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2 years ago

Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in

Business

1 answer:

lesya692 [45]2 years ago

4 0

Answer:

Federal tax = $10,856.25

Explanation:

Given:

Tax rate schedule for year 2014.

Income between $36,900 - $89,350

$5,081.25 + 25% over $36,900

Total income = $60,000

Computation:

So,Income between $36,900 - $89,350

Federal tax = $5,081.25 + 25% ($60,000 - $36,900)

Federal tax = $5,081.25 + 25% ($23,100)

Federal tax = $5,081.25 + 0.25 ($23,100)

Federal tax = $5,081.25 + $5,775

Federal tax = $10,856.25

You might be interested in

Although a business has had record sales it is having a hard time paying the bills each month. As a manager you are uncertain wh

Svetradugi [14.3K]

Answer:

Income statements and or Cash flow statements.

Explanation:

Income statement and Cash flow statements are required.

Income Statement will give us insight about our costs as we maybe recording sales but if the costs and expenses are too high we are unlikely to be making enough gross profits to be able to pay bills.

Cash flow statements are required as sales may be credit and thus reducing working capital for the company, although they may be making profits but if the debts are uncollected they are unlikely to have cash available to be able to make payments.

Hope that helps.

3 0

3 years ago

Choose the word that best completes this sentence. ________ exist in the ground, air, and bodies of most living things but do no

exis [7]

It seems that you have missed the necessary options for us to answer this question, but anyway here is the answer. BACTERIA <span>exist in the ground, air, and bodies of most living things but do not need a host organism to live and multiply. Hope this answers your question.</span>

4 0

2 years ago

"if Washburn achieves the sales target of 2,000 units at the $349 retail price, what will its profit be?"

dybincka [34]

Answer: $370,000

Explanation:

Your question isn't complete as there were some further questions asked before getting to this question.

The profit from 2,000 units at $349 will be:

Profit = Total revenue – Total cost

Total revenue = (P x Q)

= $349 x 2000

= $698000

Total cost = [FC + (UVC x Q)]=

= [$38,000 + ($145 x 2,000)]

=$38000 + $290000

= $328000

Profit = Total revenue - Total cost

Profit = $698000 - $328000

Profit = $370000

5 0

2 years ago

Which of the following are established by ASC 280 as "enterprisewide disclosure" standards to provide more information about the

rusak2 [61]

Answer:

A. Both II and III

Explanation:

As the major customers information and the geographic areas information would be created by the ASC 280 as disclosure of enterprise wide standard that provide the information more related to the company risk. Also it is needed to the public entities to disclose the information with respect to the operating segments i.e. reportable in the finished financial statements set

Therefore the correct option is A.

8 0

2 years ago

Which formula is correct formatting for a nested function?

erastova [34]

Answer:

=IF(AND(B2>3000,02>2000),"Bonus","No Bonus")

Explanation:

A nested If statement is used when 1 or more conditions are to be tested. The result of the nested function depends based on the true value of the function.

i.e. If the nested statement is true, certain operations are to be done otherwise, do something else. In other words, the IF function allows you to make a logical comparison between a value and what you expect by testing for a condition and returning a result if True or False.

The syntax of a nested function goes thus

IF( condition1, value_if_true1, IF( condition2, value_if_true2, value_if_false2 ))

This would be equivalent to the following in Excel

= IF(condition1,"value_if_true",value_if_false)

Base on the above explanation, only option B is right.

And what it does is that

it checks if cell B2 is greater than 3000 AND cell 02 is greater than 2000.

If both statement are true, "Bonus" will be the output result

If one ore both statement are false, "No Bonus" will be the output result

7 0

2 years ago