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S_A_V [24]
3 years ago
9

In 2019, Sheryl is claimed as a dependent on her parents' tax return. Sheryl did not provide more than half her own support. Wha

t is Sheryl's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference
Business
1 answer:
yan [13]3 years ago
7 0

Answer:

Total tax ( Sheryl ) = $802

Explanation:

Tax status of Sheryl = Single

The rates to be used are

  • Tax rate = 10%  for single taxpayers with income between $0 through $9700
  • Tax for income from estates that is between $2600 through $9300 will be $260 + 24% of excess over $2600

kiddie tax is applicable on earned income above $2200 ( defined by IRS )

attached below is a  detailed table

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Explanation:

<u>First, we need to calculate the predetermined overhead rate:</u>

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Predetermined manufacturing overhead rate= 1,850,000 / 20,000

Predetermined manufacturing overhead rate= $92.5 per hour

<u>Now, we can allocate overhead to Job B12:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 92.5*1,000

Allocated MOH= $92,500

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