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spayn [35]
2 years ago
7

Suppose your friend earned wages of $93,260, received $1340 in interest from a savings account, and contributed $6300 to a tax-

deferred retirement plan. She is entitled to a personal exemption of $3500 and a standard deduction of $7800. The interest on her home mortgage was $4500, she contributed $2500 to charity, and she paid $1359 in state taxes.
Required:
Find the gross income, the adjusted gross income, and the taxable income. Base the taxable Income on the greater of a standard deduction or an itemized deduction.
Business
1 answer:
Kruka [31]2 years ago
5 0

Answer:

Gross Income:

= Earned wages + Interest from savings + Interest on home mortgage

= 93,260 + 1,340 + 4,500

= $99,100

Adjusted gross income:

= Gross income - Tax deferred plan  - State taxes

= 99,100 - 6,300 - 1,359

= $91,441

Taxable income

= Adjusted gross income - Personal exemption - Standard deduction - Charity contribution

= 91,441 - 3,500 - 7,800 - 2,500

= $77,641

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2 years ago
Consider the following spot interest rates for maturities of one, two, three, and four years. r1 = 4.1% r2 = 4.5% r3 = 5.2% r4 =
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Answer:

Consider the following calculations

Explanation:

According to this general formula

f1,k = [(1+rk+1)k+1/((1+r1)]1/k -1

f1,1 = [(1+ 4.9%)1+1/((1+4.4%)]1/1 -1 = 5.40%

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A local bank sponsors a charity run that raises funds for a non-profit building wells and schools in Mali, Africa. How would the
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Answer:

The use of the bank's funds for this fundraiser would be justified when the bank's goal is to maximize profit by:

giving the bank public relations boost, thereby improving its public image.

Explanation:

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In the context of factors that influence the motivation to learn, when an organization seeks to convince employees that they can
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Answer:

D. The Self-efficacy of employees.

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3 years ago
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Fernandez Company had an accounts receivable balance of​ $150,000 on December​ 31, Year 2 and​ $175,000 on December​ 31, Year 3.
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Answer:

The amount collected from customers on accounts receivable during year 3 is $535,000.

Explanation:

Cash received from accounts receivable = Opening balance of AR + Credit Sales - Bad debts written off - Closing balance of AR.

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3 years ago
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