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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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Solution :

Journal Entry

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Loss on disposal of truck $ 10600

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2 years ago

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Question 15 of 20

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Answer:

Explanation:

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