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Evgesh-ka [11]
3 years ago
13

g Brandon and Jane Forte file a joint tax return and decide to itemize their deductions. The Fortes' income for the year consist

s of $119,000 in salary, $500 interest income, $1,000 nonqualifying dividends, and $500 long-term capital gains. The Fortes' expenses for the year consist of $2,500 in investment interest expense and $800 in tax preparation fees. Assuming that the Fortes' marginal tax rate is 32 percent and they make no special elections, what is the amount of investment interest expense deduction for the year
Business
1 answer:
murzikaleks [220]3 years ago
8 0

Answer:

$1,500

Explanation:

Investment interest expenses = Interest Income + Non qualifying dividends

Investment interest expenses = $500 + $1,000

Investment interest expenses = $1,500  

$1,500 < $2,500 (Investment interest expenses)

The long term capital gains are not considered in investment income because this income is taxed at a preferential rate.  Hence, the Investment interest expenses deduction for the year is $1,500.

You might be interested in
Harriet recently moved to a posh neighborhood. She buys an expensive car and starts wearing designer clothes so that she fits in
Advocard [28]

Answer: d. Susceptibility to interpersonal influence.

Explanation:

Interpersonal influence is the type of social influence that is exerted by a group to achieve conformity, the difference being frowned upon or discouraged.

Social influence can be seen as a form of peer influence, where the person is urged to be one of the groups and to adapt to the social paradigms approved by the group.

A person susceptible to social influence succumbs to the pressure of the group and leaving their individuality aside, and follows the paradigms that the group dictates. <em>This is the case of Harriett, who adopts the lifestyle of the social class of her new neighborhood.</em>

<em>I hope this information can help you.</em>

3 0
2 years ago
Suppose Cook Plus manufactures cast iron skillets. One model is a​ 10-inch skillet that sells for $ 22. Cook Plus projects sales
amid [387]

Answer:

Production budget = 835

Explanation:

<em>T</em><em>he production budgeted for a particular period is the expected units to be produced after adjusting the sales budget figures for opening and closing inventories.  </em>

Production = Sales budget + closing inventory - opening inventory

Inventory at the end of July = 40%×650= 260

Opening inventory = 75

Sales budget = 650

Production budget = 650+ 260  - 75= 835

Production budget = 835

3 0
3 years ago
TopChop sells hairstyling franchises. TopChop receives $62,000 from a new franchisee for providing initial training, equipment,
Molodets [167]

Answer:

$65,332

Explanation:

The computation of revenue in 2021 is shown below:-

Revenue for the year 2021 = New franchisee received + Received by Top chop × (From July 1 to Aug 1 ÷ 2)

= $62,000 + $40,000 × 1 ÷ 2

= $62,000 + $40,000 × 0.5

= $62,000 + $20,000

= $82,000

Therefore, the revenue recognized for its arrangement is $82,000 and the new franchisee fee instantly recorded as an income

4 0
3 years ago
What is the difference between a positive economic statement and a normative statement?
yaroslaw [1]

Answer:

e. A positive economic statement can be proved; a normative statement cannot.

Explanation:

A positive economic statement are objective statement that can be tested, amended or rejected by referring to available evidence.

this means in essence that a positive economic statement is prone to improvement when proven. it is not rigid

a normative statement is subjective that cannot be changed. it is rigid.

7 0
3 years ago
David is buying a new car for $21,349.00. He plans to make a down payment of $3,000.00. If he's to
marshall27 [118]

Answer: (D) 5.90%

Explanation: David is going to buy a new car at $21,349.

The down payment is $3,000.

Loan amount (Present value) = $21,349 - $3,000

Loan amount (Present Value) = $18,349

Installment amount (pmt) = $352

As the payment is made monthly (12 months in a year),

Number of payments = 5 * 12

Number of payments = 60

Using the rate option in excel,

=rate(nper,pmt,-pv,fv,type)

Insert the variables into the option, we get

=rate(60,352,-18349)

By inserting the above formula in excel we get,

Rate = 0.47%

Rate of 0.47% is monthly, to get APR

APR = (1+monthly rate)^12 - 1

APR = (1+0.0047)^12 - 1

APR = (1.0047)^12 -1

APR = 1.0586 - 1

APR = 0.0586

APR = 5.86% or 5.90%

Therefore the correct option is 5.90%.



8 0
2 years ago
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