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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

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Answer:

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Without _____, leaders can miss important signals that something is going wrong. question 2 options:
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4 0
3 years ago
An insurer sells a very large number of policies to people with the following loss distribution: $100,000 with probability 0.005
kogti [31]

Answer:

a) $2000

b)  $1,886.7925

C) $2,036.7925

Explanation:

First, the question states to determine the expected claim cost per policy

Expected Claim Cost represents the fund required to be paid by an insurer for a particular contract or a group of contracts as the case maybe. This is usually based on the policy taken.

A) Expected Claim Cost per policy

= (Policy Loss Value A x its probability) + (Policy Loss Value B x its probability) + (Policy Loss Value C x its probability)+(Policy Loss Value D x its probability)+ (Policy Loss Value E x its probability)

= ( (100000 x 0.005 )+ (60000 x 0.010) + (20000 x 0.02) + (10000 x 0.05) + 0 = $2000

Part B: discounted expected claim cost per policy

Since, the sum of $2000 is expected to be paid by the insurer by the end of the year, the interest to be earned based on the rate  (discounting used)

=$2,000 ÷ (1  + 0.06)

= $1,886.7925

Part C:: Determine the Fair Premium

Fair Premium is calculated as follows

The discounted policy claim cost + the Processing Cost per application + The fair profit loading

= $1,886.7925+ $100+50 = $2,036.7925

3 0
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This amount should be shown in the negative amount as it decreases the cash that means it is an outflow of cash

Hence, the correct option is d. and the same is to be considered

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Answer:

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3 years ago
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