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Elodia [21]
3 years ago
6

Kimberly, a single taxpayer, sold three capital assets during September 2019. She sold a collectible painting held five years fo

r a gain of $3,000; stock held three years for a loss of $1,000; and stock held seven years for a gain of $5,000. Kimberly’s ordinary income marginal tax rate is 32% and her Regular LT Capital Gain tax rate is 15%. Compute Kimberly’s additional tax due as a result of these capital transactions.
Business
1 answer:
lawyer [7]3 years ago
5 0

Answer:

$1,050

Explanation:

since these three transactions involved capital gains or losses (investments lasted more than 1 year), they will be taxed using the capital gains tax rate = 15%

total capital gains = $3,000 (painting) + $5,000 (stocks) - $1,000 (other stocks) = $7,000

total taxes due = $7,000 x 15% capital gains tax rate = $1,050

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Kokomochi is considering the launch of an advertising campaign for its latest dessert product, the Mini Mochi Munch. Kokomochi p
alexgriva [62]

Answer:

Kokomochi

The incremental earnings associated with the advertising campaign in its first year is:

= $0.3 million.

Explanation:

a) Data and Calculations:

Advertising campaign cost = $5.5 million

                                                  Mini Mochi     Other Products   Total

                                                      Much

Incremental sales revenue        $8.2 million      1.8 million        $10 million

Incremental cost of goods sold   5.2 million      1.4 million           6.6 million

Incremental gross profit            $3.0 million      0.4 million          3.4 million

Advertising cost                                                                              3.1 million

Incremental earnings associated with the advertising campaign = $0.3 million

Advertising cost apportioned to:

This year = $8.2/$14.4 * $5.5 million = $3.1 million

Next year = $6.2/$14.4 * $5.5 million = $2.4 million

6 0
3 years ago
You are not allowed to park within _____ feet of an intersection
boyakko [2]
I believe it is 75? I may be incorrect
6 0
3 years ago
Read 2 more answers
Rob's wife, Marie, has a wage income of $250,000. They jointly sold stocks in 2019 and generated a long-term capital gain of $13
Kaylis [27]

Answer:

Explanation:

According to IR Many individuals, including owners of businesses operated through sole proprietorships, partnerships, S corporations, trusts and estates may be eligible for a qualified business income deduction, also called the section 199A deduction. Some trusts and estates may also claim the deduction directly.

The deduction allows them to deduct up to 20 percent of their qualified business income (QBI), plus 20 percent of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income. Income earned by a C corporation or by providing services as an employee isn't eligible for the deduction.

1. QBI component. This component of the deduction equals 20 percent of QBI from a domestic business operated as a sole proprietorship or through a partnership, S corporation, trust or estate. Depending on the taxpayer's taxable income, the QBI Component is subject to limitations including:

 

a. The type of trade or business,

b. The amount of W-2 wages paid by the qualified trade or business, and

c. The unadjusted basis immediately after acquisition (UBIA) of qualified property held by the trade or business.

These limitations do not apply to taxpayers with taxable income at or below a certain threshold. For 2018, the threshold amount is $315,000 for a married couple filing a joint return, and $157,500 for all other taxpayers.

STEPS ARE:

1. Original QBID = 154K*20% = 30,800

2. Wage/Cap. Investment limitation: a) wage limitation = 58K*50%= 29,000

b) wage/capital limit. = wage(58K*25%) +capital(300K*2.5%) =14,500+7,500=22K

We take the larger of them => 29K

3) Since original QBID is greater than wage limitation, we must use reduction ratio. In this case:

408K (taxable income) - 315K(threshold)/100,000 = 0.93

4) Now we subtract the wage limitation from original QBID (30,800 - 29,000) * 0.93= 1,674.

5) Finally, subtract that from original QBID 30,800-1,674=29,126.

29,126 their final QBID

4 0
3 years ago
What age groups are cared for by primary care physicians?
spayn [35]
Primary care physician are health professionals who take care of patients who have the same medical conditions. Primary care physicians are usually involved in their patient care for a long time. All age group of people can be cared for by primary physician, depending on the type of care that is needed. For example, pregnant women are usually cared for by gynecologists. 
3 0
3 years ago
Read 2 more answers
A company has 360,000 shares authorized, 200,000 shares issued, and 100,000 shares outstanding. The balance in its Common Stock
Alona [7]

Answer:

$1 par value

Explanation:

The computation of the par value of the stock after the split is given below:

= $200,000 ÷ (100,000 × 2 )

= $200,000 ÷ 200,000

= $1 par value

Hence, the par value of its stock after the split is $1 par value

We simply divide the balance by the number of outsanding shares so that the par value could come

5 0
3 years ago
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