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lisov135 [29]
3 years ago
8

Scot and Vidia, married taxpayers, earn $90,400 in taxable income and $5,000 in interest from an investment in City of Tampa bon

ds. (Use the U.S. tax rate schedule for married filing jointly). (Do not round intermediate calculations. Round your answer to 2 decimal places.)a. If Scot and Vidia earn an additional $81,000 of taxable income, what is their marginal tax rate on this income?b. How would your answer differ if they, instead, had $81,000 of additional deductions?
Business
1 answer:
EastWind [94]3 years ago
4 0

Answer:

a) Since Scot and Vidia's ordinary income = $90,400 + $81,000 = $171,400, their marginal tax rate will be 24%, and they will owe $29,211 + [($171,400 - $171,500) x 24%] = $29,295 in taxes

They will also have to pay 15% of $5,000 (capital gains) = $750

b) Since Scot and Vidia's ordinary income = $90,400 - $81,000 = $9,400, their marginal tax rate will be 10%, and they will owe $9,400 in taxes

They will also have to pay 15% of $5,000 (capital gains) = $750

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If there's upward pressure on price, there would be an increase in the quantity supplied.

<h3>What the relationship between price and the quantity supplied?</h3>

There is a positive relationship between price and the quantity supplied. When there is an increase in price, the quantity supplied increases all things being equal.

The positive relationship between price and the quantity supplied is a result of the desires to earn more profit. So when price increases, in order to earn higher income, producers would increase the quantity supplied.  This postulation is in line with the law of supply.

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1 year ago
Pension plan assets were $200 million at the beginning of the year. The return on plan assets was 5%. At the end of the year, re
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Answer:

Pension plan assets at the year end will be $214

Explanation:

Wee have given pension plan assets = $200 million

Return on plan assets = 5%

So return will be equal to = $200×0.05 = $10 million

Cash contribution is given $12 million

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We have to find the amount of pension plan assets at the year end

Pension plan assets is equal to = Plan assets at beginning of the year + actual return - retiree benefits = $200 + $10 +$12 - $8 = $214

So pension plan assets at the year end will be $214

7 0
3 years ago
A company recently announced that it would be going public. The usual suspects, Morgan Stanley, JPMorgan Chase, and Goldman Sach
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$42.5 billion

Explanation:

the expected value formula = ∑ (valueₙ x probabilityₙ)

expected value = (low value x probability of low value) + (most likely value x probability of most likely value) + (high value x probability of high value)

= ($5 billion x 20%) + ($45 billion x 70%) + ($100 billion x 10%) = $1 billion + $31.5 billion + $10 billion = $42.5 billion

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Kristi's Pottery sold 200 tiles at $25.00 each to a charge customer, terms 1/10, n/30. Which entry is required to record this tr
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Debit Accounts Receivable $5,000; credit Tile Sales $5,000
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If a gain of $7,600 results from selling (for cash) office equipment having a book value of $55,100, the amount reported in the
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The amount reported in the Cash Flows from (used for) Operating Activities section of the statement of cash flows using the indirect method is $7,600.

<h3>Cash flow from operating activities sections:</h3>

Based on the information given the amount that will be reported in the Cash Flows from (used for) Operating Activities section of the statement of cash flows using the indirect method is the gain amount of $7,600.

This  gain is the gain from selling office equipment and this amount must be deducted from net income in the operating activities section of the statement of cash flows.

The reason why we have to deduct the $7,600 is because under accrual basis of accounting  the amount represent a noncash addition to net income.

Inconclusion the amount reported in the Cash Flows from (used for) Operating Activities section of the statement of cash flows using the indirect method is $7,600.

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