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Dahasolnce [82]
2 years ago
9

Jose has been offered a new job. The new job will pay more than his current job. Jose is hesitant to take the new job because it

will cause his income to exceed the maximum amount in his current tax bracket. He is concerned that the increase in taxes will exceed his increased income from the new job.
a. This is not possible. Only the portion of income that exceeds Jose's current bracket will be taxed at the higher rate, not his total taxable income.
b. This is possible. Jose's entire taxable income will be taxed at the higher rate which could cause his increased taxes to exceed his increased salary.
Business
1 answer:
Serhud [2]2 years ago
4 0

Answer:

The best answer is "A"

This is not possible. Only the portion of income that exceeds Jose's current bracket will be taxed at the higher rate, not his total taxable income

Explanation:

Tax brackets are the different levels at which tax rates charged in a progressive tax system. They are standard values used for taxable income. For income that is over a particular set point, it iwill be taxed at a higher rate.

The United State has seven federal income tax brackets, with rates of 10%, 12%, 22%, 24%, 32%, 35% and 37%.

The moment Jose accepts the new job, only the portion of his income will exceed his present tax bracket will be taxed at the higher rate.

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Answer:

TOTAL ASSETS $1,043,000

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY $1,043,000

Explanation:

Preparation of a balance sheet for the Almway Corporation at December 31, 2021.

ALMWAY corporation

Balance sheet at December 31,2018

ASSETS

Current Assets

Cash and cash equivalent$47,000

($79,000-$32,000)

Short term investment $97,000

($144,000-$47,000)

Account receivable net of allowances $77,000

Inventories $217,000

Prepaid insurance $5,000

TOTAL CURRENT ASSETS $443,000

INVESTMENT

Marketable securities $47,000

Land held for sale $42,000

Restricted cash $32,000

TOTAL INVESTMENT $121,000

Plant property and equipment

Land $82,000

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Building $437,000

Accumulated deperation Building ($117,000)

Equipment $127,000

Accumulated deperation Equipment ($77,000)

NET PLANT PROPERTY AND EQUIPMENT $452,000

INTANGIBLE ASSETS

Patents ( net of amortization) $27,000

TOTAL ASSETS $1,043,000

LIABILITIES AND STOCKHOLDERS EQUITY

Current liabilities

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Interest payable $37,000

Note payable due in 6 months $47,000

Current maturity of long term debt notes payable $13,400

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Bond payable $257,000

TOTAL LONGTERM LIABILITIES $377,600

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Retained earnings $108,000

Total shareholders equity $459,000

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY $1,043,000

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3 years ago
A business owner makes 50 items by hand in six hours. She could have earned $10 an hour working for someone else. If each item s
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Answer:

Please see attachment.

Explanation:

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Southern Hydraulic Supply is undertaking a review of their inventory policies. A typical product is a small hydraulic fitting. C
zheka24 [161]

Answer:

$418,550

Explanation:

Steps are shown below:

a. The computation of the economic order quantity is shown below:

= \sqrt{\frac{2\times \text{Annual demand}\times \text{Ordering cost}}{\text{Carrying cost}}}

= \sqrt{\frac{2\times \text{52,000}\times \text{\$50}}{\text{\$1.25}}}

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= Annual demand ÷ economic order quantity

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