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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

Vince’s Vehicle Repairs has a gross profit margin of 60% and a net profit margin of 22%. Turnover was £180000. Calculate:

sammy [17]

Answer:

Vince's Vehicle Repairs

The Cost of Sales is:

= $72,000.

Explanation:

a) Data and Calculations:

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Gross profit margin = Gross profit/Turnover * 100

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Therefore, the Gross Profit = $180,000 * 60%

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3 years ago

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Answer:

The correct answer is stockkeeping unit.

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3 years ago

A company pursuing vertical integration can gain market power over its competitors through all of the following EXCEPT: a. avoid

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Answer:

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