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Nataly [62]
3 years ago
8

Catherine is a U.S. citizen who is employed by DSC, Inc., a global company. Beginning on August 1, 2020, Catherine began working

in Augsburg, Germany. She worked for 153 days of 2020. She worked there until March 31, 2021, when she transferred to Kamnik, Slovenia. She worked in Kamnik for the remainder of 2021. Her salary for the first seven months of 2020 was $225,000, and it was earned in the United States. Her salary for the remainder of 2020 was $165,000, and it was earned in Augsburg. Catherine's 2021 salary from DSC was $425,000, with part being earned in Augsburg and part being earned in Kamnik.
Assume the 2021 indexed statutory amount is the same as the 2020 indexed amount. Assume a 365-day year for both years. When required, round any fractions out to four decimal places.

a. Is Catherine eligible for the foreign income exclusion for 2020?
b. Catherine may exclude ___________ from her gross income for 2020.
Business
1 answer:
marin [14]3 years ago
5 0

Answer:

a. Is Catherine eligible for the foreign income exclusion for 2020?

Yes

b. Catherine may exclude <u>$45,104</u> from her gross income for 2020.

Explanation:

In order for Catherine to qualify for the foreign income exclusion, she must have lived in a foreign country for at least 1 one (physical presence test). She lived for more than 1 year if we combine her residence in Germany and Slovenia.  

The foreign income exclusion amount for 2020 is $107,600, and Catherine can exclude up to (153 days / 365 days) x $107,600 = $45,103.56 ≈ $45,104.

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ompany X and company Z are planning to merge their business into one and are seeking regulatory approval. What is the most likel
ArbitrLikvidat [17]

Answer: The newly created firms is able to take advantage of economies of scale.

Explanation:

A merger is an agreement whereby two companies come together and pool their resources together in order to form one company and achieve same organizational goals.

One main reason why companies merge together is in order to achieve economies of scale. This is the reduction in cost as a result of the expansion and increase in production level.

4 0
3 years ago
Feeney Furniture prepared the following sales budget: Month March April May June Cash Sales Credit Sales $11,000 0 $11,000 0 37,
Leviafan [203]

Answer:

Option (B) is correct.

Explanation:

Total cash collections in June:

= Cash sales + (62 percent of June credit sales) + (30 percent of May credit sales) + (5 percent of April credit sales)

= $60,000 + ($51,000 × 0.62) + ($37,000 × 0.30) + ($11,000 × 0.05)

= $103,270

Therefore, the total cash collections in June at Feeney Furniture is $103,270.

8 0
3 years ago
Five thousand shares of treasury stock of Marker, Inc., previously acquired at $14 per share, are sold at $20 per share. The ent
Artist 52 [7]

Answer:

d) credit to Paid-in Capital from Treasury Stock for $30,000

Explanation:

The entry for profit in sale of treasury stock is as computed below

Account Details                               Debit      Credit

Cash (5000*20)                              $100,000

     To treasury stock (5000*14)                      $70,000

     To Additional paid in capital (5000*6)      $30,000

6 0
3 years ago
A car's price is currently $20,000 and is expected to rise by 4% a year. if the interest rate is 6%, how much do you need to put
kati45 [8]

Answer:

  • <u><em>$19,591.63</em></u>

Explanation:

<u />

<u>1. Calculate the price of the car in a year from now.</u>

This is add the 4% on the current price:

  • $20,000 × 1.04 = $20,800

<u />

<u>2. Calculate the amount of money that must be put aside to have $20,800 in a year:</u>

<u />

Use the formula of monthly compound interest, with 6% annual interest

  • r = 6% / 12 = 0.06/12 = 0.05
  • P(1 + 0.005)¹² = $20,800
  • P = $20,800 / (1 + 0.005)¹² = $19,591.63
5 0
3 years ago
A government collects $70 billion quarterly in tax revenue. Each year it allocates $15 billion to the justice system and $29 bil
Anton [14]

Answer:

84.29%

Explanation:

Quarterly tax revenue collected = $70 billion

Thus,

annual tax revenue collected = $70 billion × 4

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Total amount allocated = $15 billion + $29 billion

= $44 billion

Therefore,

Percentage of annual tax revenue allocated

= [ $44 billion ÷ $280 billion ] × 100%

= 15.71%

Hence,

Percentage of its total annual tax revenue is left for allocation to the remaining categories of government spending

= 100% - 15.71%

= 84.29%

4 0
3 years ago
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