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
Grand River Corporation reported taxable income of $600,000 in year 1 and paid federal income taxes of $155,000. Not included in
Paul [167]

Answer:

$444,000

Explanation:

current earnings and profits = (taxable income - income taxes) - meals expense + tax exempt income = ($600,000 - $155,000) - $3,000 + $2,000 = $444,000

Disallowed expenses are expenses made by an individual or company that the IRS doesn't allow to be deducted, e.g. meals. Tax exempt income is income that is not taxed by the IRS, e.g. DRD includes at least 70% of dividends received.

Deferred gains or unearned revenues are considered a liability and are not included in the income statement.

7 0
3 years ago
In 1981, 16 percent of wives earned more than their husbands. what was the percentage as of 2005?
AnnZ [28]
Given that <span>In 1981, 16 percent of wives earned more than their husbands.

It is reported that in 2005, about 26% of wives earned more than their husbands.</span>
7 0
3 years ago
In a pure market economy, the "What to produce?" question is ultimately answered by:
Genrish500 [490]

In a pure market economy, the "What to produce?" question is ultimately answered by : consumer sovereignty.

Explanation:

Market autonomy is a two-way economic concept. Market autonomy in production applies to what finished products should be produced from these materials to the control power of the customers over those with scarce resources.

For example, the highest levels of consumer autonomy occur of consumers on the free market. The customer can buy any product in any quantity he wants. But the state or central government decides what to manufacture in a command economy.

8 0
3 years ago
A partnership liquidation occurs when a.a new partner is admitted b.the ownership interest of one partner is sold to a new partn
Sloan [31]

Answer:

Correct answer is d, the assets are sold, liabilities paid and business operations terminated

Explanation:

The partnership liquidation occurs when the day-to-day operation is closed for good. Part of liquidation's process is to sold the partnership's assets and paid all creditors (outside and partners) and divide the excess to the partners based on the profit and loss ratio or if there is still existing obligation to the creditors, the partners will pay it using their personal assets (applicable to general partner only). This stage, the life of the partnership ceased to exist.

4 0
3 years ago
Suppose nominal GDP in 2009 was $100 billion and in 2010 it was $260 billion. The general price index in 2009 was 100 and in 201
ICE Princess25 [194]

Answer:

The real GDP increased by 44%.

Explanation:

The nominal GDP is the measure of economic growth which measures change in output at the current market price.

While, the real GDP calculates the change in output at constant prices. It is inflation adjusted method and does not include change in price level. It purely measures the change in economic output.

The consumer price index = Nominal GDP/Real GDP

In other words, Real GDP= Nominal GDP/consumer price index

Real GDP in 2009=\frac{100}{100}=$1

Real GDP in 2010=\frac{260}{180}=$1.44

So, the GDP growth rate will be, $(1.44-1)*100=44%

4 0
3 years ago
Other questions:
  • Which element of the promotional mix has the inherent weakness of high absolute costs and an inability to obtain direct feedback
    8·1 answer
  • Costs of goods sold of a manufacturing represents the costs related to building a product that are expensed when it is sold. to
    15·1 answer
  • Gerard, an adult, contracts with Communiserve to purchase, in installments over a period of five years, a very large quantity of
    9·1 answer
  • Brandi recently began a new position as VP Sales for Otis Elevatos, a large firm selling new equipment for new construction, rep
    13·1 answer
  • Each scenario below gives some information about price elasticity of demand for a firm. Use this information to answer the quest
    15·1 answer
  • The Kelsh Company has two divisions--North and South. The divisions have the following revenues and expenses:
    13·1 answer
  • How can professional assist school leavers to be successful business owners
    6·1 answer
  • Which factors did you include in your response? Check all that apply.
    12·1 answer
  • Galaxy Quest produces telescopes in a single processing department. All direct materials used in the production of telescopes ar
    9·1 answer
  • Imagine that instead of hiring each assitant right away in the hiring assistant problem. we wait until the end to hire the best
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!