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Delvig [45]
3 years ago
11

If the month-end bank statement shows a balance of $36,000, outstanding checks are $10,000, a deposit of $4,000 was in transit a

t month-end, and a check for $600 was erroneously charged by the bank against the account, the correct balance in the bank account at month-end is :
a) $29,400
b) $30,000
c) $30,600
d) $41,400
Business
1 answer:
Misha Larkins [42]3 years ago
3 0

Answer:

c) $30,600

Explanation:

Bank statement balance = $36,000

Outstanding checks = ($10,000)

Deposit in transit as at month end = $4,000

Erroneous check charged = $600

Correct balance in the bank account = $36,000 - $10,000 + $4,000 + $600

                                                             = $30,600

The right option is c) $30,600

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Parents may claim a $2,000 child tax credit for a dependent child who is 22 years of age at the end of the year if the child is a full-time student. The Child Tax Credit is a refundable tax benefit claimed by filing Form 1040 claim a tax credit of $2,000 per qualifying dependent child under age 17

<h3>What is Child Tax Credit?</h3>

Different nations offer parents with dependent children a tax advantage known as the child tax credit (CTC). The credit is frequently correlated with the number of dependent children a taxpayer has, as well as occasionally with their income. For instance, only families in the United States who earn less than $400,000 year are eligible to get the entire CTC. Similar to the United States, only families earning less than £42,000 a year are eligible for the tax credit in the United Kingdom.

The federal child tax credit (CTC) in the United States is a tax credit that is only partially refundable for parents of dependent children. Subject to an earned income level and phase-in, it offers $2,000 in tax relief per eligible kid (with up to $1,400 of that amount being refundable).

To learn more about Child Tax Credit from the given link:

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1 year ago
Patrick patrone (single, 2 allowances), $925 wages __________ carson leno (married, 4 allowances), $1,195 wages __________ carli
Furkat [3]

<u>Solution and Explanation:</u>

1) P<u>atrick patrone </u>

Single and 2 allowances =\$ 925-\$ 155.80-\$ 155.80=\$ 613.40

It falls under the category of Over $509 but under $1,631

The amount of income tax that he withholds is $36.70 + 12% of excess over $509

\$ 36.70+12 \%(\$ 613.40-\$ 509)=\$ 36.70+12 \% \text { of } \$ 104.40=\$ 36.70+\$ 12.53=\$ 49.23

The amount to withhold for Federal income tax is $49.23.

2) <u>Carson Leno, married and 4 allowances </u>

= $1,195 - $155.80 - $155.80 - $155.80 - $155.80 = $571.80

The wages falls under the category of Over $444 but under $1,177.

The amount of income tax that he withholds is $0 + 10% of excess over $444.

\$ 0+10 \%(\$ 571.80-\$ 444)=\$ 0+10 \% \text { of } \$ 127.20=\$ 0+\$ 12.72=\$ 12.72

The amount to withhold for Federal income tax is $12.72

3) Carli lintz single, zero allowances and wages is $700.

$700 - $0 = $700 (zero allowance)

The wages falls under the category of Over $509 but under $1631.

The amount of income tax to withhold is $36.70 + 12% of excess over $509

\$ 36.70+12 \%(\$ 700-\$ 509)=\$ 36.70+12 \% \text { of } \$ 191 .=\$ 36.70+\$ 22.92=\$ 59.62

The amount to withhold for Federal income tax is $59.62.

4) Gene hartz. Single, 1 allowance and $2,500 wages.

$2,500 - $155.80 = $2,348.20

The wages fall under the category of Over $1,631 but under $3,315

The amount of income tax to withhold is $171.34 + 22 % of excess of $1,631 \begin{aligned}&\$ 171.34+22 \%(\$ 2348.20-\$ 1631)=\$ 171.34+22 \% \text { of } \$ 717.20 .=\$ 174.34+\$ 157.78=\\&\$ 332.12\end{aligned}The amount for Federal income tax is $332.12

5) Mollie Parmer. Married, 2 allowances and wages is $3,600

\$ 3,600-\$ 155.80-\$ 155.80=\$ 3,288.40

The wages falls under the category of Over $1,177 but under $3,421

The amount of income tax to withhold is $\$ 73.30+12 \%$ of excess over $\$ 1,177$ \begin{aligned}&\$ 73.30+12 \% \text { of }(\$ 3,288.40-\$ 1,177) .=\$ 73.30+12 \% \text { of } \$ 2,111.40 .=\$ 73.30+\$ 253.37=\\&\$ 326.67\end{aligned}The amount for Federal income tax is $326.67.

<u>NOTE :</u> - the withholding allowance is deducted from the wages, the amount of single allowance is $155.80.

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Answer:

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Answer:

Explanation:

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Explanation:

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With regards to the explanation above, the statement that relate specifically to your efficiency is asking the level adviser to review ones progress in order to show that one is on track.

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