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boyakko [2]
3 years ago
13

Paul, a calendar year single taxpayer, has the following information for 2020: AGI $175,000 State income taxes 13,500 State sale

s tax 3,000 Real estate taxes 18,900 Gambling losses (gambling gains were $12,000) 6,800 Paul's allowable itemized deductions for 2020 are: a.$16,800. b.$39,200. c.$10,000. d.$42,200.
Business
1 answer:
Alborosie3 years ago
5 0

Answer:

b.$39,200

Explanation:

Calculation to determine Paul's allowable itemized deductions for 2020

Using this formula

2020 itemized deductions=State income taxes+Real estate taxes+Gambling losses

Let plug in the formula

2020 itemized deductions=$13,500+$18,900+$6,800

2020 itemized deductions=$39,200

Therefore Paul's allowable itemized deductions for 2020 are $39,200

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Damien Carranza is an nonexempt employee of Verent Enterprises where he is a salesperson, earning a base annual salary of $30,00
Kay [80]

Answer:

Total weekly pay of August =   =  $ 1468.75

Explanation:

Annual salary = $30,000

Monthly Salary = $ 30,000/12=  $ 2500

Salary for 40 hours * ( 4 weeks) = 160 hours = $ 2500

Salary for 1 hour= $ 2500/160=  $ 15.625= $ 15.63

He worked additional 4 hours so pay for four hours is = 4 * 15.63=  $ 62.5

But as he is a non exempt  employee he is entitled to get 1.5 times higher than normal pay for over time so  

he will be paid $ 62.5 * 1.5= $ 93.75 for over time

Commission on Sales = 3 % of $25,000

                                    = $ 750

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Total weekly pay of August =  Weekly pay + Commission + Overtime

                                                =  $ 625 +  $ 750 +  $ 93.75

                                                 =  $ 1468.75

8 0
2 years ago
Which of the following scenarios demonstrates the leverage effect on net operating income due to the existence of fixed costs?
morpeh [17]

Answer:

C) A 25% increase in sales resulting in a 30% increase in net operating income.

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3 years ago
Gail K. Company manufactures waterproof cell phone covers. During the current month, the purchasing manager purchased $26,700 of
Marianna [84]

Answer:

D : $88,800

Explanation:

<u>Cost of goods manufactured :</u>

Direct Material used in production                         $ 21,300

Indirect Material used in production                       $  3,700

Direct Labour                                                           $ 34,100

Direct Labour                                                           $  5,900

Manufacturing overhead                                       <u> $ 16,600 </u>

Total Manufacturing cost                                        $ 75100

Add:Beginning Work in process inventory            $7,200

Less: Ending Work in process inventory                <u>$ 0       </u>

Cost of Goods Manufactured                                 <u>$88,800</u>

6 0
3 years ago
Pauline's Pecan Pies collected the following production information relating to November​'s baking​ operations:
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Answer:

Pecan Pies

Pauline

a. Summary of the flow of physical units:

Beginning Work in process = 209,000

Started during month =        1,025,000

less ending work in process  159,000

Units completed in month = 1,075,000

b. Computation of output in terms of equivalent units:

Units completed:

                                                       Physical      Direct      Conversion

                                                            Unit        Material        Cost

Determination of equivalent units:

less ending work in process  159,000    103,350 (65%)   127,200 (80%)

Units produced                     1,075,000   1,075,000 (100%)  1,075,000 (100%)

Explanation:

Data:

                                                         Physical      Direct      Conversion

                                                            Unit        Material        Cost

Beginning work in process            209,000

Ending work in process                  159,000      65%          80%

Units started during the month  1,025,000

Total units in production             1,234,000        103,350      127,200

Determination of equivalent units:

less ending work in process         159,000      103,350      127,200

Units produced                           1,075,000   1,075,000   1,075,000

a) The equivalent unit is the product of the class of unit in production multiplied by the percentage of completion.  This forms the basis for allocating cost between a product's costs and the ending work in process.  Calculating the equivalent units helps to determine accurate costs of units completed.                

5 0
3 years ago
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