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melamori03 [73]
3 years ago
9

Tom, age 13, is claimed as a dependent by his parents. Tom has unearned income of $3,400 and $300 of income from mowing lawns in

the neighborhood. If the first $2,600 of Tom's net unearned income is taxed at 10%, what is Tom’s 2019 income tax liability?
Business
1 answer:
Fiesta28 [93]3 years ago
4 0

Answer:

$260

Explanation:

First, we need to calculate the Taxable income as follow

Taxable income = income unearned + Income earned - Standard deduction Taxable income = $3400 + $300 - $1100

Taxable income = $2600

Now Multiply the tax rate to the taxable income to calculate the tax liability.

Tax Liability = Taxable income x Tax Rate

Tax Liability = Taxable $2,600 x 10% = $260

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Answer and Explanation:

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6 Collection of note receivable = Investing activities  as it represents in a positive sign because it is a cash inflow

7 Purchase of equipment  = Investing activities  as it represents in a negative sign because it is a cash outflow

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9 Decrease in accounts payable = Operating activities  as it is deducted from the change in adjustments column

10 Payments of dividend =  Financing activities  as it represents in a negative sign because it is a cash outflow              

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Shopping situations can influence purchases. brenda was planning a small dinner party, and had gone to a new specialty food stor
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