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swat32
3 years ago
15

Jamarcus, a full-time student, earned $2,500 this year from a summer job. He had no other income this year and will have zero fe

deral income tax liability this year. His employer withheld $300 of federal income tax from his summer pay. Is Jamarcus required to file a tax return?
Business
1 answer:
Ne4ueva [31]3 years ago
4 0

Answer:

The correct answer is: No, Jamarcus is not required to file a tax return.

Explanation:

According to the Internal Revenue Service (<em>IRS</em>) requirements for 2019, taxpayers who are single under 65 years-old with an income of <em>$12,200</em> or higher must file a tax return. Taxpayers who are 65 years old or older with an income of <em>$13,850</em> or higher are also obligated to report their income to the IRS.

Thus, <em>as Jamarcus' income for the year was $2,500 only, he is not required to file a tax return</em>.

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a. As prices rise, the cost for businesses to finance new equipment increases, causing a drop in quantity demanded of real GDP.
Tanya [424]

As prices rise, the cost for businesses to finance new equipment increases, causing a drop in quantity demanded of real GDP : the interest rate effect

What is GDP?

The total monetary or market worth of all the finished goods and services produced within a nation's boundaries during a certain time period is known as the gross domestic product (GDP). It serves as a thorough assessment of the state of the economy in a particular nation because it is a wide indicator of total domestic production.

Even while GDP is frequently estimated on a yearly basis, it can also be calculated quarterly. For instance, the government of the United States produces an annualized GDP estimate for both the calendar year and each fiscal quarter. Each piece of data in this report is presented in real terms, which means that it has been adjusted for price changes and is therefore net of inflation.

Learn more about GDP with the help of given link:-

brainly.com/question/1383956

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3 0
2 years ago
Late-night road construction begins on a new bridge. As a consequence, traffic is rerouted past your house while the constructio
adoni [48]

Answer:

B. negative externality

Explanation:

As it is late-night the sound of the traffict will bother to sleep  for me and the entire area. This cost is not considered when performing the financial decistion but it is there as the utiliy from the conumer in that area decrease as a result of the labor in the highway to steer traffic into here.

As a result of these externality the social optimall decreases for the time the road construction end.

5 0
3 years ago
Your company sponsors a 401(k) plan into which you deposit 10 percent of your $123,000 annual income. Your company matches 75 pe
jeyben [28]

Answer:

A) Your own Contribution in 401(K) is $12,000.

B) Total Value of fund after one year = $21,000 × (1 + 12%)

= $23,520.

Explanation:

A) Total Annual Income = $120,000

Contribution in 401(K) = 10% of income  

= $120,000 × 10%

= $12,000

your own Contribution in 401(K) is $12,000.

Employee contribution after tax = $12,000 × (1 31%)

= $8,280

Contribution of employer = $12,000 × 75%

= $9,000

Total Contribution = $12,000 + $9,000

= $21,000

Total Contribution in one year is $12,000.

Yield on fund = 12%

Total Value of fund after one year = $21,000 × (1 + 12%)

= $23,520.

after tax return = ($23,520 -$8,280) / $8,280

= 184%

After tax return is 184%.

You don't have to pay that income tax until you withdraw the money

5 0
3 years ago
16. List five benefits of therapeutic massage
svlad2 [7]

Stress relief, anxiety reduction, improved sleep quality, reduced muscle pain, muscle soreness, range of motion-flexibility, helps with immunity and inflammation.

5 0
3 years ago
On July 20, 2018, Kelli purchases office equipment at a cost of $12,000. Kelli elects out of bonus depreciation but makes the el
abruzzese [7]

Answer:

Kelli can deduct up to $6,000 in expenses from her net income, so her net income for this year would be $0. She could have deducted an even larger amount if her net income had been higher (up to $12,000 in deductions), since you can only deduct up to the amount of your net income.

7 0
3 years ago
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