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3 years ago

A single person making $20,000 would pay ________ per cent on $7,550 and 15% on the remainder..

Business

1 answer:

V125BC [204]3 years ago

8 0

Answer:

10 per cent.

Explanation:

$7,550 falls under 10% in the marginal tax rate for a single person.

The remainder is $20,000 - $7,550

= $12,450.

That falls under 15%.

Therefore a single person making $20,000 will pay 10% for $7,550.

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Allocation of Package Purchase Price Tamarack Company purchased a plant from one of its suppliers. The $1,000,000 purchase price

Novay_Z [31]

Answer:

The total purchase price of the plant allocated to the land, building, and machinery is $140,840, $509,707 and $355,453 respectively

Explanation:

The computation is shown below:

For land

= Total purchase price × appraisal value of land ÷ total appraisal value

= $1,006,000 × $126,000 ÷ $900,000

= $140,840

For building

= Total purchase price × appraisal value of building ÷ total appraisal value

= $1,006,000 × $456,000 ÷ $900,000

= $509,707

For machinery

= Total purchase price × appraisal value of land ÷ total appraisal value

= $1,006,000 × $318,000 ÷ $900,000

= $355,453

where, the total purchase price is

= $1,000,000 + $6,000

= $1,006,000

3 0

3 years ago

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

Andrew [12]

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.

6 0

2 years ago

Kegler Bowling installs automatic scorekeeping equipment with an invoice cost of $190,000. The electrical work required for the

Ulleksa [173]

Answer:

The cost recorded for the equipment=$229,550

Explanation:

The total recorded cost of the automatic equipment has to include the purchase cost and other additional associated costs that come with the equipment. This can be expressed as;

T=P+A

where;

T=total cost

P=purchase cost/invoice cost

A=additional costs(electrical work cost+delivery cost+sales tax+repair cost)

In our case;

T=unknown

P=$190,000

A=(20,000+4,000+13,700+1,850)=$39,550

replacing;

T=190,000+39,550=229,550

The total cost=$229,550

The cost recorded for the equipment=$229,550

7 0

3 years ago

Identify the uses of generally accepted accounting principles (GAAP). A. Independent accountants use GAAP to determine the amoun

lora16 [44]

Answer:

The correct option is;

B. Companies use GAAP when preparing financial statements

Explanation:

Generally Accepted Accounting Principles (GAAP) are the guidelines with regards to the standards, principles, practices and procedures of financial statement compilation by accountants issued by the Financial Accounting Standards Board (FASB). It is a requirement that all publicly quoted companies make use of GAAP for their financial compilation.

GAAP comprises of the generally accepted accounting records reporting and recording methods as well as policy board standards of accounting procedures.

7 0

3 years ago

Wiggins Company has 1,000 shares of $10 par preferred stock, which were issued at par. It also has 25,000 shares of common stock

Ugo [173]

Answer:

Book value par common share will be $19.6

Explanation:

We have given number of preferred stock = 1000

Value of preferred stock = $10 par preferred stock

So preferred Stock = 1000 x $10 = $10000

Total Stockholder's equity = $500000

Thus Common stock value = $500000 - $10000 = $490000

Total number of common stock = 25000 shares

So the book value per common share is = $\frac{490000}{25000}=19.6$

5 0

3 years ago