They have a tax due of $6,453.36
Explanation:
Gross income = $159,800
Deductions for AGI = $5,500
Itemized deductions = $25,000
Tax credits = $2,000
Federal income tax = $22,000
AGI = gross income - deductions for AGI
AGI = 159800 - 5500
AGI = 154300
Taxable income = AGI - itemized deductions
Taxable income = 154300 - 25000
Taxable income = $1,29,300
Using tax table of 2019
Gross tax = 32170 + ( 129300 - 88359 ) × 24%
Gross tax = $17,546.64
Tax due = gross tax - tax credit - withholding
Tax due is = 17546.64 - 2000 - 22000 = - 6453.36
Tax due is = $6,453.36
The higher the taxpayer's after-tax rate of return because deferring the distribution decrease the present value of the taxes paid on the distribution.
The required details about tax rate is mentioned below.
The tax rate in a tax system is the ratio (typically represented as a percentage) at which a business or individual gets taxed. A tax rate can be presented in numerous ways: statutory, average, marginal, and effective. These rates can also be provided using two types of tax base definitions: inclusive and exclusive.
A sales tax may have a flat statutory rate while an income tax may have numerous statutory rates for different income levels.
The statutory tax rate is always higher than the effective tax rate because it is expressed as a percentage.
The average tax rate is the ratio of total taxes paid to total tax base.
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Answer:
A. the liabilities of the First National Bank decrease by $10.
Explanation:
Answer: The quantity of money circulating in the economy, such as money market mutual funds and stocks.
Explanation: Money stock also known as the money supply of an economy is the amount of money in circulation in an economy at a specific time, mainly influenced by the central bank of a country. It consists of the value of total money available in an economy in its different forms such as: stocks, mutual funds, and physical cash.
I would say bond. Bob would most likely going to buy bonds. Bonds are known to be very safe however it has low return.
