Answer:
Gwen's social security benefits are not taxable.
Explanation:
Social security benefits are taxable when the all other income plus 50% of the social security benefit exceeds $25,000
Total income of Gwen is Wages of Part-time job $5,000 plus 50% of social security benefits and pension comes to $23,500 .
Therefore, Gwen's social security benefits are not taxable.
Answer:
Particulars Amount
Purchase price of equipment $79,400
Less: Depreciation expenses <u>$39,700</u>
Value of equipment <u>$39,700</u>
Particulars Amount
Sales price of equipment $31,200
Value of equipment <u>$39,700</u>
Section 1231 Ordinary loss -<u>$8,500</u>
Answer:
Total expenses = $40,000
Explanation:
Total expenses for the quarterly income statement for the three months can be calculated as follows
Data
Property taxes paid = $120,000
Unanticipated repairs = $20,000
Expenses for quarterly income statement =?
Solution
Total expenses = Property taxes paid + Unanticipated repairs
Total expenses = ($120,000 x 3/12) + ($20,000 x 3/6)
Total expenses = $30,000 + $10,000
Total expenses = $40,000
Total expenses of $40,000 should be included in Barrel's quarterly income statement for the three months ended September 30, 20X7
Texas's tax structure is one of the most regressive in the country. This is due to the reliance on the sales tax. This is further explained below.
<h3>
What is sales tax?</h3>
Generally, sales tax is a tax levied on sales or on the proceeds of sales.
In conclusion, One of the nation's most regressive tax systems is found in Texas. This results from the use of the sales tax.
Read more about sales tax
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Answer:
Gross profit= $195,000
Explanation:
Giving the following information:
Sales= $240,000
Number of units sold= 75
Weighted-average cost= $600 each.
<u>To calculate the gross profit, we need to use the following formula:</u>
Gross profit= sales - COGS
Gross profit= 240,000 - 75*600
Gross profit= $195,000