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False they can transfer credits
Answer:
Bob Katz and Sally Mander
Taxable Income for 2018:
= $78,200
Explanation:
a) Data and Calculations:
Total wages = $102,400
Gain from sale of stock = 5,200
Interest income = 100
Total income = $107,700
less total deductions = (29,500)
Taxable Income = $78,200
b) Bob Katz and Sally Mander will have taxable income of $78,200 when the appropriate rate of tax is applied and the tax liability obtained, then the $1,500 tax credit will be deducted before arriving at the tax liability due.
c) The short-term capital gain of $5,200 is taxed as ordinary income. Since it is held for less than a year, it will be included in the taxable income for that year and it follows the same tax brackets as ordinary income. On the other hand, the long-term capital gain of $13,000 will attract a tax rate of 0 percent for a taxable income of $78,200. Otherwise, it will attract a tax rate of 15 percent or 20 percent, depending on income level. This means that long-term capital gains tax rates are much lower than the ordinary income tax rate.
Adam was unable to finish high school because he needed to go to work to help his family financially. This forms a Non-formative type of influence
This is further explained below.
<h3>What is a Non-formative type of influence?</h3>
Generally, The term "nonnormative effects" refers to those that do not affect each member of a set in the same manner. Nonnormative suggests it does not affect everyone in the same way in the culture, while normative suggests it does (or not at all).
In conclusion, Adam dropped out of school before he could graduate from high school because he had to start earning money to support his family. This is an example of a non-formative impact.
Read more about the Non-formative type of influence
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