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
marshall27 [118]
3 years ago
7

Marc and michelle are married and earned salaries this year of $69,200 and $13,950, respectively. in addition to their salaries,

they received interest of $350 from municipal bonds and $1,150 from corporate bonds. marc and michelle also paid $3,150 of qualifying moving expenses, and marc paid alimony to a prior spouse in the amount of $2,150. marc and michelle have a 10-year-old son, matthew, who lived with them throughout the entire year. thus, marc and michelle are allowed to claim a $1,000 child tax credit for matthew. marc and michelle paid $7,300 of expenditures that qualify as itemized deductions and they had a total of $6,330 in federal income taxes withheld from their paychecks during the course of the year. (use the tax rate schedules. )
Business
1 answer:
lana66690 [7]3 years ago
8 0

Part of question :

What is the total amount of Marc and Michelle's deductions from AGI?

Answer and Explanation:

Let's assume Marc and Michelle are filing a joint tax return.

Total salaries from Marc and Michelle = $69200+$13950 = $ 83150

interest on corporate bonds which is taxable = $1150

total income = $ 83150+$1150= $84300

deductions include:

The IRA contribution =$ 3150

The alimony to ex wife= $ 2150

Total deduction = $ 5300

Agreegate income= $ 84300-$5300=$79000

Marc and Michelle have options to choose standard deduction of $24000 from AGI or itemised deduction of 2% of AGI=$1580

From here, it is better to take the standard deduction option as it reduces taxable income

Therefore taxable income =$79000-$24000=$55000

Total deduction=$24000

You might be interested in
Max works 40 hours per week as a tire store manager. If he made $25,480 last year, how much was he paid per hour?
Sergeeva-Olga [200]
To figure this out, we need to write down some rules/formulas.
Max works 40 hours per week. There are 52 weeks within a year. He made $25,480 last year, and now we're looking for how much he made per hour.
Since we have 52 weeks in a year, divide 25,480 by 52 to get how much he made per week. Once we do that, divide that quotient by 40 to get how much he made per hour.
25,480/52 = 490.
He made $490 per week, but now we must divide by 40 to get how much he made per hour, since we have 40 hours.
490/40 = 12.25
Max made $12.25 per hour.
I hope this helps!
3 0
3 years ago
The average number of children that a woman must bear to sustain the size of an existing population is
lord [1]
I'm guessing 2 children, since about half of the world's population is made up of people who can have children (women)
7 0
3 years ago
McQuilkin and Copan adopt different positions toward capitalism and socialism. Which author is more favorable to free market cap
Nimfa-mama [501]

Answer:

Paul Copan

Explanation:

Dr. Robertson McQuilkin can be considered a very biblical man, and as such, would always favor socialism more than free market capitalism. His phrase "Capitalism is for freedom, socialism is for equality" and the fact that he believed in a strict following of the Bible, you make him a more socialist person.

Dr. Paul Copan is also a very religious man, but his views are less extreme than Dr. McQuilkin's. He is more pragmatic and argues in favor of religion from a more neutral or agnostic point of view. He even argues that religious beliefs and economics are not mutually exclusive.

8 0
3 years ago
In business, managers and employees are faced with many decisions. Management writer Ken Blanchard and religious leader Norman V
QveST [7]

Answer: In order to answer this, we must first add the options. They are as follows:

A. Am I acting fairly?

B. Is it balanced?

C. How will it make me feel about myself?

D. Will it help me further my career?

E. Is it legal?

The correct option is D. Will it help me further my career. This is a question that should NOT be asked when facing an ethical dilemma.

Explanation:

Ethics are moral principal that guide one's actions and attitudes. Now, all the options above can be properly weighed using ethical standards.

An Ethical dilemma is a situation in which a choice must be made between two options, neither of which will resolve the situation in an ethically acceptable manner.

We will analyze the options one after the other.

Let us start with option A. Am I acting fairly?

When faced with an ethical dilemma, one good question to ask is if an individual is acting fairly, that is, are they acting according to accepted ethical standards? If one's actions go contrary to ethics, then they should probably not undertake such an action. Therefore, this question SHOULD BE ASKED.

Option B. Is it balanced?

Balance here talks about equality. In this case this question looks at whether the action will favour one party over another, or if it will favour everyone equally. Therefore, this question SHOULD BE ASKED.

Option C. How will it make me feel about myself?

This question looks at the after effect of an action, if the action will make you feel good or bad about yourself later on. If the action will make you feel good, then it should be undertaken, but if it will make you feel bad, it should not be undertaken. Therefore, this question SHOULD BE ASKED.

Option D. Will it help me further my career? (Correct option)

This is a wrong question to ask when experiencing an ethical dilemma because it is not a question about ethics or morals, only career advancement, and it does not focus on the right or wrong of an action. Also, this is a selfish question to ask and it does not take into consideration the effect that the action will have on others. This question should therefore, NOT BE ASKED, because it is not a proper reflection of one's ethics.

Option E. Is it legal?

This question looks at the legality of an action, therefore illegal actions should not be undertaken, while legal actions should be pursued. This is a question that SHOULD BE ASKED.

6 0
3 years ago
Diane's Designs purchased a one-year liability insurance policy on March 1 of a year for $8,400 and recorded it as a prepaid exp
Liula [17]

Answer:

$700 (not given in the options)

Explanation:

When the policy is purchased with a payment made in advance, the entries recorded are

Debit prepaid insurance  $8,400

Credit Cash account         $8,400

After the first month, the expense incurred is

= 1/12 × $8,400

= $700

Entries then required

Debit Insurance expense   $700

Credit Prepaid Insurance    $700

5 0
3 years ago
Other questions:
  • The document that lists the steps of the budget process is the
    12·1 answer
  • Define osmosis and predict the direction of water movement based on differences in solute concentrations.
    8·1 answer
  • Quick Eats is a fast-food restaurant that has recently entered the hospitality industry. Since most of its competitors are pursu
    5·1 answer
  • Cohle Industries has a taxable payroll of $350,000. The company is subject to a 6.2% FUTA tax rate and a 5.4% state contribution
    7·1 answer
  • Which of the following is an example of the use of fiscal policy by the U.S. government? A. Congress makes it illegal for the po
    7·2 answers
  • Will is preparing a report and he wants to make sure that his audience makes an informed decision. He wants to make sure that he
    15·1 answer
  • Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from cus
    10·1 answer
  • 5 Disadvantage of sole proprietorship?
    11·1 answer
  • Through effective ______, people can successfully resolve conflicts and create positive change. problem-solving strategies manag
    10·1 answer
  • From the projects center dashboard, once you have chosen an individual project, what 2 things can be selected?
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!