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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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If it costs $75,000 to put on an event and total revenue is $135,000, what is the profit as a percentage of revenue?
Nuetrik [128]

Answer:

44.44%

Explanation:

Profit is obtained by subtracting cost from revenue.

I,e.,

Profit = revenue - cost.

In this case,

Profit = $135,000 - $75,000

Profit = $60,000

As a percentage of revenue

= $60,000/ $135,000 x 100

= 0.44444 x 100

= 44.44 %

4 0
2 years ago
Cyber Security Systems had sales of 4,600 units at $65 per unit last year. The marketing manager projects a 30 percent increase
scoray [572]

Answer:

Net dollar sales projection for this year =   516,971.00

Explanation:

<em>Projected sales volume </em>

130%× 4,600= 5,980units

<em>Project selling price</em>

=140% × $65

= $91

<em>Total sales value </em>

= $91 × 5980units

=  $ 544,180.00

<em>Net dollar sales projection</em>

=  Total sales value -  Returned merchandise

= 544,180.00 - (5%  × 544,180.00 )

=  $ 516,971.00

Net dollar sales projection for this year =   516,971.00

3 0
3 years ago
When Julie describes calculating the average number of cookies sold in​ February, she is describing an example of obtaining​ ___
IRINA_888 [86]
Information and Data
3 0
3 years ago
Madison wants to open a restaurant and plans to employ a staff of about 10 people, including wait staff and cooks. what type of
Arada [10]
The fact that Madison wants to open a restaurant and plans to employ a staff of about 10 people, including wait staff and cooks means that Madison is planning to create a flat type of organization. The units and positions within the flat organization are flat distributed, which means there are <span>few or no levels of middle management between staff and executives.</span>
8 0
3 years ago
Inventory records for Dunbar Incorporated revealed the following: DateTransactionNumber of UnitsUnit Cost Apr.1Beginning invento
Jet001 [13]

Answer:

$965

Explanation:

Calculation to determine what Ending inventory assuming weighted-average cost would be:

First step is calculate the Weighted-average cost

Weighted-average cost = [(480 x $2.48) + (440 x $2.75)] / (480+440)

Weighted-average cost =1,190.4+1210/920

Weighted-average cost = 2400.4/920

Weighted-average cost =2.6091

Now let determine the Ending inventory

Ending inventory = (920-550) x 2.6091

Ending inventory = 370x 2.6091

Ending inventory =$965

Therefore Ending inventory assuming weighted-average cost would be $965

7 0
2 years ago
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