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Alenkinab [10]
2 years ago
5

Jane and Ed Rochester are married with a 2-year-old child, who lives with them and whom they support financially. In 2019, Ed an

d Jane realized the following items of income and expense: Amount Items:
$35,000 Ed's Salary, $70,000 Jane's Salary, $400 Municipal bond interest income, $1,000 Qualified business income, $7,000 Alimony paid (for AGI deduction), $10,000 Real property tax (from AGI deduction) $15,000) Charitable contributions (from AGI).
They also qualified for a $2,000 child tax credit. Their employers withheld $5,800 in federal income taxes from their paychecks (in the aggregate). Finally, the 2019 standard deduction amount for MFJ taxpayers is $24,400.
Required:
1. What is their AGI?
2. What is their Taxable income?
Business
1 answer:
arlik [135]2 years ago
7 0

Answer:

1) AGI = $112,400

2) Taxable Income = $80,600

Explanation:

Ed's Salary = $35,000

Jane's Salary = $70,000

Municipal bond interest income = $400

Qualified business income = $1,000

Alimony paid (for AGI deduction) = $7,000

Real property tax (from AGI deduction) = $10,000  

Charitable contributions (from AGI) = $15,000

The total gross income for Jane and Ed = $70,000 + $35,000 = $105,000

1) Their AGI (Adjusted Gross Income) = $105,000  + $400 + $7,000 = $112,400

2)Their taxable income = $112,400 - $24400 - $7000 - $400 = $80,600

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Besides location and length what would you say marks the major difference between the hanseatic and venetian trade routes
alexgriva [62]
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3 years ago
The manager of an orchard expects about 70% of his apples to exceed the weight requirement for ""Grade A"" designation. At least
kenny6666 [7]

Answer:

D) 356

Explanation:

ME = Z x √[(P x Q) / N]  

  • margin of error (ME) = 4%
  • 90% confidence level (Z) = 1.645 (by convention)
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  • Q = 30% of apples do not exceed Grade A
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0.04 = 1.645 x √[(0.7 x 0.3) / N]

0.04 = 1.645 x √(0.21 / N)

0.04 = 1.645 x 0.458 / √N

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6 0
3 years ago
Changes in property, plant and equipment relate to the ______ activities on the statement of cash flows. Multiple choice questio
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Buying tangible assets, investing in securities, or selling securities or assets are all examples of investing activity.

If management is investing in the long-term health of the company, negative cash flow from investing operations could not be a bad indicator.

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4 0
2 years ago
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ivolga24 [154]

Answer:We use the Large Function. the general formula is  =LARGE(first cell:last cell,3) .Please refer to the explanation section for details

Explanation:

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A 1 = $1,250,  A 2 = $1,090, A 3 = $985, A 4 = $985, A 5 = $880, A 6 = $756, A 7 = $675, A 78= $650, and A 9 =$600

Using the Large function on excel to return the third largest value, on the formula bar we have the following formula;

=LARGE(A1:A2,3)

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