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ASHA 777 [7]
3 years ago
15

bob katz and sally mander are a married couple with four children. total wages for 2018 equaled $102,400. stock which had been p

urchased nine months earlier was sold for a $5,200 gain and stock held for three years was sold for a $13,000 gain. interest income from savings was $100. itemized deductions totaled $29,500. bob and sally qualify for a $1,500 tax credit. what is bob's and sally's taxable income
Business
1 answer:
xxTIMURxx [149]3 years ago
8 0

Answer:

Bob Katz and Sally Mander

Taxable Income for 2018:

= $78,200

Explanation:

a) Data and Calculations:

Total wages =                  $102,400

Gain from sale of stock =     5,200

Interest income =                      100

Total income =                 $107,700

less total deductions =     (29,500)

Taxable Income =            $78,200

b) Bob Katz and Sally Mander will have taxable income of $78,200 when the appropriate rate of tax is applied and the tax liability obtained, then the $1,500 tax credit will be deducted before arriving at the tax liability due.  

c) The short-term capital gain of $5,200 is taxed as ordinary income.  Since it is held for less than a year, it will be included in the taxable income for that year and it follows the same tax brackets as ordinary income.  On the other hand, the long-term capital gain of  $13,000 will attract a tax rate of 0 percent for a taxable income of $78,200.  Otherwise, it will attract a tax rate of 15 percent or 20 percent, depending on income level. This means that long-term capital gains tax rates are much lower than the ordinary income tax rate.

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In this case when the value of the currency foreign exchange declines, the country reduce its imports because they are now more expensive as your currency's value is declining and the exports will increase because they will now be cheaper to foreign buyers as their currency is now gotten stronger. This decrease in imports and increase in exports will  increase net exports and an increase in net exports will shift the demand curve to the right

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ssume that interest rate parity exists. You expect that the one-year nominal interest rate in the U.S. is 7%, while the one-year
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