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umka21 [38]
3 years ago
10

Phil, age 20, is single and can be claimed as a dependent on his parent's return. He had $150 in interest income and wages of $7

,000. What is his standard deduction?a. $7,000 b. $7,150c. $7,350 d. $12,000
Business
1 answer:
Korvikt [17]3 years ago
3 0

Answer: B - $7,150

Explanation: Standard taxation is an option by IRS to reduce an inidvidual taxable income. this is subject to an individuals filling status.

Phil who is aged 20, single and who can claim a dependent on his parents tax filling return. As of 2019, his standard tax deduction is limited to his earned income plus $350.

According to the above question, Phil earns $7,000 as wages plus $150 in interest income.

From the above information, Phil has a standard tax of $7,150.

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An account with a financial institution used to pay taxes and insurance is called An escrow account.

Answer is An escrow account

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Nguyen, Inc. has received a bid for 15 comma 000 units. The costing estimates show that the average cost per unit for this bid w
8_murik_8 [283]

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B. $ 12 comma 600 comma 000

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4 0
3 years ago
What are the benefits of "inventory pooling"? Establishing pools of inventory at each supplier and customer locationsCentralizes
PolarNik [594]

Answer:

The benefits of Inventory Pooling includes:

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  • Pulling back inventory when firms have too much at retail level.

Explanation:

inventory pooling is an operational strategy used to increase efficiency in stock management and analysis.

It is a supply chain tool that consolidates multiple inventory locations into a single one.

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8 0
3 years ago
Wyzard Corporation is a shipping container refurbishment company that measures its output by the number of containers refurbishe
muminat

Answer:

Wyzard Corporation

The revenue variance in the Revenue and Spending Variances column of a performance report comparing actual results to the flexible budget for July would have been closest to: ________

$1,800 F

Explanation:

a) Data and Calculations:

                                            Fixed Element  Variable Element   Actual Total

                                                per Month      per Container       for February

                                                                        Refurbished

Revenue                                                              $3,800                 $123,400

Employee salaries and wages  $40,000            $1,100                  $73,800

Refurbishing materials                                          $700                   $21,800

Other expenses                        $29,700                                         $28,800

Revenue variance

Budgeted revenue (flexible) = $121,600 ($3,800 * 32)

Actual revenue                          123,400

Variance                                       $1,800

4 0
3 years ago
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