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3 years ago

Marlon had $22,000 of taxable income in 2018. Based on the table, how much federal income tax will Marlon owe in 2018?

Business

1 answer:

bazaltina [42]3 years ago

5 0

Answer:

The federal tax income that Marlon will owe in 2018 is $2,449.5

Explanation:

Based on the effective tax rate, we have;

Marginal Tax Rates,

10% on the first $9,525 of income

12% on taxable income over $9,525 to $38,700

22% on taxable income over $38,700 to $82,500

Therefore, we have;

The tax amount for the first $9,525 of income = 0.1×$9,525 = $952.5

The 12% on taxable income over $9,525 to $38,700 is given as follows;

$22,000 - $9,525 = $12,475

The tax amount for the taxable income over $9,525 to $38,700 is therefore;

Tax amount = 0.12 × $12,475 = $1,497

The total tax is therefore;

$1,497 + $952.5 = $2,449.5

The federal tax income that Marlon owe in 2018 = $2,449.5.

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A Purchasing Specialist is sometimes referred to as what? Select all that apply *

Zepler [3.9K]

$\text{Hello there!}$

A Purchasing Specialist is sometimes referred as a $\bold{Procurement Manager.}$

This is because they're responsible for purchasing/procuring supplies.

They relatively have the same roles, however, occasionally referred to by different names.

$\text{The job of the}$ $\bold{Purchasing\;Manager}$ $\text{\;is to purchase supplies for the company.}$

$\text{For example, purchasing lettuce for a}$ $\bold{fast\;food\;restaurant.}$

$\text{The job of the\;}$ $\bold{Purchasing\;Agent}$ $\text{is to buy supplies that the company needs.}$

$\text{The job of the}$ $\bold{Procurement\;Manager}$ $\text{has the same responsibilities as the}$ $\bold{Purchasing\;Manager.}$

Therefore, all of the possible referred answers are going to be correct.

The only differences are going to be the names.

$\rule{300}{1.0}$

8 0

3 years ago

Benjamin Addai determined the following tax information: gross salary, $87,000; interest earned, $80; deductible IRA contributio

Lelechka [254]

Benjamin Addai determined the following tax information: gross salary, $41,000; interest earned, $80; deductible IRA contribution, $1,075; personal exemption, $3,950; and itemized deductions, $6,200. Calculate Benjamin’s taxable income and tax liability filing single.

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3 years ago

Global Services is considering a promotional campaign that will increase annual credit sales by $570,000. The company will requi

klasskru [66]

Answer:

The investments in accounts receivable, inventory, and plant and equipment based on the turnover ratios would be the following:

Accounts receivable is $190,000

Inventory is $95,000

Plant and equipment is $570,000

The Total would be of $855,000

Explanation:

According to the given data we have the following:

Global Services is considering a promotional campaign that will increase annual credit sales by $570,000.

Therefore, in order to calculate the the investments in accounts receivable, inventory, and plant and equipment based on the turnover ratios we would have to make the following calculations:

Accounts receivable=$570,000/3=$190,000

Inventory=$570,000/6=$95,000

Plant and equipment=570,000/1=$570,000

Therefore, the Total would be of $855,000

6 0

3 years ago

The Blanket Company (TBC) manufactures two types of blankets. One is made of nylon. The other is made of wool. The budgeted per-

sladkih [1.3K]

Answer:

Results are below.

Explanation:

First, we need to calculate the break-even point in units with the desired profit:

Desired profit= $109,000

Break-even point (units)= (Total fixed costs + desired profit) / Weighted average contribution margin

Weighted average contribution margin= (weighted average selling price - weighted average unitary variable cost)

Weighted average contribution margin= (145*0.8 + 197*0.2) - (75*0.8 + 87*0.2)

Weighted average contribution margin= $78

Break-even point (units)= (827,000 + 109,000) / 78

Break-even point (units)= 12,000

For each product:

Nylon= 12,000*0.8= 9,600

Wool= 12,000*0.2= 2,400

Finally, the contribution margin income statement:

Sales= (9,600*145 + 2,400*197)= 1,864,800

Total variable cost= (9,600*75 + 2,400*87)= (928,800)

Contribution margin= 936,000

Fixed costs= (827,000)

Net operating income= 109,000

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3 years ago

What piece of information is most helpful when you're comparing investments? A. The ROI percentages B. The ROI dollar amounts C.

Zepler [3.9K]

I think its c.................

5 0

3 years ago

Read 2 more answers