Answer:
Comer's tax liability for 2018 = $33300
Explanation:
Before determining Comer's tax liability for 2018, we need to understand what gross income is and what forms part of gross income. Gross income is total amount of income from various sources minus/plus and additions and deductions. Income from salary is earned in the ordinary course of work/business which is definitely part of gross income. Capital gain is refers to gain/profit/income from sale of capital assets such as property, shares, stocks, piece of land. Any gains and losses form part of gross income and capital losses are reported as deductions meant to reduce investors tax liability just as capital gains should be taxed.
Lets first calculate gross income and then apply tax rate to determine tax liability.
Gross income = salary + Short-term & long-term capital gains - short-term & long-term capital losses
GI = $64000 + $31000 + $9000+$15000 -$2000 -$6000
GI = $111000
Assuming the tax rate is 30%, the tax liability for the year is as follows:
Tax liability = $111000×30%
Tax liability = $33300
Answer:
see explanation
Explanation:
Cost of goods sold = Opening Finished Goods + Cost of Goods Manufactured - Ending Finished Goods
Therefore apply the 22,000 to determine the Cost of Goods Manufactured and then the Cost of goods sold.
Answer:
The answer is A: an estate and gift tax; to the next generation
Explanation:
A deceased person often via a will or according to laws of intestacy transfers the benefit and ownership of an estate to relatives or others without any consideration. the tax paid on such a transferred asset is called estate tax. This type of tax is often imposed on the property. But practice differs as some tax jurisdictions do impose estate tax on the beneficiary of the deceased property in which case it is called inheritance tax.
Such a tax is not to be imposed if the property is bequeathed to a spouse or a charity recognized under the Federal laws.
When an individual transfers properties during his life time to another without receiving full consideration in any form in return, the tax imposed on such transfer of ownership of asset is known as gift tax. The tax is usually imposed on the giver or transferor of the assets unless a retention of an interest exist which will likely delay the completion of the gift
The major difference between an estate tax and gift tax is that estate tax is tax on transfer of property without consideration to others after demise or death. Gift tax is a tax on transfer of ownership of property without consideration during the giver's lifetime (often called an inter vivos gift)
Answer:
I could display the qualities of a visionary leader by offering a coherent vision for the future, and a good economic plan.
Explanation:
A visionary leader in such a dire situation would first of all show a guide to the people, would tell them that there is hope, and would explain to them why such hope still exists.
Such leader would also lay out an economic plan that can resolve, at least, some of the economic issues of the country, because it is true that no plan is perfect, and no government policy solves all problems by itself.
