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Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries,

stiks02 [169]

Answer:

I will use the 2020 tax schedule since recovery rebate credit applies to 2020:

Marc and Michelle's gross income = Marc's and Michelle's salaries + interest from corporate bonds = $64,000 + $12,000 + $500 = $76,500

they should choose the standard deduction since it is higher than their itemized deductions = ($24,400)

contribution to IRA = ($2,500)

alimony payment = ($1,500) the divorce agreement was settled on 2005

Marc and Michelle's taxable income = $48,100

Marc and Michelle's tax liability = $1,975 + [12% x ($48,100 - $19,750)] = $5,377

Interests on municipal bonds is not taxable.

The amount of taxes that they owe = $5,377 - $3,500 (federal tax withholdings) = $1,877

Refundable tax credits:

$2,000 in child tax credit

$2,900 in recovery rebate credit

total = $4,900

taxes payable or refund = tax liability - refundable tax credits = $1,877 - $4,900 = -$3,023.

Marc and Michelle should get a refund for $3,023

4 0

3 years ago

Explain the technique of making bamboo based handicrafts with an example.

Gala2k [10]

Answer:

Bamboo can be processed into thin strips or sheet materials for bamboo plaiting , commonly known as bamboo strips. The processing procedures of bamboo strips include selecting materials , sawing bamboo, pruning, scraping, dividing, splitting, setting the width, thinning and chamfering.

Explanation:

Example: •Bamboo furniture

•Bamboo toys

•Bamboo wind chimes

•Bamboo lamps and lanterns

•Bamboo placements and coasters

6 0

3 years ago

How do you know, as a consumer shopping for a product, whether goods are in

Aloiza [94]

Answer:

Prices act as a signal that tells producers and consumers how to adjust. Prices tell buyers and sellers whether goods are in short supply or readily available. The price system is flexible and free, and it allows for a wide diversity of goods and services.

Explanation:

5 0

3 years ago

Suppose two cities are considering tearing down their stadiums to build new ones. In one city, the old stadium cost $5 million t

worty [1.4K]

Answer:

The correct answer is option C.

Explanation:

Two cities are planning to demolish their old stadiums and build new ones.

Keeping everything else equal, the old stadium cost $5 million to build in one city and $50 million to build in the other.

These construction costs are sunk costs that have been incurred and cannot be recovered. Since these costs cannot be any longer recovered they should not be considered in deciding future investments.

7 0

3 years ago

What is perceptual errors

WARRIOR [948]

Answer:

A perceptual error is the inability to judge humans, things or situations fairly and accurately. Examples could include such things as bias, prejudice, stereotyping, which have always caused human beings to err in different aspects of their lives.

Hope this helps! :)

8 0

3 years ago