The tax laibility as calculated is $1036.
<u>Explanation:</u>
a.) Carson earnings $14000
Less: the Standard deduction $12000
Taxable income $2000
Tax liability $200
b.) Carson earnings $14000
Qualified dividend income $5000
Gross income $19000
less: Standard deduction $12000
Taxable income $7000
Taxable income taxed at carson rate $2000
($7000 minus $5000)
Ordinary Tax $200
Kiddie Tax is calculated as follows:
Gross unearned income
unearned income $5000
Kiddie tax up to 2600 $260
Kiddie tax for over and above 2600 $576
$836
Total tax liability ($200 plus $836) $1036
Answer:
Promissory estoppel
Explanation:
Promissory estoppel means that in legal tenet that a promise or pledge can be enforced by law, actually if formulated without legal consideration, if the George now the (promisor) has made a pledge to a Susy the (promises) who then depends on that promise for a subsequent detriment. So what Promissory estoppel is expected to do is to stop the (George) promisor from insisting that an underlying promise should not be legally authorized or implemented. So Susy can sue George on the basis of promissory estoppel and get a reward for George's disappointment
In order to preserve independence, Michael must "Remove himself from the engagement as he considers the offer." (Option B). It is to be noted that this is an internal control problem.
<h3>
What is Independence in this case?</h3>
The absence of situations that jeopardize the internal audit activity's capacity to carry out internal audit tasks objectively is called Independence.
Practically, independence is achieved by ensuring that the internal audit activity has no management control for any of the organization's non-audit functions that are subject to internal audit assessments, and by distancing the internal audit activity's management from the functional oversight of the organization's senior management.
Learn more about internal control:
brainly.com/question/26398073
#SPJ1
Full Question:
Michael was on the ABC Accounting Firm's audit team for the Rasmussen Corporation audit. Rasmussen's officers were so impressed with Michael that they offered him a job as Director of Internal Audit at Rasmussen. What should Michael do in order to preserve independence?
A) Tell his superiors as soon as he has decided whether or not to accept the offer.
B) Remove himself from the engagement as he considers the offer.
C) Pray for divine guidance.
D) If he decides to reject the offer, remove himself permanently from the engagement.
Answer:
$1.86; $3.5
Explanation:
Total cost incurred:
= Cost received from departments + Addition of cost within its departments
= $10,000 + $27,200
= $37,200
Unit cost for materials:
= Total cost incurred ÷ equivalent units
= $37,200 ÷ 20,000
= $1.86
Total cost incurred:
= Cost received from departments + Addition of cost within its departments
= $10,000 + $53,000
= $63,000
Unit cost for Conversion:
= Total cost incurred ÷ equivalent units
= $63,000 ÷ 18,000
= $3.5
