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Mama L [17]
3 years ago
9

Assume Karen is 12 years old and her only income is $2,500 of interest income from a bank account with money her parents have gi

ven her to save for college. What are the options Karen has for filing her tax return?
Business
1 answer:
coldgirl [10]3 years ago
7 0

Answer:

Since Karen is a minor, she can receive up to $950 in unearned income per year without paying taxes or having to file a tax return.

Since she receives a larger amount $2,500 - $950 = $1,550, she must pay taxes for the extra amount depending on which type of account her parents opened for her.

  1. Karen's parents probably opened a 529 Education Savings Plan, and if that is the case, she doesn't need to pay any federal taxes.
  2. If Karen's parents opened her a custodial account, then she will have to pay taxes for the $1,550 above the $950 threshold. Minors are responsible for filing their own taxes or their parents can file taxes for them. If either Karen or her parents pay taxes, they should pay = $1,550 x 10% = $155

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6 0
3 years ago
Madison Foods Corp. is frustrated in its efforts to sell products in Europe because several countries are demanding that the com
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Answer: Trade obstacle

Explanation:

From the information given, we can infer that the demands are examples of trade obstacle.

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a consumer has $100 to spend on two goods X and Y with prices $3 and $5 respectively. drive the equation of the budget line​
kotegsom [21]

Answer:

3X + 5Y = 100

Explanation:

Given that a consumer has $ 100 to spend on two goods X and Y with prices $ 3 and $ 5 respectively, the equation that represents this distribution is the following:

3X + 5Y = 100

Thus, the consumer may consume different combinations of products, as long as the sum of both amounts is $100 as a final result. For instance:

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2 years ago
If a special sales order is accepted for​ 8,100 widgets at a price of​ $39 per​ unit, and fixed costs increase by​ $13,000, how
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D) Increase by $68,000

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We simply applying the above format so that the change in the operating income could be find out. Since the net income is in positive so it shows an increment

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