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STatiana [176]
2 years ago
13

Compute the 2019 Federal income tax liability and the marginal and effective tax rates in each of the following independent case

s. Click here to access the 2019 tax rate schedule. If required, round the tax liability the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e. .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler is single and reports taxable income of $125,200.
Business
1 answer:
SVEN [57.7K]2 years ago
5 0

Answer:

  • Tax liability = $24,222.50
  • Marginal rate = 24%
  • Average rate = 19.35%

Explanation:

Question requires that we find the Tax liability, Marginal rate and Average rate.

Tax liability:

Chandler is in the $84,200 to $160,725 bracket.

= 14,382.50 + 24% * (125,200 - 84,200)

= 14,382.50 + 9,840

= $‭24,222.5‬0

Marginal rate = 24%

Chandler's bracket is the 24% bracket.

Average rate:

= Tax/ Taxable income

= 24,222.50 / 125,200

= 19.35%

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Haylock Inc. bases its manufacturing overhead budget on budgeted direct labor-hours. The direct labor budget indicates that 8,00
Yuliya22 [10]

Answer:

Check the explanation

Explanation:

Calculate august cash disbursement for manufacturing budget :

 August

Direct labour hour                                                          8000

Variable overhead per hour                                            1.40

Variable manufacturing overhead                                11200

Fixed manufacturing overhead                                   100540

Total manufacturing overhead                                    111740

Less : Depreciation                                                       -8810

Cash disbursement for manufacturing overhead    102930

3 0
3 years ago
The Grind coffee shop offers drink cards to purchasers of its gourmet coffees with ten spaces. The cashier punches one space wit
Vera_Pavlovna [14]

A unilateral contract
With each cup of coffee purchased, the cashier punches a space. The card can be used to redeem a free coffee once all ten spaces have been punched. This serves as an illustration of a unilateral contract.
-Unilateral contract - A unilateral contract
explicitly states that payment will only be provided in exchange for performance by one side. A prize or a competition is another illustration of a unilateral contract. In a unilateral contract, the offeror has the right to withdraw it prior to the offeree's commencement of performance. Usually, the revocation must be made in writing. An insurance policy contract, which is typically only partially unilateral, is an illustration of a unilateral contract. The offeror is the sole party having a contractual responsibility in a unilateral contract. Most unilateral agreements are one-sided.
Learn more about the unilateral contract on brainly.com/question/3257527
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6 0
1 year ago
The current FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both taxes are applied to the first $6,000 of an employee's pa
ANTONII [103]

Answer: E.) $372.00.

Explanation:

FUTA and SUTA are applied on the first $6,000.

FUTA Tax = 0.8% * 6,000

= $48

SUTA Tax = 5.4% * 6,000

= $324

Total Unemployment tax = 324 + 48

= $372

6 0
2 years ago
During 2015, Rainbow Umbrella Corp. had sales of $730,000. Cost of goods sold, administrative and selling expenses, and deprecia
Brrunno [24]

Answer:

The company's net income for 2015 is loss $62,000 ( -$62,000)

Explanation:

During 2015, Rainbow Umbrella Corp. had sales of $730,000

Total expense for 2015 = Cost of goods sold + Administrative and selling expenses + Depreciation expenses + Interest expense = $450,000 + $90,000 + $160,000 + $92,000 = $792,000

Sales - Total expense = $730,000 - $792,000 = -$62,000<0

The company recorded loss in 2015 the amount of $62,000 and didnot have to pay tax.

6 0
2 years ago
While visiting a client to deliver their 2019 tax documents, one of the owners approaches you and states: "The IRS says my trave
serious [3.7K]

Answer:

Commuting refers to travelling from your home to your workplace. It generally refers to the distance that people generally travel to get to their office or any type of workplace.

While business travel refers to not only leaving your house to go to work, but actually going somewhere else to perform your regular business activities, e.g. going form one state to another to close a sale. In order for business travel to be effectively recognized as such, it must be necessary for your business activity and it should last more than one ordinary workday.

In this case, your client continuously leaves his house and goes form one state to another performing his normal business activities. This perfectly fits the IRS's definition of business travel.

Initially, you can try to solve this issue with IRS Office of Appeals (since you are right), but if that doesn't work, then you can go to Tax Court.

6 0
3 years ago
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