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3 years ago

Chuck, a single taxpayer, earns $79,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds.

Business

1 answer:

allochka39001 [22]3 years ago

5 0

Answer:

a) Chuck's total taxable income = $119,480

since Chuck is a single filer, his marginal tax rate for 2020 is 24%, and his tax liability for ordinary income = $14,605.50 + [24% x ($119,480 - $85,525)] = $14,605.50 + (24% x $33,955) = $22,754.70

the interest earned on municipal bonds is not taxed.

b) Chuck's total taxable income = $38,520

since Chuck is a single filer, his marginal tax rate for 2020 is 12%, and his tax liability for ordinary income = $987.50 + [12% x ($38,520 - $9,875)] = $987.50 + (12% x $28,645) = $4,424.90

the interest earned on municipal bonds is not taxed.

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Business are hiring workers and GDP starts to increase as consumer spending increases

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True

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A company had a standard sales price of $1.79 per unit and expected to sell 10,000 units. Due to a downturn in the economy, the

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Sales price variance = $1,900.

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or, Sales price variance = ($1.79 - $1.59) × 9,500

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3 years ago

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The discount rate is the interest rate charged by:_______.

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The correct statement is that a legal arrangement where two or more people share ownership of a business is called a partnership. So, the correct option is C.

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Learn more about partnership firm here:

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