1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ioda
3 years ago
9

Randy is a waiter at the silver spoon restaurant. his w-2 box 1 wages are $16,400, box 7 (social security tips) is $500, box 8 (

allocated tips) is $350 and Randy has $144 in tips that he did not have to report to his employer. If this is his only income, how much will be entered on form 1040 line 1?
a)$16,894

b)$16,900

c) $16,544

d) $16,750
Business
2 answers:
olga_2 [115]3 years ago
8 0

Answer:

a)$16,894

Explanation:

The computation of his income is shown below:

= Wages + allocated tips for box 7 + tips that do not reported

= $16,400 + $350 + $144

= $16,894

We simply added the Wages, allocated tips for box 7, and tips that do not reported so that the exact value could come

All other information which is given is not relevant. Hence, ignored it

Zielflug [23.3K]3 years ago
4 0

Answer:

$16,894

Explanation:

His W-2 Box 1 wages are $16,400 + allocated tips of $350 + Unreported tips of $144= $16,894

You might be interested in
A manufacturer of prototyping equipment wants to have $3,000,000 available 10 years from now so that a new product line can be i
diamong [38]

Answer:

annual savings = future value / [(1 + r)ⁿ - 1 ] / n

annual savings = $3,000,000 / [(1 + 0.1)¹⁰ - 1 ] / 0.1

annual deposit = $188,236.18

Explanation:

this is an ordinary annuity

future value = $3,000,000

interest rate = 10%

periods = 10

using the future value of an annuity formula, annual deposit = future value / annuity factor

FV annuity factor, 10 periods, 10% = 15.937

annual deposit = $3,000,000 / 15.937 = $188,241.20

instead of using annuity factors, you can solve this equation:

annual deposit = future value / [(1 + r)ⁿ - 1 ] / n

annual deposit = $3,000,000 / [(1 + 0.1)¹⁰ - 1 ] / 0.1

annual deposit = $188,236.18

Both answers are very similar, the difference is only 0.00267%

8 0
3 years ago
Which type of financial institution typically has membership requirements? AOnline Commercial Bank BCommercial Bank CFederal Res
Fofino [41]
Usually credit union does 
6 0
3 years ago
Read 2 more answers
These financial statement items are for Snyder Corporation at year-end, July 31, 2017. Salaries and wages payable $2,580 Salarie
tatiyna

Answer:

Net loss = (6,700)

Explanation:

According to the scenario, computation of the given data are as follow:-

Income Statement

Particular                                        Amount ($)

Revenue from Service                         62,100

Revenue from Rent                         8,500

Less-Salaries and wages expenses   (50,700)

Less-Utilities expenses                       (22,600)

Less-Depreciation expenses       (4,000)

Net loss                                               (6,700)

6 0
2 years ago
A revenue account is increased by debits. is decreased by credits. has a normal balance of a debit. is increased by credits.
Elenna [48]

Answer: is increased by credits

Explanation:

Revenue accounts are increased by credits because they are an equity account and equity accounts increase by credit. This is because the corresponding entry would be an asset such as cash and as the asset has to increase by being debited, revenue must be increased by credit.

Other accounts that are increased by credit include liabilities. Accounts that increase by debits apart from assets include purchases and expenses.

5 0
2 years ago
Sheffield Corp. produces three versions of baseball bats: wood, aluminum, and hard rubber. A condensed segmented income statemen
nekit [7.7K]

Answer:

The correct answer is D.

Explanation:

Giving the following information:

Sales=$775000

Variable expenses= 523000

Contribution margin= 252000

Fixed expenses= 132000

Net income= $120000

Hard Rubber:

Sales=$65000

Variable expenses=58000

Contribution margin= 7000

Fixed expenses= 22000

Net income= -15000

New net income= 120,000 + 15,000 - 22,000= 113,000

6 0
3 years ago
Other questions:
  • Which four ethical norms are often used by companies to help individuals make ethical decisions?
    8·2 answers
  • Healthy blood vessels
    7·1 answer
  • Think about a country where most economic production results in air pollution that creates lots of smog. What would be the trade
    13·1 answer
  • How are credit unions similar to banks? A. They both seek to make a profit. B. They both give out loans. C. They're both owned b
    15·1 answer
  • ________ headings are self-contained, which means that readers can skim through just the headings and subheadings and understand
    8·1 answer
  • Writers at giant robot magazine realize that creating a​ ________ is important because it gives them the opportunity to let thei
    9·1 answer
  • The grocery store has bulk pecans on sale, which is great since you're planning on making 7 pecan pies for a wedding. how many p
    6·2 answers
  • A fund has a Beta of 1.25, Standard Deviation of 7%, and an expected return of 12%. If the risk free rate is 2%, calculate the T
    8·1 answer
  • You are the manager of a firm that sells its product in a competitive market at a price of $50. Your firm's cost function is C =
    11·1 answer
  • The day they go on sale, Beth forgets her money to buy season tickets to the high school basketball games. Randall has extra cas
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!