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3 years ago

Assume that Chris and Heather get married in 2019 and file a joint return. What is their taxable income and income tax

Business

1 answer:

konstantin123 [22]3 years ago

4 0

Question Completion:

Chris and Heather are engaged and plan to get married. Chris is a full-time student and earns $8,500 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and reports $83,600 in wages.

Answer:

Chris and Heather

Taxable income and income tax (jointly):

Gross income $92,100

Standard deduction 24,000

Taxable income $68,100

Income tax $14,982

Explanation:

Chris' income = $8,500

Healther's wage= $83,600

Gross income = $92,100

Standard deduction (jointly) = $24,000

Income tax rate = 22%

Income tax (jointly) = 22% of $68,100 = $14,982

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A. Intangible assets

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Intangible assets: They refers to assets that are not physical in nature. They are identifiable, non-monetary assets without physical substance such as brand recognition, intellectual property. Intellectual property includes patent right, copyright, and trademarks.

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3 years ago

Question 2 of 8

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Answer:

This type of income is known as non-operating income in the financial statements

Explanation:

Non-operating income, as the world implies, is the income that a firm earns from activities that are not related to its main economic activity. An example would be a mall, whose main activity is the rental and management of commercial real estate, earning some income from short-term investments in the secondary market. This interest would be reported as non-operating income, and would be treated as such for financial, accounting, and tax purposes.

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2 years ago

Based on your understanding of the relationship between relative inflation rates and exchange rates, identify whether the preced

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b.the statement is invalid because the nominal

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1 year ago

A project consists of three activities: A, B, and C. Activities A and B can begin at time 0 (start of the project), but activity

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Answer:

Explanation:

Run A Duration B Duration C Duration 1 51 48 17 2 60 48 19 3 30 39 19 4 31 48 22 5 30 31 14 6 41 16 17 7 44 12 6 8 44 12 10 9 45 43 9 10 60 41 10 Based on the simulated numbers given above, what is the average completion time of the whole project?

Since B is the predecessor of C.

Project completion time for each run will be calculated as Maximum (Duration of A, Duration of B +Duration of C).

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Run = R

Duration of A = DA

Duration of B = DB

Duration of C = DC

Project Completion time = PT

1 51 48 17 48 + 17 = 65

2 60 48 19 48 + 19 = 67

4 31 48 22 48 + 22 = 70

5 30 31 14 31 + 14 = 45

6 41 16 17 41

7 44 12 6 44

8 44 12 10 44

9 45 43 9 43 + 9 = 52

10 60 41 10 60

<u> Total = 546</u>

Total Project completion time in 10 Stimulations = 546

Average project Completion time = 546/10 = 54.6

Therefore, average Project completion time is between 53 and 56 days.

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3 years ago

Mark and Kate are establishing a fund for their son's college education. They would like $60,000 in the fund at the end of 10 ye

katen-ka-za [31]

Answer:

The lump sum amount to be deposited should be $27,020.67

Explanation:

Data provided in the question:

Future value = $60,000

Time, t = 10 years

Interest rate, r = 8% = 0.08

Compounded monthly i.e number of periods n = 12

Now,

Future value = Amount deposited × $\left( 1 + \frac{r}{n} \right)^{\Large{n \times t}}$

Therefore,

on substituting the respective values, we get

$60,000 = Amount deposited × $\left( 1 + \frac{0.08}{12} \right)^{\Large{12 \times 10}}$

$60,000 = Amount deposited × ( 1.00667 )¹²⁰

$60,000 = Amount deposited × 2.220522

Amount deposited = $60,000 ÷ 2.220522

Amount deposited = $27,020.67

Hence,

The lump sum amount to be deposited should be $27,020.67

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2 years ago