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Harrizon [31]
3 years ago
12

r. and Mrs. Chalk have three dependent children, ages 3, 6, and 9. Assume the taxable year is 2019. Compute their child credit i

f AGI on their joint return is $91,300. Compute their child credit if AGI on their joint return is $465,700. Compute their child credit if AGI on their joint return is $197,000 and assume that they have one non-child dependent who meets the requirements for the child credit.
Business
1 answer:
Sonbull [250]3 years ago
8 0

Answer:

Compute their child credit if AGI on their joint return is $91,300.

Child tax credit for 2019 was $2,000 per qualifying child under 16

total child tax credit = $2,000 x 3 = $6,000

Compute their child credit if AGI on their joint return is $465,700.

Child tax credit for 2019 was $2,000 per qualifying child under 16, but if phases out after $400,000. For each $1,000 above the threshold, the tax credit is reduced by $50.

total child tax credit = $6,000 - (66 x $50) = $6,000 - $3,300 = $2,700

Compute their child credit if AGI on their joint return is $197,000.

Child tax credit for 2019 was $2,000 per qualifying child under 16, plus $500 per qualifying dependent that is not a child.

total child tax credit = $6,000 + $500 = $6,500

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Finger [1]

Answer:

Results are below.

Explanation:

<u>First, we need to determine the production budget using the following formula:</u>

Production= sales + desired ending inventory - beginning inventory

Quarter 1:

Production= 10,000 + (0.25*12,000) - 2,500

Production= 10,500

Quarter 2:

Production= 12,000 + (0.25*14,000) - 3,000

Production= 12,500

Quarter 3:

Production= 14,000 + (0.25*16,000) - 3,500

Production= 14,500

Quarter 4:

Production= 16,000 - 4,000

Production= 12,000

<u>Now, the direct material purchase budget:</u>

Purchases= production + desired ending inventory - beginning inventory

Quarter 1:

Purchase= 10,500*4 + (12,500*0.1) - 4,200

Purchase= 39,050 pounds

Quarter 2:

Purchase= 12,500*4 + (14,500*0.1) - 1,250

Purchase= 50,200 pounds

Quarter 3:

Purchase= 14,500*4 + (12,000*0.1) - 1,450

Purchase= 57,750 pounds

Quarter 4:

Purchase= 12,000*4 - 1,200

Purchase= 46,800 pounds

3 0
2 years ago
Consider the borrowing rates for Parties A and B. A wants to finance a $100,000,000 project at a FIXED rate. B wants to finance
QveST [7]

Answer:

party A will pay floating rate while party B will pay fixed rate

Explanation:

For A

Sources at floating rate = prime 1%

received fixed rate = 8.9%

For B

sources fixed rate = 8.9%

Received floating rate = prime 1%

For a mutually beneficial interest only swap that makes money for A,Band the swap bank in equal measure, the party A will pay floating rate while party B will pay fixed rate

4 0
3 years ago
Which of the following has limited liability for its owners, but passes income through to its investors and avoids double taxati
elena-14-01-66 [18.8K]

The one that has limited liability for its owners, but passes income through to its investors and avoids double taxation is option C. S Corporation. Read below about S Corporation.

<h3>What is S Corporation?</h3>

A variation on the standard corporation model is the S corporation. An S corporation passes its income through to its owners, so that the entity itself does not pay income taxes. The owners report the income on their tax returns, thereby avoiding the double taxation that arises in a regular C corporation.

Therefore, the correct answer is as given above

learn more about S corporation: brainly.com/question/13187927

#SPJ1

The complete question goes thus:

Which of the following has limited liability for its owners, but passes income through to its investors and avoids double taxation

A. C Corporation

B. Partnership

C. S Corporation

D. Types of Business Entities

3 0
1 year ago
An employee has enrolled in his company's nonqualified deferred compensation plan. The benefit paid at the time of the employee'
OLga [1]

Answer:

A) taxable as ordinary income to the employee and can be taken as a deduction by the employer.

Explanation:

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Further when he receives the complete amount his income stands taxable. Accordingly at that time ordinary tax rates as per FICA are applicable.

On the employers part it is only deductible when the employee includes it in the income of the year, and pays tax on such compensation received.

Thus, when he receives it as compensation on retirement it is normally taxable at ordinary rates to the employee and deduction can be claimed by the employer.

4 0
3 years ago
Instructors use a _____ to communicate announcements, post questions on reading material, list contact information, and provide
dexar [7]
<span>instructors use a pen and paper to write in order to communicate announcements, post questions on reading the material, list contact information, and provide access to lecture slides and videos. Also, is it where information, communication, learning materials and other related stuff to create communication to what the instructors need. Also, they use laptop, printers, and projector for doing their lectures in order for the students learn the lessons.</span>
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