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Answer:
24%
Explanation:
For the taxes due on April 2020 (current year taxes):
The Lin household falls under the fourth tax bracket for married individuals filing jointly:
- tax rate 24%
- Income between $171,051 to $326,600
If no deductions were available, they would owe $188,000 x 24% = $45,120 in taxes.
Answer: Mental budgeting.
Explanation: This concept is very much in consistent with the concept of mental accounting. The concept of mental accounting says that a person has already classified the areas where he will be spending his income and each area has its own importance and is given particular amount to that. Contrary to this, however, the mental budgeting is the phenomenon which uses the same technique but in such a way that it calculates the amount to be spend on multiple areas beforehand and using the rational cognitive ability, imagine the possibility that if an area would be left without spending money on that, would that help him save or not.
Answer:
The yearly depreciation on the asset is $56,111.11
Explanation:
In calculating the right-of-use asset on a lease,the present of value of future cash payments,that is lease liability amount is added to any lease payments paid on or before commencement of lease agreement,direct initial costs,as well as with any likely amount to be incurred in restoring asset's site or dismantling the asset after usage.
In this case,only present value of future cash flows is available,hence that is the amount of right-of-use to depreciated over nine year period.
Depreciation=$505000/9years
=$56111.11
