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Vlada [557]
2 years ago
10

Cason is filing as single and has 2019 taxable income of $36,000 which includes $34,000 0%/ 15 % / 20% net long-term MID capital

gain. What is his tax on taxable income using the alternative tax method? Note: Use the tax rate schedule rather than the tax table. FA
a. 50
b. $200
c. 5300
d. $4924
e. None of these.
Business
1 answer:
AleksandrR [38]2 years ago
5 0

Answer:

The correct answer of this question is b-200$.

Explanation:

As per tax schedule if income from capital gain is less than 39,375$ 0% tax is charge lieved.

So on his income from capital gain that is 34,000 dollars no tax will be charge. However the remaining income is subject to income tax that is (36000-34000)= 2000 dollars. So Cason is liable to pay tax equals to 200$. (2000*10%)

As per tax law whose income is less than 9,750 dolars is liable to pay tax at the rate of 10%.

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Jupiter Company signed a onedashyear ​$36,000 note payable at​ 8% interest on March​ 1, 2019. How much interest expense must be
Anna71 [15]

Answer:

The answer is: $720

Explanation:

We can use the following formula to calculate Jupiter Company's interest expenses:

  • interest expenses = principal x (annual interest / 12) x number of months

interest expenses = $36,000 x (8%/12) x 3 months (March, April and May)

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8 0
3 years ago
A company uses 8,400 pounds of materials and exceeds the standard by 300 pounds. The quantity variance is $1,800 unfavorable. Wh
GrogVix [38]

Answer:

c. 6.00

Explanation:

We know,

Quantity variance = (Actual Quantity used - Standard Quantity used) x Standard Rate

Given,

<em>Quantity variance</em> = $1,800 unfavorable (Here, Unfavorable means actual quantity is higher than standard quantity).

<em>Actual Quantity</em> used = 8,400 pounds of materials

As actual quantity exceeds the standard quantity by 300 pounds, <em>standard quantity</em> = (8,400 - 300) = 8,100 pounds of material.

Therefore,

Quantity variance = (Actual Quantity used - Standard Quantity used) x Standard Rate

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or, Standard rate = $1,800/300 pounds

Hence, Standard Rate = $6.00.

7 0
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