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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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John's Auto Repair just obtained an interest-only loan of $35,000 with annual payments for 10 years and an interest rate of 8 pe
Nookie1986 [14]

Answer:

$2,800

Explanation:

An interest only loan represents a type of loan offer where a borrower is only expected to pay the interest either for some of the term of the loan as agreed or for all of the terms of the loan. However, the principal amount that is collected remains constant all through the agreed interest -only period.

Since the loan obtained by John's Auto Repair is Interest Only, it means that the principal of $35,000 remains constant.

Hence, in the 8th year, John is expected to pay only the interest for the period =

0.08 x $35,000

= $2,800

5 0
3 years ago
The aggregate demand curve would shift to the right as a result of A. tax increases. B. a drop in the price level. C. a drop in
UNO [17]

Answer:

. C) a drop in the foreign exchange value of the dollar.

Explanation:

An aggregate demand curve can be regarded as a curve that display total spending that is available

domestic goods/services with respect to their price level. the horizontal axis provide the real GDP while price level is displayed by vertical axis. It should be noted that The aggregate demand curve would shift to the right as a result a drop in the foreign exchange value of the dollar.

6 0
3 years ago
Which of the following is NOT a federal income tax deduction?
11Alexandr11 [23.1K]

Answer: a)

Explanation: All the others are deductible, whilst excise taxes are only deductible as a business expense.

8 0
3 years ago
Which of the following is a disadvantage of the corporation form of ownership?
Hoochie [10]

Answer:

Option C, Double taxation on profits and individuals

Explanation:

The disadvantages of the corporation form of ownership are as follows -

a) It takes lot of time and hence is time consuming

b) The taxation gets double

c) Also, the formalities/protocols are very tough

Hence, the option C is correct

5 0
3 years ago
Frolic Corporation has budgeted sales and production over the next quarter as follows: July August September Sales in units 46,5
Digiron [165]

Answer:

61,500 units

Explanation:

                                                      July           August            September

budgeted sales                         46,500         58,500             <u> </u><u>61,500</u>

budgeted production                47,050         58,800              63,150

beginning inventory                    5,300           5,850               6,150

ending inventory                         5,850           6,150                 7,800

ending inventory August = beginning inventory + budgeted production - budgeted sales = 5,850 + 58,800 - 58,500 = 6,150

units sold during September = beginning inventory + budgeted production - ending inventory = 6,150 + 63,150 - 7,800 = 61,500

8 0
3 years ago
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