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2 years ago

Compute 2018 taxable income in each of the following independent situations.

Business

1 answer:

KATRIN_1 [288]2 years ago

5 0

Answer:

a. Drew and Meg are married and filing a married joint return. The standard deduction of a married joint return is $24,400 but it is lower

AGI $125,000

Less: Itemized deduction $27,000

Taxable income $98,000

b. Sybil's filing status is head of household. The Standard deduction for head of household is $18,000 in 2018 which is higher than itemized deductions of $8,000.

AGI $80,000

Less: Itemized deduction $18,000

Taxable income $62,000

c. Scott is a surviving spouse. The standard deduction will be equal to that of married filling joint return which is $24,400

AGI $75,000

Less: Itemized deduction $24,400

Taxable income $50,600

d. Amelia is an abandoned spouse. She can file as head of household. The standard deduction for the year 2018 is $18,000 which is higher than itemized deductions of $10,650.

AGI $58,000

Less: Itemized deduction $18,000

Taxable income $40,000

e. Dale is divorced and filing status is head of household. The standard deduction for the year 2018 is $18,000 which is higher than itemized deductions of $9,900

AGI $64,000

Less: Itemized deduction $18,000

Taxable income $46,000

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Gourmet Aroma Coffee House has an exclusive contract with Columbia exporters. Two brands of gourmet coffee are imported, Morning

Marina86 [1]

Answer:

$24,160 favorable

Explanation:

The computation of the total contribution margin sales volume variance is given below:

The Budgeted contribution margin per pound of MT is

= $40 - $20

= $20 per pound

Now the budgeted contribution margin per pound of ET is

= $60 - $30

= $24 per pound

MT's contribution margin sales volume variance is

= (Actual sales quantity - Budgeted sales quantity) × Budgeted contribution margin per pound

= (3960 - 4000) × $20

= $800 Unfavorable

ET's contribution margin sales volume variance is

= (Actual sales quantity - Budgeted sales quantity) × Budgeted contribution margin per pound

= (5,040 - 4000) × $24

= $24,960 favorable

Now the total contribution margin sales volume is

= $800 unfavorable + $24,960 favorable

= $24,160 favorable

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2 years ago

Juan buys gas at the gas station. The gas station submits funds for road maintenance. What type of tax is this? (5 points)

prisoha [69]

Answer:

Indirect taxes

Explanation:

Indirect taxes are the taxes levied on transactions as opposed to direct taxes that are imposed on incomes. An indirect tax is added to the prices of goods and services and collected by the seller or retailer. The retailer acts as the tax intermediary and submits the taxes collected to the government.

Examples of Indirect taxes include excise duty tax, value-added tax, and sales tax. Gas attracts sales tax and road maintenance tax. These taxes increase the price of gas, making them indirect taxes.

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3 years ago

Part 1 Household consumption, which accounts for about _______% of the economy, grew at a 4.2% annualized rate during the second

kykrilka [37]

Answer:

1) Household consumption, which accounts for about 68%* of the economy, grew at a 4.2% annualized rate during the second quarter of 2016.

*Data obtained from federal government sources.

2) Since household/consumer spending (consumption) represents almost 70% of the nation's GDP, any change will cause a major change in the total GDP. E.g. if consumption increases by 5%, then the whole economy will grow by 5% x 68% = 3.4%.

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3 years ago

Suppose an economy produces only cranberries and maple syrup. In 2010, 50 units of cranberries are sold at $20 per unit and 100

mestny [16]

Answer:

A. 90

Explanation:

nominal GDP = 50*20 + 100*8 = 1800

real GDP = 50*10 + 100*15 = 2000

GDP deflator = (nominal GDP/ real GDP)*100 = (1800/2000)*100 = 90

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3 years ago

Read 2 more answers

Distributive, procedural, and interactional are

Jet001 [13]

Answer:

Organizational justice

Explanation:

Organizational justice concerns employees' understanding of fairness, results, and processes within a company. Distributive, procedural, and interactional are the three types of organizational justice that companies must embrace in order to have happy and productive employees.

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3 years ago