Answer:
The standard deduction is a specific dollar amount that reduces your taxable income. For the 2021 tax year, the standard deduction is $12,550 for single filers and married filing separately, $25,100 for joint filers and $18,800 for head of household.
Explanation:
Answer:
Net income= $11,412.2
Explanation:
Giving the following information:
sales of $46,382
interest expense of $3,854
cost of goods sold of $16,659
selling and administrative expense of $11,766
depreciation of $6,415
t=0.35
We need to use the following formula:
Net income= (sales - COGS - selling and administrative expense - interest expense - depreciation) - tax + depreciation
First, we deduct Depreciation to decrease the tax base, but because it is not an actual payment, we have to sum it after tax.
Sales= 46,382
COGS= (16,659)
Gross profit= 29,723
Selling and administrative expense= (11,766)
Interest=(3,854)
Depreciation= (6,415)
EBT= 7,688
Tax= (7,688*0.35)= (2,690.8)
Depreciation= 6,415
Net income= $11,412.2
Answer:
Total direct manufacturing cost= $55,890
Explanation:
Giving the following information:
5,600 units:
Average Cost per Unit Direct materials $ 6.55
Direct labor $ 3.80
The manufacturing overhead is an<u> indirect cost.</u> It is allocated based on a predetermined rate. <u>We will take into account only the direct materials and direct labor.</u>
<u>For 5,400 units:</u>
Total direct manufacturing cost= 5,400*(6.55 + 3.8)
Total direct manufacturing cost= $55,890
$60, because 4 percent of 300 is 12, and 12*5 years is $60 earned through interest.
The answer is 60.