At an activity level of 8,400 machine-hours in a month, Falks Corporation’s total variable production engineering cost is $732,4
1 answer:
Answer:
The right response is "$107.7".
Explanation:
The given values are:
Total variable production eng. cost
= $732,480
Total fixed production eng. cost
= $180,400
Now,
Variable cost per machine hour will be:
=
= ($)
Fixed cost per unit will be:
=
= ($)
hence,
Total production cost will be:
=
On substituting the values, we get
=
= ($)
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Solution :
<u>Item </u> <u>Amount</u>
Income $113,000
Personal exemption for one $ 4,050
Standard deduction $ 6,350
Taxable income $102,600
Therefore the taxable income is $102,600.
Now the tax payable on the taxable income is given by :
<u>Marginal tax rate </u> <u> Amount brackets</u>
10% $0 - $ 9,325
15% $ 9,326 - $ 37,950
25% $ 37,951 -$ 91,900
28% $ 91,901 - $ 191,650
Now according to the above taxable slab, the amount of tax on the wages earned by Jenna is :
Tax payable =
= 932.5 + 4293.75 + 13487.50 + 2996
= $ 21,709.75
There is also a long term capital gain of $ 5,200 that is earned by selling the common stock.
Now as per IRS, the capital gain of a long term tax percentage for an individual single filer is in 28% tax slab category is 15%.
Therefore the tax on the capital gain of $ 5,200 is = 0.15 x 5200
= $780
Thus the total tax payable by Jenna is = $ 21,709.75 + $ 780
= $ 22,489.75