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kvasek [131]
2 years ago
10

Compute Emily's 2018 taxable income on the basis of the following information. Her filing status is single. Salary $85,000 Inter

est income from bonds issued by Xerox 1,100 Alimony payments received (divorce finalized in 2014) 6,000 Contribution to traditional IRA 5,500 Gift from parents 25,000 Capital gain from stock investment, held for 7 months 2,000 Amount lost in football office betting pool 500 Age 40
Business
1 answer:
Allisa [31]2 years ago
3 0

Answer:

The  Emily's 2018 taxable income is $76,600

Explanation:

The computation of the taxable income for the year 2018 is shown below:

= Salary + interest income from bonds issued by Xerox + Alimony payments received + Capital gain from stock investment, held for 7 months - Contribution to traditional IRA - standard deduction

= $85,000 + $1,100 + $6,000 + $2,000 - $5,500 - $12,000

= $76,600

The standard deduction for married and single tax payers is $12,000

And, the Gift from parents  is not taxable  & Amount lost in football office betting pool is not allowed for deduction as it is come under gambling.

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For february, sales revenue is $700,000; sales commissions are 5% of sales; the sales manager's salary is $96,000; advertising e
lianna [129]

Answer:

The correct option is <u>"d. $241,000".</u>

Explanation:

let's sum each selling expense:

Sales Commissions ($700,000 sales x 5%)  = $35,000

Sales Manager Salary = $96,000

Advertising expenses = $90,000

Shipping expenses = ($700,000 sales x 2%) = 14,000

Miscellaneous selling expenses = ($2,500 + $700,000 x 1% x 0.5) = $6,000

Total Selling Expenses = $241,000

5 0
3 years ago
Firm A manufactures brake pads, a component of a braking system, and sells them to Firm B, who sells braking systems used in veh
My name is Ann [436]

Answer:

Letter B is correct. <em>Tier 1 supplier.</em>

Explanation:

<u>A tier 1 supplier</u> is one whose manufacturer usually markets its products to a large distributor who can operate both wholesale and retail, where the products are sold directly to the end consumer.

This is what happens in this issue, where company 1 manufactures and sells brake pads for company 2 to produce brake systems that are used in vehicles.

5 0
3 years ago
To keep the price of gas from rising quickly after Katrina, the government instituted price ceilings on the price of gasoline in
baherus [9]

Answer:

The correct answer is letter "D": shortages.

Explanation:

Price ceilings are price limits imposed by the government to avoid producers increasing the price of goods that can be considered as basic or necessary. Then, the price ceiling will increase the demand for those goods but not the supply. Under this scenario, there will be a shortage of that product because of the excess in demand over supply.

4 0
2 years ago
Suppose you put $800 per month into a Roth IRA, that pays 8% APR (compounded monthly). Assume you have nothing saved today, calc
Olegator [25]

Answer:

Future Value = $1,192,287.56

Explanation:

<em>The future value is the expected total sum that an investment is suppose to accumulate together with interest over a period of time at a particular interest rate.</em>

Where compounding is done done monthly, he future value is determined as follows:

FV = PV ×( (1+r)^n -1 )/ r

FV - Future Value , PV - present value  r- monthly rate of interest ,  n- number of months

FV - ?  

r- 8%/12 = 0.66%

n - 30× 12 =

PV - 800

FV = 800 × ( (1.00666)^(360) - 1 )/ 00666

    = 800 ×  1490.359449

    =  $1,192,287.56

7 0
3 years ago
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You are relatively new to the company and have been asked to chair the next senior management meeting.
Licemer1 [7]
Firstly, the purpose of the meeting has to be known. As the person who is going to chair the meeting, the knowledge about the purpose of the meeting is essential. Then, it should also be known whether:
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3.what agendas should be distributed and how
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5.what information you need to provide for them and
6.who speakers or presenters for the meeting are
7. who should be asked to take minutes and how you will distribute whether there are any legal requirements to consider
4 0
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