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Tamiku [17]
3 years ago
13

Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children, who live with her. Charlott

e also maintains the household in which her parents live, and she furnished 60% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Charlotte's father received $2,400 from a part-time job. Charlotte earns an $80,000 salary, a short-term capital loss of $2,000, and a cash prize of $4,000 at a church raffle. Charlotte reports itemized deductions of $10,500. Using the Tax Rate Schedules, compute the 2012 tax liability for Charlotte.
Business
1 answer:
Juliette [100K]3 years ago
3 0

Answer:

Tax = $5,445

Explanation:

Given

Salary = $80,000

Short-term capital loss = $2,000

Cash prize = $4,000

Personal and dependency exemptions = $4,000*7 = $28,000

Standard deductions = $11,900 (for surviving spouse in 2012)

Calculating AGI

AGI = Salary - Capital Loss + Cash Prize

AGI = $80,000 - $2,000 + $4,000

AGI = $82,000

Calculating Taxable Income

Taxable Income = AGI - Personal And Dependency Exemption - Standard Deductions

Taxable Income = $82,000 - $28,000 - $11,900

Taxable Income = $42,100

From The Federal Income Tax Brackets for 2012,

Charlotte falls with the 15% tax bracket.

There are 15% tax, so we calculate as follows:

10% of the first bracket is

$17,400 * 10% = $1,740

15% is the amount in the second bracket

15% of (42,100 - 17400) = 3,705

Tax = $3,705+ $1,740

Tax = $5,445

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An accounting entry that is characterized by having multiple debits​ and/or multiple credits is called a​ ________ entry. A. com
mario62 [17]

Answer:

A. compound journal entry

Explanation:

Compound journal entry -

It refers to the type of accounting entry , which consists of more than one debit or credit , is referred to as compound journal entry .

It is the combination of various simple journal entries together to form a compound journal entry .

Hence , from the given information of the question,

The correct option is A. compound journal entry .

8 0
3 years ago
calculating present values you need $85,000 in 10 years. if you can earn .65 percent per month, how much will you have to deposi
scoray [572]

Answer:

The correct answer is $39,062.98.

Explanation:

According to the scenario, the given data are as follows:

Future value (FV) = $85,000

Time period (t) = 12 months × 10 years = 120 months

Interest rate (r) = 0.65% per month

So, we can calculate the present value by using following formula:

Present value = Future Value ( 1 / (1+r))^t

= 85000 × (1 / (1+0.65%))^120

= $39,062.98

Hence the present value that has to be deposit today is $39,062.98

3 0
3 years ago
The common stock of the C.A.L.L. Corporation has been trading in a narrow range around $125 per share for months, and you believ
Fiesta28 [93]

Answer:

he price of a 6-month call option on C.A.L.L. stock is 15.27

Explanation:

The price of a 6-month call option on C.A.L.L. stock at an exercise price of $125 is computed as;

C+Xe^{rt}  = P + S

Where as,

C = Value of call,

X = strike price,

P = value of put ,

S = Stock price

Thus,

C + 125e^{-5} = 10.27 + 125

C + 120 = 135.27

C = 15.27

7 0
3 years ago
The product life cycle is theoretically __________ with regard to sales and profits. Group of answer choices U shaped Y shaped b
m_a_m_a [10]

Answer:

regards

can you please call me when you get a chance

Explanation:

good morning I will be in touch with you doing today I hope you are doing well and that you are you doing today

4 0
2 years ago
During the previous year, Yvo Corp. installed a production assembly line to manufacture furniture. In the current year, Yvo purc
Neporo4naja [7]

Answer:

A. $147,000

Explanation:

All cost incurrend in the installation of the assembly line, and their put to use to meet the company demand will be capitalized

the machine cost

the labor to install the machine

the parts added to the assembly line

rearrange of the assembly line

All those cost were incurred to leave the assembly line ready to use, are associate with the long-term asset so it can be capitalized through it.

75,000 + 14,000 + 40,000 + 18,000 = 147,000

4 0
3 years ago
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