8,754

                    total                              $23,359.50      

*Option C is the closest one, but it used the 2018 tax brackets, not the 2019.

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The balance sheet of the Algonquin Company reported assets of $50,000, liabilities of $22,000 and common stock of $15,000. Based
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Answer:

c) $13,000.

Explanation:

Using the accounting equation;

Assets - liabilities = Owners' equity

Owners' equity is usually made up of the common stock and the retained earnings.

Therefore, given;

Assets = $50,000

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8 0
2 years ago
The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued stock to them. b. Borrowed $7,
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Answer:

(a)

Increase in Cash of $10,000 and Increase in Common Stock account of $10,000

Asset increases by $10,000; Owner's equity increases by $10,000. Accounting equation remains in balance.

(b)

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(c)

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(d)

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Asset increases by $11,000; Liability increases by $11,000. Accounting equation remains in balance.

(e)

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Asset increases by $2,000; Liability increases by $2,000. Accounting equation remains in balance.

Explanation:

Explanation is given in Answer part

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3 years ago
Sheffield Corp. started the year with total assets of $220000 and total liabilities of $130000. During the year the business rec
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Answer:

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The income which is calculated by deducting all the related expense from the revenue even after interest and taxes. Net Income is the amount which is available to distribute amount the stockholders, either preferred or common.

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