A materials requisition slip showed that direct materials requested were $96000 and indirect materials requested were $15000. Th
e entry to record the transfer of materials from the storeroom is (A) Work In Process Inventory 96000 Raw Materials Inventory 96000 (B) Work In Process Inventory 96000 Manufacturing Overhead 15000 Raw Materials Inventory 111000 (C) Direct Materials 96000 Indirect Materials 15000 Work in Process Inventory 111000 (D) Manufacturing Overhead 111000 Raw Materials Inventory 111000
1 answer:
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Answer: 17.56%
Explanation:
Given that,
Leonardo taxable income = $90,000
Tulsa bonds = $8,750
Theresa taxable income = $50,000
Computation of Leonardo's Tax:
According to the tax rate schedule,
Total Tax = Tax + 24% of taxable income over $82,500
= $14,089.50 + 24% × $7,500
= $14,089.50 + $1,800
= $15,889.5
Computation of Theresa's Tax:
According to the tax rate schedule,
Total Tax = Tax + 22% of taxable income over $38,700
= $4453.50 + 22% × $11,300
= $4453.50 + $2,486
= $6939.5
Total tax on Leonardo's income and Theresa's income:
= $15,889.5 + $6939.5
= $22,829
Effective tax rate =
=
= 17.56%