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Alborosie
3 years ago
12

pJimmy is a client of yours and he has some holdings in U.S. T-Bonds. Over the past year, he received $500 in interest from thes

e bonds. His accountant has informed him that he is in the 28% tax bracket with all sources of income considered. He lives in the State of California, so his State Income Tax Rate is 9%. What kind of tax liability is Jimmy looking at in relation to the interest received from his U.S. T-Bonds
Business
1 answer:
Firdavs [7]3 years ago
5 0

Answer:

Jimmy must pay federal income taxes for the $500 earned in dividends during last year = $500 x 28% = $140

Since interest earned on federal securities are not taxed by state or local governments, there is no state tax liability.

Jimmy's total taxes due from dividends earned = $140

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You have been given the following information for Nicole's Neckties Corp.: Net sales = $2,500,000; Cost of goods sold = $1,300,0
Finger [1]

Answer:

$360,000

Explanation:

Net sales :                 $2,500,000

Cost of goods sold :  ($1,300,000)

Gross profit :              $ 1,200,000

Interest expense :          ($50,000)

Net profit :                  $ 1, 150,000

Retained earning:         ($30,000)

Dividends paid :           ($300,000)

Tax at 40%: =40% * $1,150,000

                                      ($460,000)

Depreciation expense : $360,000

6 0
3 years ago
Identify the element of sensory memory that would be most useful in quickly scanning a map of a country to learn the geographica
alisha [4.7K]
Had to look for the missing options and here is my answer.

The element of sensory memory that is being described above is ICONIC. Iconic memory is part of the visual memory, and this is when someone is able to store visual information. This is stimulated with pictures and images and may be in a form of short term or long term memory. Hope this answer helps.
4 0
3 years ago
Read 2 more answers
Auto Industries Company reported the following on its income statement:
AleksandrR [38]

Answer:

Option c. 5.25 times is the correct answer.

Explanation:

Below is the calculation:

Income before income tax = $420000

Income tax expenses = 120000 dollars

Net income = $300000

Interest expense = $80000

Interest earned ratio = Earning Before Interest and Taxes / Interest Expenses

Interest earned ratio = 420000 / 80000

Interest earned ratio = 5.25 times

Option c. 5.25 times is the correct answer.

7 0
3 years ago
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Materials are any single item utilized when conducting scientific experiments. Apparatus is a collective group of items combined to perform experimental projects that do not have consumption. An example of a material would be water. Examples of apparatus would be thermometers or other instruments.
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