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Alika [10]
3 years ago
11

Jason and Mary are married taxpayers in 2019. They are both under age 65 and in good health. For 2019 they have a total of $41,0

00 in wages and $700 in interest income. Jason and Mary's deductions for adjusted gross income amount to $5,000 and their itemized deductions equal $18,700. They have two children, ages 32 and 28, that are married and provide support for themselves.
Required:
a. What is the amount of Jason and Mary's adjusted gross income?
b. What is the amount of their itemized deductions or standard deduction?
c. What is their 2016 taxable income?

Business
1 answer:
Elis [28]3 years ago
7 0

Answer:

a. Adjusted Gross income is calculated as;

= Wages + Interest - Deduction

= 41,000 + 700 - 5,000

= $36,700

b. The couple will pick their Standard deduction in 2019 because its more than the itemized deduction.

Standard deduction for couples in 2019 = $24,400

c. I assume you mean their 2019 taxable income which is;

= Adjusted Gross income - Standard deduction

= 36,700 - 24,400

= $12,300

<em>Note; As of 2018 there are no more personal deductions. </em>

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Answer:

$3.12

Explanation:

For expansion:

EBT = EBIT - Interest

       = [6,000 + (30% × 6,000)] - $0

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Net income = EBT - Tax

                   = $7,800 - $0

                   = $7,800

Earning per share for the case of strong expansion period before any debt is issued:

= Net income ÷ Number of shares outstanding

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= $3.12

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3 years ago
Someone says, "Even though the equilibrium wage rate is $8 an hour in the unskilled labor market, if we impose a minimum wage of
balandron [24]

Answer:

a) The demand curve for unskilled labor is vertical.

Explanation:

Someone says, "Even though the equilibrium wage rate is $8 an hour in the unskilled labor market, if we impose a minimum wage of $10 an hour, no one currently working will lose his or her job." This person must believe that the Group of answer choices demand curve for unskilled labor is vertical.

Response to prices depend on the elasticity of demand because elasticity of demand relates to how quantity demanded will fall as a result of increase in price or in this case wage rate.

A vertical demand curve is a pictorial demonstration of a perfectly inelastic demand which means that no matter how much to you increase the price no change will occur in quantity demanded as such a good is most essential to the consumers.

Therefore if the demand for labor is perfectly inelastic, it means nobody will be laid off with increase in wage rate as firms will not change their quantity demanded for labor.

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3 years ago
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A rights offering Question 16 options: a) is the least expensive way to raise capital. b) gives the firm a built-in market for n
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Answer: b. gives the firm a built-in market for new securities.

Explanation:

Rights offering are issued by companies when such companies wants to generate additional capital. This may be necessary when such company wants to meet its financial obligations and therefore need extra capital.

A rights offering gives the firm a built-in market for new securities as the security holder are already aware of the company and just buys additional securities.

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3 years ago
Sarah owns half of Smith Realty, Inc., and her brother Bill owns the other half. Sarah routinely uses the company car, which is
anzhelika [568]

Answer:

(c) pierce the corporate veil due to Sarah's commingling of interests

Explanation:

Commingling of interests usually occurs when an investment manager or realtor combines client money with their own or their firm's, in violation of a contract. This can occur in legal cases, corporate client accounts and real estate transactions. For example in this case Sarah has violated her rights as a realtor by routinely using their company funds for her own personal uses.

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3 years ago
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Tina's Track Supply's market-to-book ratio is currently 4.5 times and PE ratio is 10.5 times. If Tina's Track Supply's common st
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Answer:

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