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kvasek [131]
2 years ago
9

Rex and Dena are married and have two children, Michelle (age seven) and Nancy (age five). During 2020, Rex earned a salary of $

28,500, received interest income of $300, and filed a joint income tax return with Dena. Dena had $0 gross income. Their earned income credit for the year is: $___________
Business
1 answer:
kozerog [31]2 years ago
3 0

Answer:

$5,171

Explanation:

Rex and Dana have two children, and their earned income is less than $53,330, that means that they can receive the earned income tax credit. using the Earned Income Credit table for Form 1040, the couple's income falls between $28,750 - $28,800, they have 2 children, and file as married: the EITC = 5,171.

The maximum amount is $5,920 but it starts to phase out after $19,330.

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Tom sells his father's watch for $100 to sue. he later finds out from his father that the watch was an expensive rolex. tom want
Daniel [21]

The court would rule in sue's favor because courts seldom inquire into the adequacy of consideration.

In contracts, <em>consideration </em>just means the <em>exchange of things of value</em>. There has to be an exchange of things of value for there to be an enforceable contract, and in this case a watch was exchanged for money. It is rare for courts to rule on how much consideration is expected because people are generally free to set their own prices and not sell if the price is too low. That is not for a court to decide (in most cases).

8 0
2 years ago
No arbitrage is equivalent to the idea that all risk-free investments should offer investors:
olga nikolaevna [1]

Answer:

JOIN MY ZOOM  528-468-7585

Explanation:

7 0
2 years ago
The predetermined manufacturing overhead rate for the year was 140% of direct labor cost; employees were paid $17.50 per hour. I
Aleks04 [339]

Answer:

D. $ 367.500

Explanation:

We have to first compute the total direct labor cost. This is done by multiplying the estimated direct labor hours with the hourly rate.

Total Direct Labour costs $ 17.50 per hour * 15,000 hours  =  $ 262,500

Estimated manufacturing overhead per the data in the question is 140 % of Direct labor cost,

Estimated manufacturing overhead is $ 262,500 * 140 % = $ 367,500

5 0
3 years ago
Which of the following would NOT affect your FICO score?
Elodia [21]
D) Which is Defaulting on a loan!
8 0
2 years ago
On November 7, 2017, Mura Company borrows $160,000 cash by signing a 90-day, 8% note payable with a face value of $160,000. (Use
sergeinik [125]

Answer:

interst expense 1,920 debit

     interest payable      1,920 credit

--to record year-end adjustment--

interest expense     1,280 debit

interest payable      1,920 debit

note payable       160,000 debit

     cash                               163,200 credit

--to record the honor of the note--

Explanation:

principal x rate x time = interest

principal 160,000

rate 8% annual

days from November 7th to December 31th: 54 days

160,000 x 0.08 x 54/360 = <em>1,920 interest expense</em>

at maturity:

160,000 x 0.08 x 90/360 = 3,200

3,200 total interest less 1,920 accrued interest = 1,280

8 0
3 years ago
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