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.

You might be interested in

To close the drawing account with a debit balance, credit the account for its balance and debit the owner's capital account. tru

pav-90 [236]

False is the answer.

8 0

3 years ago

Chuck offers $240,000 for a house. The seller turns down the offer but says she will sell the house for $260,000. However, Chuck

qaws [65]

Answer:

Chuck must be less than $260,000

Explanation:

The economic decision rule is: Do it if that marginal benefit exceeds the marginal cost and Since Chuck was unwilling to purchase the house at $260,000, we can deduce that the marginal benefit of purchasing the house must be less than $260,000 due to the fact that the seller turns down the offer but says she will sell the house for $260,000.

6 0

3 years ago

Total quality management firms believe that it is the responsibility of ____ employees to serve the needs of customers.

andriy [413]

Answer:

The answer is ALL

Explanation:

8 0

2 years ago

Capital markets can be divided into four main categories: private equity, public equity, private debt, and public debt. An examp

scoray [572]

Answer:

<u>Real Property </u>

Explanation:

Capital markets refer to the market which trades in long term securities whose maturity is more than an year. The instruments traded in capital markets are usually stocks and bonds.

In private equity real estate, public and private investments are pooled together and invested in the real estate property markets. So here the underlying asset whose price fluctuates is property. If property prices soar, the investors stand to gain.

This kind of investment involves high risk but is also capable of generating a higher return as greater the risk involved, greater the return.

3 0

4 years ago

User add controls to a form

mixas84 [53]

Do you have a question about it?

5 0

3 years ago

Read 2 more answers