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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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3 years ago

On November 1, 2021, New Morning Bakery signed a $191,000, 6%, six-month note payable with the amount borrowed plus accrued inte

rosijanka [135]

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$196,730

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3 years ago

An investor purchases a long call at a price of $3.35. The strike price at expiration is $52. If the current stock price is $52.

alekssr [168]

Answer:Break Even Point ,BEP = $55.35

Explanation:

Break Even Point= strike price+ long call price

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long call price=$3.35

BEP = $52+$3.35

=$55.35

The price that the stock puchased by the investor has to reach for it to break even is $55.35.

Although as stated in the question, the current stock price is $52.10.

However, if the price of the stock exceeds $55.35, your call option will yield more profit than you paid for it and result in a net gain

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3 years ago

Fernandez Corporation purchased a truck at the beginning of 2014 for $50,000. The truck is estimated to have a salvage value of

valentinak56 [21]

Answer:

The depreciation for 2014 is $6900

The depreciation for 2015 is $9300

Explanation:

Please see attachment .

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3 years ago