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morpeh [17]
3 years ago
8

This year Luke has calculated his gross tax liability at $2,120. Luke is entitled to a $2,880 non-refundable personal tax credit

, a $1,740 business tax credit, and a $760 refundable personal tax credit. In addition, Luke has had $2,700 of income taxes withheld from his salary. (Input the amount as a positive value.) What is Luke’s net tax due or refund?
Business
1 answer:
Tema [17]3 years ago
3 0

Answer:

$3,460

Explanation:

Gross tax liability $2,120

Less non-refundable personal tax credit $2,880

Refundable personal tax credit $760

Hence:

Income taxes withheld $2,700+ $760

=$3,460

Luke’s non refundable personal credit reduces his gross tax to zero ($2120– 2,880) and $760of the unused credit expires unused.

The $1,740 unused business tax credit carries over and Luke receives a refund of $3,460($760 refundable credit + $2,700 taxes he paid)

Luke’s net tax due or refund is $3,460

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What are the primary advantages to owning a franchise?
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Explanation:

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Jiminez, Inc., had the following transactions during the month of March, current year. Prepare an income statement based on this
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Question Completion:

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Revenues earned and received in cash were $9,000.

Dividends of $4,000 were paid to stockholders.

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Answer:

Jiminez, Inc.

Income Statement for the month ended March 31:

Revenue                                          $9,000

Expenses                                           5,600

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