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GrogVix [38]
3 years ago
8

Tim earns income of $60,000 per year and pays $21,000 per year in taxes. Tim paid 20 percent in taxes on the first $30,000 he ea

rned. What was the marginal tax rate on the second $30,000 he earned?
a. 20 percent
b. 30 percent
c. 50 percent
d. 70 percent
Business
1 answer:
svetoff [14.1K]3 years ago
7 0

Answer:

c. 50 percent

Explanation:

The amount of tax to paid by Tim on the second income he earned during the year shall be calculated as follow:

Amount of tax on 2nd income=21,000-(20%*30,000)

                                                  =21,000- 6,000

                                                  =$15,000

Marginal tax rate on 2nd income=Amount of tax on 2nd income/2nd income earned during year

Marginal tax rate=15,000/30,000=50%

So the answer is c. 50 percent

                                 

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nikitadnepr [17]
There is more than one reason, but there are two main things they are looking at.  They need to see if you are paying on time.  The payment history will show if you get behind or not.  And because a utility bill is similar to a loan payment, because you have to pay it or you lose your services, they see how responsible you are by checking that.  The second major reason they do this is to see what your debt is already.  They want to make sure you can afford, with all your bills, to pay them back. 
8 0
3 years ago
The Italy can produce 20 Gas turbines and 60 Tyres. France can produce 80 Gas turbines and 30 Tyres.
sergeinik [125]

Answer:

1. 60 Tyres

2. 80 Gas Turbines

Explanation:

Given that the Opportunity cost is an economics term that is used in describing the cost of an alternative that must be forgone to continue or proceed with a certain activity.

Hence, in this case, considering the available information in the question, the correct answer is that the opportunity cost of producing Gas turbines in Italy is 60 Tyres.

At the same time the opportunity cost of producing Tyres in France 80 Gas turbines.

3 0
3 years ago
What was the opportunity cost for lebron james when he determined to directly enter the nba?
frozen [14]

LeBron James is one of the best basketball players in the country, was selected by the Cleveland Cavaliers as the first pick in the 2003 NBA draft, signing a three-year contract worth almost $13 million, with an option for a fourth year at $5.8 million. Had he decided to attend college instead, James would have incurred an opportunity cost of at least $19 million in forgone income to earn a four-year college degree.

Opportunity cost is the value you would gain or lose if you choose a different path or solution. The opportunity cost in this scenario is deciding to play in the NBA since college was too expensive. LeBron James ultimately saved time and money by taking the detour because he received a contract worth close to $13 million; otherwise, he would have had to pay more and spend more time attending a four-year college.

LeBron's decision to join the NBA right after high school graduation has an opportunity cost because he might have attended a four-year university or college instead. He was chosen by the Cleveland Cavaliers as the first overall choice in the 2003 NBA Draft

To learn more about Opportunity cost here,

brainly.com/question/13036997

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3 0
2 years ago
On January 1, 2018, Byner Company purchased a used tractor Byner paid $3,000 down and signed a noninterest-bearing note requirin
Sedbober [7]

Answer:

tractor   35,127,42 debit

      note payable         32,172.42  credit

     cash                           3,000     credit

--to record issuance--

Note payale end of 2018

39,584.19

note payables at Dec 31th

Note payable at the end of 2019

39,584.19

note payables at Dec 31th

Explanation:

As the note has zero.interest we discount the note to get the present value:

\frac{Maturity}{(1 + rate)^{time} } = PV  

Maturity  $44,000.0000  

time   3.00  

rate  0.11

\frac{44000}{(1 + 0.11)^{3} } = PV  

PV   32,172.42  

The difference will be a discount that will acrrue interest overtime.

the truck will enter the accounting net of interest charges thus:

3,000 downpayment + 32,127.42 = 35,127.42‬

interest will be: 32,127.42 x 1.11 = 32,127.41

<u><em>Then, do the same for 2019</em></u>

(32,127.41 + 3,532.0162) x 1.11 = 39,584.19

5 0
3 years ago
Which of the following is an example of a soft skill?
Stolb23 [73]

Answer:

c because you have to work with people and that is a soft skill

8 0
2 years ago
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