1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
aleksley [76]
3 years ago
6

Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (U

se the U.S tax rate schedule..) (Do not round intermediate calculations. Round "Federal tax" to 2 decimal places.)a. How much federal tax will he owe?b. What is his average tax rate?c. What is his effective tax rate?d. What is his current marginal tax rate?
Business
1 answer:
Andrew [12]3 years ago
6 0

Answer:

Given that,

Taxable income = $75,000

Interest from an investment = $10,000

Using the U.S tax rate schedule in 2017

(a) Federal tax will he owe = $5,226.25 + 25% × ($75,000 - $37,950)

                                            = $5,226.25 +  $9262.5

                                            = $14,488.75

(b) Average\ Tax\ Rate = \frac{Total\ Tax}{Taxable\ Income}

    Average\ Tax\ Rate = \frac{14,488.75}{75,000}

                                             = 19.32%.

(c)Effective\ Tax\ Rate = \frac{Total\ Tax}{Total\ Income}

Effective\ Tax\ Rate = \frac{14,488.75}{75,000 + 10,000}

                                        = 17.05%          

(d) Chuck is currently in the 25 percent tax rate bracket.

His marginal tax rate on increases in income up to $16,900 and deductions from income up to $37,050 is 25 percent.                                                

You might be interested in
Outback Corp. recorded sales of $1,300,000 in 2010, in addition the company's accounts receivable balance grew from $120,000 at
klemol [59]

Answer:

$1,255,000

Explanation:

The increase in accounts receivable is the portion of the current year sales revenue that has not been received in cash, hence, the cash collected from customers in the year 2010 is simply the sales adjusted for the impact of accounts receivable as shown below:

cash collection=sales revenue+beginning accounts receivable-ending accounts receivable

sales revenue=$1,300,000

beginning accounts receivable=$120,000

closing accounts receivable=$165,000

cash collection=$1,300,000+$120,000-$165,000

cash collection=$1,255,000

8 0
3 years ago
​Tom's Taxidermy has a monthly target operating income of $29,000. Variable expenses are 65​% of sales and monthly fixed expense
HACTEHA [7]

Answer:

Leverage factor will be 1.344

Explanation:

We have given operating income = $29000

And variable expenses is 65 5 of the sales

And fixed expenses = $10000

So contribution margin = $29000+$10000 = $39000

We have to find the leverage factor

Leverage factor is given by

Leverage factor =\frac{contribution\ margin}{operating\ income }=\frac{39000}{29000}=1.344

So leverage factor will be 1.344

5 0
3 years ago
Which form of investment has the most amount of risk involved?
Salsk061 [2.6K]
Is this supposed to be a multiple choice question?  It is way fun to think about projects other people might be up to which carry outrageously high risk!

Restaurants are a common example -- there's a little bit of magic in whether a new restaurant will catch on and become popular.

Farming is pretty risky.  You can do everything right and have a hail storm come and ruin the crops.  That's why there are government programs and commodity markets that help farmers mitigate their risk -- because the rest of us who need to eat really need for people to be willing to farm!
8 0
3 years ago
Read 2 more answers
Most consumers wouldn’t drive very far to buy a pack of gum since it’s a lost-cost item that is often bought on impulse. Therefo
julia-pushkina [17]

Answer:

The correct answer to the following question is distributing the product intensively.

Explanation:

An item like gum which can be said to be lost cost item , should be distributed intensively , so that this product is always readily available to the consumers . For a product like this, people are not going put so much effort in to it ( like driving long way ), to buy this product which consumers often buy on the impulse. Consumers don't plan long ahead to buy a pack of gum , they just do it when they feel like they want to chew a gum , so its important that product like this should be intensively in the market.

4 0
3 years ago
The skills, abilities and other characteristics needed to perform a job are detailed in a select one:
anzhelika [568]
The skills and abilities is called A. Job description
8 0
3 years ago
Other questions:
  • A system stabilized by negative feedback, with opposing processes offsetting each other, is said to be in ________. Group of ans
    13·1 answer
  • In 2017, a marketing manager for new balance's minimus golf shoe needs to forecast sales through 2019. she begins with the known
    13·1 answer
  • Computing Cash Flows from Operating Activities (Indirect Method) [LO 12-2] The independent cases are listed below includes all b
    13·1 answer
  • The government of Sharonville is deep in debt, and consequently enacts a city ordinance that requires citizens to do volunteer w
    10·1 answer
  • Because customer preferences must be considered, _____ plays an important role in product-line decisions.
    15·1 answer
  • Last year, Twins Company reported $750,000 in sales (25,000 units) and a net operating income of $25,000. At the break-even poin
    11·1 answer
  • A 20-year maturity, 7.6% coupon bond paying coupons semiannually is callable in seven years at a call price of $1,170. The bond
    14·1 answer
  • Which of the following is the best question to ask yourself about your job
    10·2 answers
  • For price discrimination via coupons to be successful, it must be TRUE that:
    13·1 answer
  • Tình hình kinh tế và triển vọng phát triển của việt nam
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!