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ELEN [110]
3 years ago
5

Considering contributing $1,000 to their church. This contribution will bring their total itemized deductions to $2,000. Assumin

g they are in the 15% marginal tax bracket, how much will they save in taxes by contributing this $1,000 to their church?
a. $0
b. $150
c. $300
d. $500
Business
1 answer:
mafiozo [28]3 years ago
4 0

Answer:

b. $150

Explanation:

Standard deduction refers to deduction available to an individual at a flat rate say 30%.Whereas in itemized deductions, an individual can claim deductions at different rates on different items.

Usually itemized deductions are more beneficial to an individual and in case tax saving in these cases exceeds total standard deductions, itemized deductions should be preferred.

In the given case, contribution of $1000 to church shall amount to a deduction. Since the tax rate applicable to the individual is 15%, the savings in tax shall amount to 15% of $1000 i.e $150.

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Chubbs Inc.’s manufacturing overhead budget for the first quarter of 2017 contained the following data.
r-ruslan [8.4K]

Explanation:

a. Manufacturing overhead Flexible budget report

                                Budget      Actual      Favorable (Unfavorable)

Variable cost          

Indirect material      $11,100      $14,900     $3,800  U

Indirect labor           $11,000     $9,600      $1,400   F

Utilities                     $7,700      $9,100       $1,400   U

Maintenance            $5,500     $4,800      $700     F

Total Variable cost  $35,300    $38,400    $3,100  U

Fixed expenses

Supervisory Salary    $36,700   $36,700     0

Depreciation              $6,100       $6,100      0

Property, taxes          $7,400       $8,500    $1,100    U

Maintenance              $4,900      $4,900     0            U

Total fixed expense  $55,100     $56,200  $1,100    U

Total controllable

cost                             $90,400    $94,600   $4,200 U

b.          Manufacturing overhead Responsibility report

Controllable cost     Budget      Actual      Favorable (Unfavorable)

Indirect material      $11,100      $14,900     $3,800  U

Indirect labor           $11,000     $9,600      $1,400   F

Utilities                     $7,700      $9,100       $1,400   U

Maintenance            $10,400    $9,700      $700      F

Supervisory salaries$36,700   $36,700     0

Total                          $76,900   $80,000    $3,100  U

8 0
3 years ago
The following production data were taken from the records of the Finishing Department for July:Inventory in process, June 1, 30%
zepelin [54]

Answer:

Conversion Cost Equivalent units FIFO           39, 125

Explanation:

Beginning WIP           5,000 30% completed

transferred units       39,500

ending WIP                 4,500  25% completed

<u>The equivalent units will be:</u>

the transferred units

- complete portion for the beginning WIP

+ complete portion of the ending WIP

transferred out                      39,500

work in previous period

5,000 x 30% =                         (1,500)

worked but not complete

4,500 x 25% =                        <u>  1, 125 </u>  

Equivalent units FIFO           39, 125

5 0
3 years ago
a company has a retained earning statement that shows that it did not pay a dividend to shareholders last year. this may lead a
kumpel [21]

According to a company's retained earning statement, it did not distribute a dividend to shareholders last year. A potential investor might draw the conclusion from this that management might be concentrating on a growth strategy.

<h3>Enlist the types of dividend.</h3>

In general, a dividend is viewed as a cash payment made to the owners of firm stock.

  • Of all the dividend forms, cash dividends are by far the most prevalent. The board of directors decides to pay a certain dividend amount in cash to shareholders who held the company's stock on the day of declaration.
  • A stock dividend is the free distribution of common shares by a firm to its common shareholders.
  • Scrip dividends, which are effectively promissory notes (which may or may not include interest) to pay shareholders at a future date, are sometimes issued by companies that may not have enough cash on hand to pay dividends in the near future. A note payable is created by this dividend.
  • A liquidation dividend is declared when the board of directors wants to return the capital that shareholders initially invested as a dividend. This action could signal that the company will eventually close.
  • An organization may choose to distribute a non-cash dividend to investors rather than paying out in cash or stock. Record this distribution at the assets that were distributed's fair market value. The fair market value of the assets is probably going to differ significantly from their book value, thus the corporation will probably record the difference as a gain or loss. This accounting rule may occasionally cause a company to purposefully pay property dividends in an effort to change its reported and/or taxed income.

To know more about, dividend, visit :

brainly.com/question/2960815

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4 0
1 year ago
During this stage of résumé review, résumés are quickly scanned to eliminate as many candidates as possible: a. stage 1 b. stage
Marianna [84]

The stage where resumes are scanned quickly to allow for many candidates to be eliminated is Stage 1.

<h3>What happens in Stage 1 of resume review?</h3>

When a job is posted, the company usually gets a lot of applications from people.

This is why stage 1 involves the company looking through and eliminating a lot of resumes so that only more needed ones remain.

Find out more on resume review at brainly.com/question/1100786.

#SPJ4

6 0
2 years ago
5. The Federal Reserve's organizationThere are members of the Federal Reserve Board of Governors.The Federal Reserve's role as a
Lady bird [3.3K]

Answer:

U.S. banks that cannot borrow elsewhere.

Explanation:

  • In the United States, the Federal Reserve goes as a last resort lender to companies that do not have certain other acquisition practices, and the inability to obtain loans can significantly impact the economy.
  • so correct answer is U.S. banks that cannot borrow elsewhere.

3 0
3 years ago
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