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Thepotemich [5.8K]
3 years ago
6

Jamison's gross tax liability is $7,255. Jamison had $2,450 of available credits and he had $4,050 of taxes withheld by his empl

oyer. What are Jamison's taxes due (or taxes refunded) with his tax return?
Business
1 answer:
STALIN [3.7K]3 years ago
6 0

Answer:

$755 taxes due  

Explanation:

Data provided in the question

Gross tax liability = $7,255

Credits available = $2,450

Taxes withheld by his employer = $4,050

So by considering the above information, the Jamison taxes due with his tax return is

= Gross tax liability - credits available - taxes withheld by his employer

= $7,255 - $2,450 - $4,050

= $755 taxes due  

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Suppose that you have the option to lease a new car, which you otherwise intend to purchase for $21,000. The lease terms: $3000
slava [35]

Answer:

The amount that will be paid to buy the car is $18,539.43.

Explanation:

This can be calculated using the following 3 steps:

Step 1: Calculation of the present of the monthly payment

Since the payments are made at the beginning of each month, this can be calculated using the formula for calculating the present value (PV) of annuity due given as follows:

PVM = P * ((1 - (1 / (1 + r))^n) / r) * (1 + r) .................................. (1)

Where;

PVM = Present value monthly payments = ?

P = Monthly withdraw = $298

r = monthly financing rate = Financing rate / Number of months in a year = 5.4% / 12 = 0.054 / 12 = 0.0045

n = number of months = 48

Substitute the values into equation (1), we have:

PVM = $298 * ((1 - (1 / (1 + 0.0045))^48) / 0.0045) * (1 + 0.0045) = $12,896.55

Step 2: Calculation of the present of the purchase amount at lease expiration

This can be calculated using the present value formula as follows:

PVP = P / (1 + r)^n  .................................. (2)

Where;

PVP = Present value of the purchase amount at lease expiration = ?

P = Purchase amount at lease expiration = $7000

r = monthly financing rate = Financing rate / Number of months in a year = 5.4% / 12 = 0.054 / 12 = 0.0045

n = number of months = 48

Substitute the values into equation (2), we have:

PVP = $7000 / (1 + 0.0045)^48 = $5,642.88

Step 3: Calculation of the amount that will be paid to buy the car

This can be calculated as follows:

Amount to pay to buy car = PVM + PVP ............... (3)

Where:

PVM = Present value monthly payments = $12,896.55

PVP = $5,642.88

Substitute the values into equation (3), we have:

Amount to pay to buy car = $12,896.55 + $5,642.88 = $18,539.43

Therefore, the amount that will be paid to buy the car is $18,539.43.

5 0
2 years ago
As a policy option for regulating natural monopoly, average (total) cost pricing is attractive because Select one: a. the result
ASHA 777 [7]

Answer: c. it ensures productive efficiency.

Explanation:

The average cost pricing is used by the government in order to control the price that may be charged by the monopolist.

With the average cost pricing, monopolists are forced to reduce the price that twhy charge for a product to a point whereby the average total cost of the firm and the market demand curve will intersect.

This is vital as it brings about productive efficiency, increase production and also the reduction in the price of a good.

Therefore, the correct option is C "it ensures productive efficiency".

7 0
3 years ago
Indicate all items in the following list that are not consumption goods and services and explain why.Item a​: A chocolate barIte
natima [27]

Answer: Option B, D , E

Explanation: In simple words, goods which are not used in the production of other goods rather consumed by the individual to satisfy current wants is called consumer goods.

So, form the above explanation we can conclude that a chocolate bar and a golf ball are consumer goods among all options.

.

B. A ski lift will be used continuously by the owner for its business operation. Hence, not a consumer good.

D. A shopping mall cannot be considered a good. It is a fixed asset to the entity owning it. Hence, not a consumer good.

E. A train will continuously used by the organisation owning it for its business purpose. Hence , not a consumer good.

8 0
3 years ago
What are resources needed to build a house
anastassius [24]
You could Google this.
4 0
3 years ago
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What makes your marketing more potent, allowing you to run an ad three times instead of nine, to get the same effect?
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I think it’s Branding
4 0
3 years ago
Read 2 more answers
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