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spayn [35]
3 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]3 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

You might be interested in
Which of the following are advantages of PERT and CPM? (I) It is visual. (II) It is automatically updated. (III) Activities that
Alecsey [184]

Answer:

A. III only

Explanation:

One of the very useful tools in project management analysis is the PERT and CPM.

PERT (Program evaluation and review technique) provides valuable information regarding which activities need to be closely watched.

While CPM (Critical Path Method) helps in determining the time required to complete each task, and the minimum time required to complete a project.

Both CPM and PERT serve similar purposes by helping to determine projects or activities that need to be watched closely.

7 0
3 years ago
A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that fa
melomori [17]

Answer:

b. credit to factory overhead for $432,000.

Explanation:

Before recording the factory overhead costs  we need to do the calculations which are shown below:

For computing the ended overhead amount, first, we have to compute the predetermined overhead rate. The formula is shown below:

Predetermined overhead rate = (Total estimated factory overhead) ÷ (estimated direct labor-hours)

= $360,000 ÷ 30,000 hours

= $12

Now we have to find the actual overhead which equal to

= Actual direct labor-hours × predetermined overhead rate

= 36,000 hours × $12

= $432,000

So, the ending overhead equals to

= Actual manufacturing overhead - actual overhead

= $377,200- $432,000

= $54,800 under-applied

5 0
3 years ago
David is a police officer with the New York Police Department (NYPD).NYPD asks David to retire when he turns 65.It also informs
romanna [79]

Answer:

B) David will most likely lose the case as it is legal for police officers to be subjected to mandatory retirement.

Explanation:

According to relevant laws, an officer must retire upon attaining the age of 62 of after 20 years of uniformed service (if it is an Early Retirement) or 22 years of uniformed service (if it is a Normal Retirement).

Regardless of whether it is a Normal or Early retirement, the officer must disengage at the age of 62.

The relevant laws which govern the administration of the NYPD retirement process as wells pensions are:

  • the Administrative Code of the City of New York (NYCAC);
  • the New York State Retirement and Social Security Law (RSSL), and
  • the Rules of New York City Police Pension Fund (NYCPPF)

Cheers!

3 0
3 years ago
Use the following data
aksik [14]
<span>Cash Flow from operating activities
</span>
<span>a) Profit after tax                                                    45,000
b) Depreciation                                                      75,000
c) Tax Paid                                                             25,000</span><u> </u>
<span>d) Interest paid                                                         <u>5,000  </u></span>        150,000
                                                                                                

Cash Flow from Investing activities
<span>f) Cash Received from sale of Building                  40,000</span>
<span>i) Purchase of Machinery                                       (20,000)
</span><span>l) Profit on sale of building                                     <u>   20,000</u>          40,000
</span>                                                                                                   

Cash Flow from financing activities
<span>e) Dividend paid                                                       (10,000)
</span><span><span>g) Sale of Preferrence Share                                     35,000
h) Repurchase of Ordinary Shares                          (30,000)</span>
</span><span>j) Issuance of Bond                                                     50,000
k) Debt Retired through issuance of ordinary shares 45,000
l) Paid off long term bank borrowings                    <u>    (15,000)</u></span>    <u>  75,000</u>
Net change in cash                                                                     265,000                                                                                                    





8 0
3 years ago
Since all partners are bound together in the agreement and each acts on behalf of the partnership, _______ has been established.
Neko [114]
<span>mutual agency (I think)

</span>
8 0
4 years ago
Read 2 more answers
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